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I am working with a Job placement company and we are dealing with different sector.Now we are performing very well and to boost the interest and motivation of my employee i am planning to fix some incentive criteria.
Can you please guide me that how should i decide incentive scheme????
It should be candidatewise?
it should be rupeewise?
it should be sectorwise?
Which one is the better????????
So i need help from this group to decide the incentive criteria because i know that this site is full with renowned,experienced and successful members.
Thanks in advance.
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Incentive payment to uplift motivation of employees should after an indepth study of the job process. It may be so that in a job cycle the employees get demotivated at a particular point so to improve performance some incentivew scheme is to be derived. Moreover any incentive scheme once designed cannot remain forever, it should be periodically assessed.
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In my opinion you should plan a incentive scheme.Rupeeswise scheme will work bette.
Pl find the incentive structure.
Target % achieved Incentive %
For eg An employee of yours has a salary of Rs 10,000. You had adecided the target as Rs 100,000 .He/She achieves 50% of target than % incentive should be 2% ie 2% of 50,000 and so on.
What is more important for your company will be :Closing the position ASAP. So you may use criteria for a) Time taken to source profiles and convert them into interested candidates b) Follow-up with Client c) Setting of interview and d) Time taken to conver the candidate to a hire and finally e) The hire
You may fix a certain % of incentive when the hire takes place. Also - you may include a small percentage for lower leve and higher percentatge for Senior / management level hires.
You can also request your team to seek for referrals from candidates or anyone they talk to and the more number of referrals - for example - for every 2 candidate they talk to they must atleast get one referral.
Aslo - monitor the email language - encourage employees to improve on proper email communiation, you may even fix an incentive for people who have not goofed in email communication.
At the outset its encouraging to know that you are doing good. Keep it up. You first need to keep the CTC of the employee in mind. There is a minimum target that every employee must and should achieve which takes care of CTC. There is no incentive paid for this, as he/she is already drawing a fixed salary. The incentives are planned over and above this mimimum target achieved. Also there is something called as the REWS cost. Real Eatate Work Space. Every employee has a cost of his or her workstation (REWS cost is one of the component considered for fixing an employee's CTC.)
Now, one of the method that we use to adapt in the hardware sales is that we use to fix a contribution target to employees. Meaning contribution of profits to company and not on the turnover. For eg. A Turnover of Rs. 10L may yield a profit of Rs. 2L. Now this 2L is the contribution target. You can fix a contribution target to your employees which is suitable for a placement firm like yours, and accordingly fix incentives, in terms of percentage or a months salary or 2 months salary accordingly. Also you need to keep in mind the booking target and billing target. Incentives are paid on achievement of billing target and not on booking. Hence incentives can be paid once a quarter where the chances of biling are higher than monthly. You can remodel and allign these according your industry,
Hope this might help you. I shall again revert back to you if have some more info.
Incentive is external motivation factor to boost performance level and interest in job and incentive in the form of money is key facter to boost preformance,confidant,and sense of achivement among performing,employees.
As per my view do not diffrenciate on the base of domain,sector,offered job/position to placed candidate as it will create unhealthy compitition among recruiters.I would like to suggest you to make it on the percentage on the CTC offered to placed candidate by concern recruiter,and can use the policy or criteria as specified by Rashmi above.
if candidte is placed with 5 to 10 lpa ,you will charge company average 8.66 % and you can have incentive policy like this.
1 to 5 lpa - 2% of earning of consultancy to recruiter.
5 to 10 lpa - 3% of earning of consultancy to recruiter.
Example - with 5 lpa candidate is placed and by 8% commision from company consultanc ecan earn 40,000 rs so here you can pay recruiter by 3% i.e 1200 rs.
10 - 15 lpa - 4% earning of consultancy to recruiter
Before palning the things make sure of ,its difficult to place the candidate for consultancies these days and as you guys are doing well credit goes to recruiter so the incentive policy shall have to match the real motivation criteria i.e. in terms of money.
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