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with competition for talent intensifying, every company needs a standout compensation plan to organize and strategize how they will attract and retain top talent. (Photo: iStock)

Decisions about compensation are tricky, with potential indelible impact on a company. A strategically designed compensation program helps a business elicit the desired behaviors, drive the right sales outcomes, do consistent and predictable budgeting and planning, enhance its overall performance, remain competitive in the market, and win the talent game. But when managed poorly, the effects can be devastating.

As 90% of top-performing companies utilize incentive programs to reward their sales associates and properly structured bonus schemes can increase employee performance by 44%, it is critical for boards and management teams to get compensation right.

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