The approximate amount of Incentive pay that the marketing department receives such as bonuses based on dollars raised.
A leader has enough self-confidence that incentive pay doesn't bother them. If a real leader can grow a business and create profits, should being paid for performance be a problem?
There is another long-term aspect of Model planning that must be anticipated regarding profit. This aspect is incentive compensation. The Model inherently lends itself to incentive compensation. Here is our advice:
When establishing the initial Model, make sure you set the profit goal high enough. If you don't, it will come back to haunt you when you try to tie it to compensation!
The Model can be used for incentive compensation for both departmental and individual performance, as well as overall Hospice financial performance - simultaneously! Therefore, the Model can be a sensitive area that must be planned as well as possible before implementation.
Establish incentive pay system for Marketing Staff based on the Number of Admissions Per Week. Set base salary at 50-75% of the market rate. The remaining pay should come as a percentage of salary based on meeting admissions goals.
If a marketing person does not want to work in an incentive based program, they have little faith in their abilities and are not qualified for the position.