how to create barcode in vb.net 2010 PART TWO Elements of the Solution in Software

Maker Data Matrix ECC200 in Software PART TWO Elements of the Solution

PART TWO Elements of the Solution
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ment that operational people should only be responsible to pay for what they can control. They should be in complete control of the factors that determine their incentive compensation. Delves: What do you think are the major strengths and weaknesses of the program Hirsch: I think the strengths of the program are clear: We can use our compensation plans to appropriately align management s incentives with the interest of shareholders. The negative is that sometimes, to me, when it comes to setting targets which is what we do you can overdo it a little. Because of the drive for annual targets, you end up at times having people who don t invest in more dramatic process improvements. If we say that we want to grow the operating margin incrementally by 100 basis points or 50 basis points a year, then that can be achieved by honing the existing processes better. That s certainly a good thing, versus our competition. Good, solid, controllable, and sustainable growth. But this is not necessarily process-oriented thinking. Our compensation plan can limit leaps in corporate performance. Delves: How would you do it differently Hirsch: I m not sure. It would also have to be the result of a decision, for example, to increase margins by four points in a year. Then we d have to realize that it would cost us a lot of money to retool the system. You would be more likely to do that during a weak time than during a strong time. During a strong time you re going to try to take advantage of the existing market, and you re not going to say, all of a sudden, I want the whole system retooled. Delves: So if you had to do it all over from scratch, there wouldn t be any major changes Hirsch: I m very satisfied with where we are in the process. You have to be realistic enough to know that the system you put in place has a certain half-life to it, and you have to retool the compensation not necessarily retool the company. We have a philosophy that we sunset every plan after three years, so that it gets a complete relook. Our people know that we re not going to pull the rug out from under them if they are doing much better than everyone expected. They have that three-year ride based on meeting and exceeding the objectives that we set. But after those three years, we shut it down, take a look at it, and see if we need dramatic changes in the system.
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Delves: That s critical because people know what their game is and they know that the game isn t going to change unexpectedly. Thus they can focus on operating margin improvement, or whatever the emphasis is in the plan. Is the focus, however, always on internal metrics Hirsch: We have done very well utilizing our internal metrics as the key components of our compensation system. Then in a growing economy, we were hitting our internal metrics, but those internal metrics were no longer completely in sync with external metrics (i.e., competitors performance improving faster than ours). So we decided we have to look at every benchmark we have, decide which are the key ones, and then have a system in place to make sure we are setting our own internal metrics to exceed every external metric. Delves: Do you have specific external metrics in your plan Hirsch: Yes and no. A decision was made not to put external metrics in the plan itself. We didn t want to do what some other companies have done, which is to say you ve had a great year, but so did Companies X, Y, and Z and they outperformed you. So we re going to take your compensation down. Nor do we want to say that the other companies did lousy this year because they had some problems, and because of that you re going to mint money. That reduces the certainty to the plan, and it significantly dilutes the effectiveness of the plan. We understand where our competitors are going. We set the right targets in relation to our competitors for each year. Delves: If and when a downturn comes in your industry, how are you going to manage the compensation system, in terms of setting goals and objectives for people Hirsch: We ll have to evaluate it at that point, but we cannot move off our basic philosophies that we have put in place. If we are going to have a performance-driven plan, then we must have the strength of our convictions and in spite of what happens, we have to expect reduced compensation during downturns just as we expect higher compensation during the upturns.
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