Bonus Cycle Self-Assessment

Margaret Ng

Welcome to the Bonus Cycle self-assessment. At the end of the survey, you will receive an initial assessment and we will be following up with you on specific ideas to further transform and improve your bonus cycle.

The estimated time to complete is 10 minutes.

Business Planning:

Do you have a mission \ business objective that links your team’s activities to achieving strategic goals?

Do you have a measurements of success?  A dashboard?

Do you have feedback loops with your internal clients?

Do you send out an annual survey to assess how the annual cycle went?

Is your current system configurable that allow you to change paramaters to your bonus plans?

Are your process documented and updated regularly ?

Bonus/Compensation Plan & Cycle:

 Is your current Bonus/Compensation cycle manual and time consuming?

Does your compensation team have encounter barriers in administering the compensation/bonus cycle?

Do employees have visibility about their bonus plan? 

Are you overwhelmed about managing employee information, compensation plans and calculations during the compensation cycle?

Are you able to produce summary information in less than one hour from deadline submission?

System and Spreadsheet:

Do you have a high reliance on spreadsheets during the cycle?

Do you find you or your team scrambling to produce reports and summaries during the cycle?

Do you have automated data feeds to and from your main HR system and databases?

Does the same information exist in multiple systems and spreadsheets?

Is your equity awards linked with bonus calculation and merit review process?

Audit and Compliance:

Is there an Audit & Risk Management framework in place that allows you to troubleshoot & track bonus calculations?

Can all users see a history of compensaiton changes and when and who they were made by?

Does your company enforce compliance regarding emailing spreadsheet with confidential compensation information?

Do you have manual workarounds for bonus calculations and merit review?

Do you perform any calculations outside your main compensation tool?

Do you have read access audit logging  in place for sensitive information?

Access & Process:

Do bonus planning managers have access to real time bonus data/reports that is dynamic and updated instantaneously?

Do employees receive total rewards statements which can be accessed anywhere and anytime?

Do employees have transparency on how their awards are calculated?

Does your management have access to high level bonus plan and award summary to make strategic decisions?

Do you have a mobile platform (smartphone & tablet) for employees, HR and bonus planning managers to access information?

Is your current process/system capable of supporting quick decision making during compensation cycle?

Are your current bonus calculation processes documented?

Do you have a support and feedback loop cycle in place with your employees and bonus planning managers?

Is there a governance framework in place that utilizes data to monitor employee behaviors relating to incentive plans during the year?

Company Name