Hello,
I have been referred to here by a friend of mine and he speaks highly of this forum and he suggested that you all are the best people who can help me with my query. I am hoping that i will gain some valuable learning from your experience.
Our company is thinking of implementing a good incentive plan for all employees at all levels. I am trying to do some research and understand this in a better way before we start this project.
We are a manufacturing company and we do have a incentive plan for sales team but we want to make the plan for the whole organization now right form worker at floor level to the CEO and across all departments, finance, quality, HR, strategy, marketing, production, IT, shared services etc.... We do have a bonus system but its not completely based on performance. So we want to quantify the incentive plan to be fair to all and linked to their performance.
So how do we make this incentive plan, how should we start and what are the the things that we should consider?
Also, i have some basic questions like how often we should review the performance under incentive plan every month, 3 months, 6 months or yearly, what should be parameters to measure the performance for different levels at different departments as all cannot be measured on same parameters etc etc?
Can someone please share some sample incentive plans related to manufacturing company.
Need guidance and support from you all.
Thanks
Vipul
From Saudi Arabia, Riyadh
I have been referred to here by a friend of mine and he speaks highly of this forum and he suggested that you all are the best people who can help me with my query. I am hoping that i will gain some valuable learning from your experience.
Our company is thinking of implementing a good incentive plan for all employees at all levels. I am trying to do some research and understand this in a better way before we start this project.
We are a manufacturing company and we do have a incentive plan for sales team but we want to make the plan for the whole organization now right form worker at floor level to the CEO and across all departments, finance, quality, HR, strategy, marketing, production, IT, shared services etc.... We do have a bonus system but its not completely based on performance. So we want to quantify the incentive plan to be fair to all and linked to their performance.
So how do we make this incentive plan, how should we start and what are the the things that we should consider?
Also, i have some basic questions like how often we should review the performance under incentive plan every month, 3 months, 6 months or yearly, what should be parameters to measure the performance for different levels at different departments as all cannot be measured on same parameters etc etc?
Can someone please share some sample incentive plans related to manufacturing company.
Need guidance and support from you all.
Thanks
Vipul
From Saudi Arabia, Riyadh
Dear Vipul,
Before design the incentive plan kindly consider the following things...
1) Which type of incentive plan (Monetary/Non Monetary)
2) On what grounds you are declaring an incentive?
3) Why do you need to have an incentive pattern?
4) How much your company could spend on this incentive?
5) Do you have any specific metrics to measure the performance?
Apart from all for your reference i have given you three links where you could get more information on incentives... Please refer that as well.
How to Incentivize Manufacturing Employees | Chron.com
What are the Different Types of Incentive Plans?
http://www.worldatwork.org/waw/adimLink?id=21776
From India, Tiruchchirappalli
57Before design the incentive plan kindly consider the following things...
1) Which type of incentive plan (Monetary/Non Monetary)
2) On what grounds you are declaring an incentive?
3) Why do you need to have an incentive pattern?
4) How much your company could spend on this incentive?
5) Do you have any specific metrics to measure the performance?
Apart from all for your reference i have given you three links where you could get more information on incentives... Please refer that as well.
How to Incentivize Manufacturing Employees | Chron.com
What are the Different Types of Incentive Plans?
http://www.worldatwork.org/waw/adimLink?id=21776
From India, Tiruchchirappalli
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.