Issue link: https://read.dmtmag.com/i/826899
68 • JUNE 2017 • WORLD FENCE NEWS Subcontractors are learning about incentive compensation plan best practices with new FASA video-on-demand ALEXANDRIA, Va. — Subcon- tractors, specialty trade contractors and suppliers in the construction in- dustry are learning about incentive compensation plan best practices with a new video-on-demand available from the Foundation of the American Subcontractors Association (FASA). Incentive compensation is a huge investment. Engineering and con- struction companies spend an average 15 percent of net profit before taxes on these programs. The U.S. construction industry has an enormous opportunity to improve the effectiveness of current incentive compensation programs, especially because few construction companies use industry market data to ensure adequate incentives. "It can be challenging to create an incentive plan that supports your strategic objectives, motivates attain- ment of stretch goals, provides desired returns and behaviors and yields re- sults," said Mike Rose, Ph.D., FMI, presenter of the video-on-demand, "Incentive Compensation Plan Best Practices." FMI set out to answer some basic questions to find out what makes in- centive compensation more effective in the eyes of top executives in the construction industry. In the on-de- mand video Rose shares results of this survey and discusses: • The seven critical issues com- monly practiced in the construction industry that need to be addressed in order to improve the effectiveness of your incentive program. • How effective incentive com- pensation plans can attract and retain the best talent and increase your re- turn on investment. • How to balance the incentives to minimize unintended consequences such as divisional silos and free riders. • How to avoid the pitfall of pay- ing out bonuses in lean years and en- sure adequate time for proper transi- tions to new plans. You can play this on-demand video with a free media player like Windows Media Player, and use it for group training by projecting it onto a screen or wall. "Incentive Compensa- tion Plan Best Practices" (Item #8102) is $65 for ASA members and $95 for nonmembers. Order online at www. asaonline.com. FASA was established in 1987 as a 501(c)(3) tax-exempt entity to sup- port research, education and public awareness. SPECIAL WFN ONLINE NOTICE! World Fence News readers are now able to receive a monthly e-mail "early alert" as soon as the latest digital edition of World Fence News is posted (as well as The Fencer's Almanac). Visit www.worldfencenews.com and register at the bottom of the page! You will still receive your regular printed copy in the mail, of course. BUY DIRECT FROM THE MANUFACTURER West Branch Wood Treating Non-Tapered Round Wood Post Farm, Ranch, D.O.T., Board Fence • Red Pine • Treated to .40 CCA • Meets D.O.T. Specs • Mixed Truck Loads • Sizes Range: 3½", 4", 5", 6" • Lengths: 7' to 22' • All Loads Shipped From Michigan Call Us Today For Pricing West Branch Wood Treating 989-343-0066 • 989-343-0166 Fax info@wbwoodtreating.com