Designing powerful incentives
Incentives must drive the current “Organisational Priority” – sales, revenue, customer service, Business Growth, or Operational Excellence.
Goals must involve a reasonable stretch.
Reward the correct metrics that support Performance Management and business objectives.
Incentives should be transparent.
Incentives should be paid out timely.
They should be motivating.
Measurement and payout must be fair.
Plan correctly and once announced they must be paid out without any further conditions being attached.
They drive change in behaviour and support Organizational Development.
Incentive should reward effort / performance which is over and above the basic job for which there is a salary.
They should generate excitement and competition in the team, creating stronger Employee Engagement.
Finesse is delighted to launch “HR tips practical, that create results magical”. This channel will cover every aspect of HR from a practical perspective. In our professional journey, team Finesse has had the opportunity to work across industries in SME’s, Corporate’s and PSU’s. We will now share this knowledge on an open platform for businesses to benefit. The first episode is on Incentives. We are sharing real time examples from mining, real estate, manufacturing and service sectors.
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If you are looking to build a high-performing team, improve productivity, and create reward systems that truly drive results, connect with Finesse. Let us help you turn people practices into business success.
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