A lot of companies complain that they are not having the required return on investment (ROI) out of the rewords strategy they created and provided to employees. Most probably this is due to inconsistency between the behaviors linked to the reword and the company strategy.
Most companies find it challenging to achieve this strategic alignment because they are unable to design, implement, or manage the total reword plans that they desire.
This inconsistency between Total Rewards Strategy and business strategy can negatively affect employee’s productivity and effectiveness and ultimately result in lost revenue, lower margins, and higher costs.
From short term bonus to long term shares, we at Bakkah can effectively align the required performance results with organization’s strategy by understanding the business strategy, KPIs and employee needs then identifying and designing a customized total rewords plan. We proudly helped our clients to align their rewords cost with business results building a performance oriented culture where high performance results are reworded and employee engagement is increased.
Our services include:
- Short-Term Incentives
Bakkah consulting team will help you to select the best incentive plan to achieve short term results. Those incentives can be sales commissions, annual bonus, cash recognition awards, project bonus or any other incentive that is related to a 6 month to one-year objectives. Normally short-term incentives can be utilized to attract new hires, retain and engage current employees.
- Long-Term Incentives
For organizations that are interested in achieving medium to long term goals, finding the right incentives and identifying the right goal for long-term incentive can be complicated, especially when you need to avoid duplication with short-term rewards.
We at Bakkah can help you identify and design long-term incentive plans effectively to create a clear, competitive advantage. Long term incentive plans are used to attract and retain key leaders at the organizations to let them focus on long-term goals and build the sense of ownership of achieving those goals.
As long-term incentives employers can choose from a variety of stock-based plans, including stock option, restricted stock and performance-based stock plans in addition to the cash plans.
- Benefits Programs
Benefits programs are non-financial incentives that can be provided to employees either by law or upon achieving agreed targets. The costs of benefits have grown faster in most companies than any other cost factor. This is why we at Bakkah assess current benefits provided against both organization and employee needs. Then we design the most cost-effective and employee needs oriented benefits program in alignment with labor law and required performance targets.