A short overview of how organizations can impact the motivational power of their incentive compensation through a few key design principles. A few key tips for anyone who creates incentive programs or contests.
A short overview of how organizations can impact the motivational power of their incentive compensation through a few key design principles. A few key tips for anyone who creates incentive programs or contests.
Every business organization will agree that most valuable asset for an organization will be Human Resources and we cannot measure the appropriate value of Human resources in monetary terms (Instead of Human Resource accounting methods are available). So we need to provide proper appraisal system or performance measurement system for the employees in order to measure their performance and provide satisfactory and equal benefits to all the employees. Proper appraisal system will help the organization to share the profits with the employees in a scientific way. So I have made a small contribution towards the employees appraisal system for RETAIL STORES.
Bonus - compensation management - Manu Melwin Joymanumelwin
Bonus pay is compensation over and above the amount of pay specified as a base salary or hourly rate of pay. The base amount of compensation is specified in the employee offer letter, in the employee personnel file, or in a contract.
The presentation would help understand the science behind Incentives covering the various aspects of it with giving a brief idea on creating an effective incentives plan
An incentive is something that motivates an individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure).
Current profit sharing - compensation management Manu Melwin Joymanumelwin
One very basic type of bonus program is current profit sharing. A company sets aside a predetermined amount, usually between 2.5 and 7.5 percent of payroll but sometimes as high as 15 percent, as a bonus on top of base salary.
Performance linked compensation - compensation management - Manu Melwin Joymanumelwin
Performance-related pay or pay for performance is a salary paid relating to how well one works. Car salesmen or production line workers, for example, may be paid in this way, or through commission.
Thesis : The Effect of Employee Perception of Management on Work Motivation, ...Noéline T
The manager’s ability to management and motivate his or her team reflects people’s overall performance. Unfortunately, these are not inborn skills. This research examines the components of employees’ perception of management impact work motivation. Managers and employees’ perception of management and motivation were surveyed. The results show a relationship between employee perception of management and (1) relationship between employee and manager, (2) the manager’s ability to motivate, (3) autonomy and (4) trust. Having a P value superior than 0.05, these elements are dependent variables of employees’ perception. Managers should therefore be more careful with these components.
Every business organization will agree that most valuable asset for an organization will be Human Resources and we cannot measure the appropriate value of Human resources in monetary terms (Instead of Human Resource accounting methods are available). So we need to provide proper appraisal system or performance measurement system for the employees in order to measure their performance and provide satisfactory and equal benefits to all the employees. Proper appraisal system will help the organization to share the profits with the employees in a scientific way. So I have made a small contribution towards the employees appraisal system for RETAIL STORES.
Bonus - compensation management - Manu Melwin Joymanumelwin
Bonus pay is compensation over and above the amount of pay specified as a base salary or hourly rate of pay. The base amount of compensation is specified in the employee offer letter, in the employee personnel file, or in a contract.
The presentation would help understand the science behind Incentives covering the various aspects of it with giving a brief idea on creating an effective incentives plan
An incentive is something that motivates an individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure).
Current profit sharing - compensation management Manu Melwin Joymanumelwin
One very basic type of bonus program is current profit sharing. A company sets aside a predetermined amount, usually between 2.5 and 7.5 percent of payroll but sometimes as high as 15 percent, as a bonus on top of base salary.
Performance linked compensation - compensation management - Manu Melwin Joymanumelwin
Performance-related pay or pay for performance is a salary paid relating to how well one works. Car salesmen or production line workers, for example, may be paid in this way, or through commission.
Thesis : The Effect of Employee Perception of Management on Work Motivation, ...Noéline T
The manager’s ability to management and motivate his or her team reflects people’s overall performance. Unfortunately, these are not inborn skills. This research examines the components of employees’ perception of management impact work motivation. Managers and employees’ perception of management and motivation were surveyed. The results show a relationship between employee perception of management and (1) relationship between employee and manager, (2) the manager’s ability to motivate, (3) autonomy and (4) trust. Having a P value superior than 0.05, these elements are dependent variables of employees’ perception. Managers should therefore be more careful with these components.
Cash or short-term incentive plans (STIP) engage employees in the process of achieving business objectives, reward desired behaviors, and help execute the organization’s long-term strategy. Incentive plans, when properly aligned to business outcomes and rolled-out effectively, can be a powerful tool that enable organizations to “do more with less” and achieve a greater return on investment (ROI) in cash compensation programs.
Chapter 11 establishing rewards and pay plans prepared presentationabdul rauf
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Fundamentals of Human Resource Management Tenth Edition
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Conway, SC
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Effects of Organizational Climate on Employee Motivation and Organizational C...Sameen Salman
Study on the effects of organizational climate on motivation and commitment of employees. this thesis study uses both primary research and secondary data to conclude the relationship between the variables.
Motivation PowerPoint Slides include topics such as: understanding needs vs. wants, factors for motivation, employee rewards, offering praise/recognition, types of motivation, job enrichment, the role of money and motivation, incentive programs, motivation ironies, boosting efficiency, 30 ways to motivate, Maslow's hierarchy, how to's and more. Slides can easily be tailored to your specific needs (make handouts, create overheads and use them with an LCD projector) and are available for license. 100+ PowerPoint presentation content slides. Each slide includes slide transitions, clipart and animation. System & Software Requirements: IBM or MAC and PowerPoint 97 or higher. You may use this product over and over again. Royalty Free - Use Them Over and Over Again. Once purchased, download instructions will be sent to you via email. (PC and MAC Compatible).
10 Ways Your Boss Kills Employee MotivationOfficevibe
It’s so hard to have engaged employees. It’s such a delicate thing to try and get right because employees can be fragile.
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Usually, the problem is the boss, and not things like the company, mission statement, or co-workers.
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Similar to Variable incentive plans a motivation and retention tool (20)
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2. S
Copyright 2013 | Saigun Technologies Pvt. Ltd. 2
An Introduction
Variable incentives did not work very well since most employees wanted
the security of a high base pay, and meeting targets was largely unpredictable.
Organizations want to curtail their fixed costs, hence salaries may not increase
dramatically and immediately, but variable incentive plans will help retain high-
performers and encourage achievement.
Most of us
On hearing the words
“Variable Incentives”
Reality
Sales Department
Applicable to all job roles in the
Organization, can be used to motivate
and retain employees
3. Who is Responsible for Attrition?
3Copyright 2013 | Saigun Technologies Pvt. Ltd.
Typically,
each employee may get 5 – 10 different goals which
determine their variable incentive plan for the year…
or in some cases, even a month, quarter or half-an-year.
Senior employees and those in management positions
would have significantly higher goals that may be linked
with the overall performance of the company or with
their respective departments
For middle management positions, the targets would be
based more on team performance and for junior
employees, the variable incentives will focus on
individual achievements
4. Copyright 2013 | Saigun Technologies Pvt. Ltd. 4
Identifying High Performers
By giving multiple targets to each employee, there is a greater opportunity for
earning at least some part of the Variable Incentives.
This can act as a strong performance motivator and retention tool.
It also enables identification of
high performers who become
eligible to enter the succession
pipelines for key positions
5. Types of Variable Incentives
5Copyright 2013 | Saigun Technologies Pvt. Ltd.
Variable incentives can be broken down into multiple categories,
some of which are:
Performance
Based Targets
Individual
Targets
Evaluation
and
Recognition
Time Based
Negative
Indicators
6. o Can apply to employees of
specific departments
o For instance, if there are
employees from 2
different product lines,
each of them may have
different revenue and
profitability targets
o Can apply to all
employees, though with
varying weights
(Revenues and Profitability)
Copyright 2013 | Saigun Technologies Pvt. Ltd. 6
Performance Based Targets
Each department in the company can have specific performance related goals,
such as:
Company Top Line and
Bottom Line
Departmental Goals
7. Individual Targets
7Copyright 2013 | Saigun Technologies Pvt. Ltd.
These are largely based on individual achievements and would constitute
0 – 20% for senior level employees and 40 – 80% for junior employees.
Some individual targets may include:
Individual Sales Performance
Production Performance
(such as number of pieces manufactured)
Project Renewals
Number of Persons Hired
(for recruitment department)
Training Imparted
(for training department)
and so on…
8. Copyright 2013 | Saigun Technologies Pvt. Ltd. 8
Evaluation and Recognition
Appraisal Score
Goal Sheet Achievement Score
Client Recognition(s)
Nomination for Awards
External Events Conducted
While appraisal and goal sheet achievement could be counted as individual
targets, typically these are measured at a team level and we may see score
adjustments based on normalization, relative ranking etc.
Hence, these are under a separate category of evaluation and recognition.
Some of the targets in this category are:
9. Time Based
9Copyright 2013 | Saigun Technologies Pvt. Ltd.
Most companies want their employees to start work on time, take minimum leave,
attend regularly and manage their time effectively.
This can be encouraged by adding the following parameters
to their incentive plans:
1
2
3
4
Billable Hours
On-Time Entry
Average Weekly Hours Worked
Training Hours Undertaken
10. Copyright 2013 | Saigun Technologies Pvt. Ltd. 10
Negative Indicators
To help avoid negative behavior, some companies include targets
which have a negative impact on the variable incentives.
Some of these could include:
Leave without pay
Late entry
Non-completion of assigned targets
Disciplinary incidents
11. Key Challenges in Implementation
11Copyright 2013 | Saigun Technologies Pvt. Ltd.
Collect Data
which can
help in
Calculating
Achievements
Communicate
the plans to
the Employees
Integrate
Variable
Incentives
Payout with
the Payroll
Software in a
Timely Manner
Calculate
Variable
Incentives for
a Large
Population of
Employees
Communicate
Payout to
Employees in
a Transparent
Manner