Incentives programs are designed to bring new levels of success to an enterprise. Organizations typically institute multiple incentive programs for executives, sales organizations, key employees, and partners. In today’s post-boom economy, performance-based incentives programs are becoming more pervasive, as companies look to ensure that compensation is truly aligned with results. But designing and managing sophisticated incentive programs requires specialized skills and specialized software – software that is feature-rich yet cost-effective, can be deployed quickly, is fully compatible with your existing IT infrastructure, and can evolve to meet your organizations changing business needs over time.
The Incentive Management Software Solution
Global 2000 companies use LiveApp Solution for Incentive Management to automate and streamline all aspects of an enterprise’s compensation needs. The solution enables start-to-finish incentive management workflow, from plan inception through payments, processing, reporting, auditing, and reconciliation.
With LiveApp Solution for Incentive Management, companies can easily model compensation programs in advance, utilize fault-proof assumptions, and quickly deploy complex compensation strategies and incentives that will optimize employee productivity at every level within the organization.
Whether internal or external, the resolution of conflicts is where the majority of time in incentive management is spent. In many sales incentive plans and other sophisticated plans, exceptions are often the most costly and time-consuming tasks in a company’s incentive program. LiveApp Solution for Incentive Management automatically handles exceptions and automatically reprocesses all transactions affected by the modified or cancelled record. The Solution includes a complete audit trail back to the data source, a Web interface, and even reports information to the participants on why an incentive was not met.
Incentive Management’s Web interface provides managers with reports and tools, including payout reports, up-to-date performance analysis, and plan documentation to effectively budget and monitor the incentives of the groups and individuals they manage. Users can easily create new reports and share data, as well as define data sources, events, formulas, and transactions.