By Colin Dovey
Job Vacancy Indonesia, Employee, Vacancy
- The company incentive scheme can only be effective and have real meaning if employees can easily draw a parallel between what lands up in their back pocket related to actual job performance.
- The criteria used for the assessment of rewards must always be totally transparent, and also easy to understand at every level. Length of service should not be a factor in an incentive-based reward scheme.The reward or bonus should be directly related to the financial benefit - the bottom line of the company
- Establish a forum of innovatively minded managers, and then rope in past, and good performers to oversee incentive plans. Make sure the forum does not get bogged down, by ensuring that you periodically introduce new blood into the team.
- Bottom line: Scheme benefits must reach every segment of the organisation, and a t every level across the board. You cannot afford to exclude anybody from top executives to the excavator operator. Ignore him at your peril, as he will dig the hole you fall into! Avoid paying strictly time-related benefits, such as the traditional end-of-year bonus. This type of incentive loses its impact when employees just expect it to be paid, irrespective of their level of performance.
- Adopt a two-pronged payment approach by rewarding both individual and team performance. This will serve to ensure that you get a good team spirit, and then stellar individual performance.
- Encourage managers to acknowledge staff and team performance in writing, and to document accomplishments in a specific way.
- Insist on input from top managers to ensure that their participation will encourage their enthusiasm for any performance output.
- The saying goes, somewhat mischievously perhaps that everybody has their price. The fact is though, any incentive scheme must provide rewards that are valued by members of your staff. Some credible research has shown that they are generally in the following bracket, in order of importance:
- A good income, and the opportunity to advance within the organisation
- Being paid on merit, emanating from inherent and acquired skills
- The opportunity to work in a creative and challenging environment with concomitant financial rewards and incentives.
- Being able to participate in meaningful decision-making, which encourages loyalty to the objectives of the organisation.
- Attractive fringe benefits, including paid medical aid, pension and share options
- Tickets to sought-after sporting events, and,
- Shares and access to the company gym
- Wall plaques and certificates
- A weekend in the company seaside cottage.
- A visit to a Wine farm, including samples to take home
- Team conferences at a game ranch.
- Overseas research trip
- An upmarket restaurant dinner.