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Short Term Incentives
An important element in the total cash compensation in many Belgian organisations is the short-term incentive plan (STI).
March 2019 update: Belgium sees growing popularity of bonus plans according to press coverage
Implementing an STI plan as part of your organisation’s broader reward framework might allow you to attract and retain the best talent available on the market. At the same time, by aligning the STI plan design to the organisation’s overall business strategy, you can motivate your employees in achieving short-term business goals. A strong STI will result in a competitive advantage for your organisation.
STI’s can take different forms (e.g. annual incentives, discretionary bonuses, etc.) and different payout forms (bank warrants, Profit Premium, cash bonuses, etc.). Which payout form is the best choice for you to implement in your organisation will depend on multiple elements such as your organisation’s broader business strategy, risk awareness, tax & social security consequences, etc.
The STI plan offering is an end-to-end solution consisting of multiple steps contributing to the development, implementation and maintenance of a strong incentive element in your organisation. Deloitte can assist with the entire development and implementation of an STI reward plan or with specific phases of the implementation process (e.g. readiness assessment, strategic workshop, tax & legal advice, cost modelling, vendor selection, communication plan, plan design, draft or review of contracts, plan effectiveness assessment, etc.).
Contact your Deloitte GES contact or the specialist team:
- Sofie Van Breedam, Partner, Deloitte GES, firstname.lastname@example.org