I am a new member to this site.
I have to make out a incentive plan for the employees who are working in a retail outlet. so how can I plan it? what are the major things that I to keep in mind? and the incentive plan should be helpful in motivating and retaining the employees.
For designing a incentive scheme for retail sales man it is necessary to know their jobs well, since they are the contact points with customer, i guess an informal feedback of regular customer might help you.. there must be some targets that need to be fulfiiled by each of the sales person, incentives can be based on that too.. incentives can also be based on prommotional acrtivities, it can based on loyalty towards org, it can be based on giving suggestions which compny feels is approprpate to implement, and the list goes on...
for any specific query u can always ask.. bfn
Incentive is something that is given to any employee on the basis of his OUT OF THE BOX work.I have an idea just see if it works.
1) set up benchmarks for the employees, remember DONT use divide and rule policy here.
2) the incentives depend on the payment that you give to the employees, if salary high then incentive should be different, just like the top performer will get opportunity to go for a dinner at one of the 3 star hotels, second top performer will get a chance to have dinner with the management at any hotel.
3) If the employees are given low salary then we should see to it that we provide incentive in monetary terms.
4) suppose one person who gets a incentive this month, increase his target, but give him challenge with high incentives only on condition he has to be a mentor for other juniors who he has to groom and make shooters in retail sales only then he will qualify for incentives .
5) so here we would have tenured employees having a competency with not just their work but also how they can develop other jounior mentees.this will help us in minimising inventories and maximising profit.
regards and thanks,
whether you like my advice or not, please reply and tell me if you do something better than me.give me chance to learn.
Besides the ideas outlayed by Shrawani, keep in mind that different people value different things because of factors such as their age,need, status etc. However there should be monetary as well as non monetary incentives to motivate and retain employees like money,gift vouchers,pay hikes or merit pay, praises or a better assignment could be given, flexibility in hours of work, extended vacation time. All the above will entirely depend upon your budget allocation obviously !!
I agree with all the above posts.Each and every employee has different priorities,comes from different walk of life and has a different value system.So the incentive system though can be generally drafted,execution needs refinement staying in tune with the changing structure of the organization.Monetary rewards,other schemes like token of appreciation,dinning with superiors,or even a certificate of appreciation in the organization's notice board can go a long way in motivating the employees.Correct me if wrong.
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