BonusRight removes the complexity of designing an incentive plan. It places the power of 100 spreadsheets and decades of experience in the palm of your hand. In the “Plan Design” stage, you’ll be guided through seven easy steps that reflect the best practices of bonus plan experts. That process ensures you’ll build a plan that reduces employee entitlement and increases employee engagement.

STEP 1

Outline your plan terms

Here you’ll name your plan and set its beginning and ending date (e.g., January 1 to December 31). You’ll also determine whether individual employee performance appraisals will be used as part of the plan design and make some preliminary decisions about plan management such as how to treat employees who join the company during the plan year.

You’re on your way!

STEP 2

Determine who's eligible

Next, you’ll provide the details about the employees who will participate in your new plan. You can do this person by person or through a simple file upload. You can move people into and out of selected plans, or even assign employees to multiple plans.

Easy Peasy!

STEP 3

Set your budget

Here you’ll be prompted to give some thought to the size of your total bonus pool. There are two different approaches to budgeting. BonusRight’s personal guidance system will help you make the best choice for your company. The Budget page will also encourage you to assign target values to employees within different grades or bands. And you’ll probably want to create a plan reserve to account for special achievements or simply leave room for discretionary payments. No more complex spreadsheets!

Please both HR and Finance with ease!

STEP 4

Create and confirm your plan metrics (key performance indicators)

In this section, you’ll determine the key drivers of performance for the company. And you can do the same for divisions, departments, locations, or any other type of business unit. BonusRight offers a variety of formats for laying out goals and objectives and determining how to best bake them into your design. You’ll quickly create a plan that drives the crucial business goals that enhance profitability and effectively rewards your employees.

Alignment, at last.

STEP 5

Choose the best allocation for every employee.

Our next step will help you consider what results should drive the bonus potential of your plan. Should your plan be tied entirely to company performance or split between company and department results? And what about individual performance? How should each employee’s incentive be balanced between these important pieces? Perhaps it will vary by grade or band. In the Allocation step, our guidance tool will help you make the best choices.

Suddenly, your (bonus) world is in balance!

STEP 6

Fine Tune employee exceptions

Most of your designing, so far, has been done in groups or bands. In this step it will be time to examine each of your employees and confirm their bonus opportunities and allocations. You may need to make some individual exceptions that fall outside the group norms. Your plan can be customized, if needed, person by person.

The finish line is in sight!

STEP 7

Finalize your plan

On the Projection tab you will be able to examine each participant’s bonus opportunity in detail. See what the bonuses look like at low, mid-range or excellent performance levels. This comprehensive testing tool will let you know whether you’ve made the right choices. If things don’t look quite right, you’ll spot where you need to refine your inputs. Every page interacts with the others. Any change can be made with the click of your mouse.

Congratulations on your new plan!

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