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8074 - Common Practices and Effectiveness of Incentive Compensation

Does your firm have an incentive plan that supports your strategic objectives? Learn about incentive compensation in this video-on-demand presented by Radek Knesl, FMI, Tampa, Fla. In this webinar, Knesl examines the seven critical issues that are common practices in the construction industry that need to be addressed to improve the effectiveness of your incentive program. He explains why paying discretionary bonuses are not effective for moving your company forward and how total rewards can attract and retain the best talent and increase your return on investment. Knesl illustrates how to effectively balance the incentives to minimize unintended consequences, such as divisional silos and free riders, and shares how to avoid the pitfall of paying out bonuses in lean years and ensure adequate time for proper transitions to new plans. Knesl also provides results from an FMI incentive compensation survey that examined what makes incentive compensation more effective in the eyes of construction industry executives.

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