Incentive/Performance Management

Gartner estimates that manual Incentive and Performance Management processes overpay by 2-8% each year

Incentive/Performance Management

Inefficient and risky spreadsheet-based process are often used for managing incentive compensation and sales performance within and across company boundaries, but the impact to your bottom line and employee relations by not automating, securing, and trusting this critical business process can be considerable to your business.

Incentive/Performance Management Challenges

  • Lack of consistency and control because manual processes are notoriously prone to errors and data integrity issues including overwrites, version confusion, copy/paste issues resulting in a lack of trust in the data
  • Poor audit tracking as manual processes are difficult to audit and reconcile back to a specific period. It is also difficult to manage splits, tie outs for accuracy and traceability, and then trace the data back to source and payouts
  • The need for manual intervention to address poor data integrity means precious HR resource time is spent chasing data rather than conducting strategic analysis and decision-making

Using Boardwalk Enterprise Blockchain for Incentive/Performance Management

Boardwalktech customers have turned to our blockchain digital ledger to automate their existing, manually run compensation systems, providing enhanced visibility and a process that is more scalable and able to drive and manage staffing behavior and, in turn, bottom-line business results.

  • Let them continue to work in an environment they are comfortable with – including the ability to work offline and perform their own “what-if” analysis which is far more engaging for employees
  • Streamline the incentive and performance process using a familiar interface which makes building, organizing, and rolling out your performance management program simple.
  • Better manage and control incentives which are tied directly to personal or team objectives while still being able to control the logic centrally by leveraging Boardwalk’s unique access control and smart contract modelling and management capabilities
  • Share incentive information across departments through the trusted Boardwalk Blockchain Server which can gather, control, and communicate bonus information enabling trusted sharing between all parties
  • Complete visibility into how much you are paying in incentives at any time, even before the period ends, via Boardwalk’s powerful and automatic consolidation and aggregation capabilities
  • Enable flexible communication and collaboration between employees and groups using a two-way, data sharing capability with an irrefutable audit trail of all changes

Benefits of using Boardwalk for Incentive/Performance Management

Incentives are critical to meeting business objectives – using Boardwalk, our customers have improved their compensation processes by digitally transforming the manual processes they use today. They now work with detailed, automatically consolidated, and validated/trusted blockchain data which can be used to drive behavior aligned with company goals

  • Automating your manual incentive process mitigates errors, minimizes disputes, and keeps staff focused on their jobs instead of running shadow HR processes to track their own performance
  • Bring auditability and control to your existing manual processes via blockchain digitally transforms your process giving you complete system visibility, powerful security, open and transparent consensus workflows, and irrefutable audit-trails which demonstrates confidence in your internal controls
  • Insightful analytics and reporting enables both management and employees to make actionable, strategic decisions based on evaluating performance results and adjusting plans on-demand when necessary