Reduce administration costs
How many full time heads are you spending on the design and implementation of your plans. Best practice in this area range from 0.5 FTE to 1.5 FTE per 1,000 payees depending on the complexity of the plan, administration scope etc.. How much is your plan administration costing you?
Here is a list of the hidden costs you could be incurring by not using an on demand incentive management solution:
Payment sign off
Is the end of period approval process smooth or do many people spend chunks of time reviewing disparate spreadsheets and sending and responding to clarification emails. Does time get chewed up in last minute ‘crisis’ meetings reviewing a payment issue?
Payment communication and performance reporting
Are reports scattered via email using macros or are they sent manually. Do reports need to be generated manually or does detailed reporting get all too hard after a couple of periods? How much time is being spent or should be spent in these areas?
Plan review time
How much time do you spend each year reviewing incentive plans? How much of this time could be saved if there was a solid platform to work from in terms of analysis data? How much time would be saved if you have a single database providing scenario modeling of proposed changes? How much time is spent compiling summary reports on plan expenditure?
Plan launch time
How much time is spent relaunching the plan each year? How much time is spent on plan communication?
Rebuild costs
What are the costs of making revisions to the plan?
What are the system costs?
How much time is spent rebuilding excel sheet?
Leave costs
What happens when the administrator goes on leave?
What happened when the administrator resigns?
What are the cash expenses and time costs of these events?
What are the risks of fraud?
How often is the plan administration audited? How would the process stand up to an audit? How much time would an audit demand in terms of generating new reports, digging up old data, investigating anomalies?
Is your sales incentive system backed up regularly?
What would be the time cost of having to recreate a commission period(s)?
What would the costs to your health be!?
