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hi everybody,
I work in tours and travels company. my company has 5000 staff. The day to day job includes -issuing tickets, booking holiday packages, sales of these holiday packages. My boss has asked me to design an INCENTIVE PLAN for the employees. someone, kindly suggest what can i do about it? if any body knows any incentive plan that has been in use in a travels and tours sector , kindly let me know.
thanks,
annie.
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INCENTIVE POLICY

1.0 Objective

The variable pay policy has been formulated to recognize and reward the performers of XYZ Tours and Travels in form of incentive payout.

2.0Procedure

2.1The policy has been formulated keeping in mind the different tasks and the different levels of difficulties observed in each task an employee is engaged into.

2.2 The payout is made twice a Year –

April Payout on the basis of Performance criteria set for the period October to March

Oct Payout on the basis of Performance criteria set for the period April to September.

2.3 Incentive is based on the productivity against the given target in the Goal sheet.

2.4 Incentive is given out of the Booking Amount, which comes from the sale of a package.

2.5 The Departmental Head in consensus with HRD reserves the right to bar any employee from this incentive plan.

3.0 Criteria for Incentive Calculation of Domestic Package :

3.1The departmental head defines the criteria / KRAs / target for assessing the Employee’s performance over the period of six months in the Goal sheet.

3.2 In case an employee is on leave (approved by his reporting manager) the performance target will be revised in accordance to the number of days worked.

3.3Targets would be set as per the discretion of the management and can be revised as per their discretion.

3.4 Employee’s performance is rated on a scale of 1 to 6 , 6 being the highest based on parameters given in the Grid below :

Rating Rating Goal Achievement Incentive Payout

1 not satisfactory <60% 0

2 average 61-80% 1% of Booking amount

3 good 81%-100% 1.5% of Booking amount

4 Very good 101%-120% 1.75% of Booking amount

5 Excellent 121%-150% 2% of Booking amount

6 Outstanding 151% and above 2.5% of Booking amount

3.5 There will be monthly review of the performance against the goal set as per the goal sheet.

3.6.1 In case of Business sourcing, self sourced (sourced personally or through cold calling or through personal contacts ) business will only be considered for incentive calculation.

3.6.2 Incentive will not be calculated on business that comes through office ( XYZ Tours & Travels ) contacts .e.g. contact generated through Advertisement, customer calls for inquiry in the office ,office database etc.

3.7 In case the performance is continuously (1) over the period of 6 months , employee might be subject to disciplinary action including termination of services.
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