What Is Incentivized Pay Tracking?
Incentive Pay is a ShopVue add-on for calculating pay for performance earnings based on your own unique form of compensation, pay rules, and policies. It is often defined as a type of variable compensation provided to employees for achieving specific measurable targets and is sometimes referred to as bonus pay, reward pay, or performance-based pay. These programs are put into place to award employees for going above and beyond but are often extremally difficult for the front office to manage without an automated system that provided the following features:
- Eliminates time-consuming and error-prone spreadsheets
- Automatically calculating earnings based on efficiency, not hours worked
- Allows managers to specify an average rate for jobs that don’t utilize incentive
- Feeda your payroll system for gross-to-net processing
- Works with many different payroll systems
- Motivates employees with real-time access to actual dollars earned
- Overrides standard calculations to address your organizations complex rules, if necessary
Why Do I Need Automated Production Target Pay?
So you can ensure your employees earn at least minimum wage or their base rate. Operators perform their normal ShopVue transactions with rate changes and incentive calculations occurring seamlessly in the background (and subject to supervisor approval as needed). There are also features for Make-Up Pay, and Average Pay, for special circumstances such as material problems and training for new employees.
How Do We Measure Its Value?
The Incentive Pay Tracking add-on module extends ShopVue’s functionality to support this form of compensation, reducing your payroll workload and eliminating pay errors. Your employees are your most valuable resource, and ensuring that they are compensated appropriately, and with transparency, is critical to motivating employees. At the same time, minimizing payroll overhead increases operational efficiency and reduces administrative costs.