How Can We Create Effective Performance Incentives for Senior Management in Hospitality?

Dear Friends,

I work in the hospitality industry. We have a performance incentive for our various outlets, which is directly linked to revenue. We would now like to introduce a performance incentive for our senior management. Currently, we are not in a position to offer ESOPs to our senior management.

I request you to please suggest some schemes for handing out the performance incentives. We would like to include the CFO, Financial Controller, Corp HR Manager, Treasury Manager, Commercial Manager, and PR Manager.

I request you to please send me your suggestions at the earliest as I have to make a proposal by Monday noon. I have now requested an extension until Wednesday.

Please help me out.

Thanking you in advance,

With regards,
Kuntal

Hi, I am Sukhada. I will suggest some schemes such as:

1) Offering higher variable pay that will be directly proportional to their performance.

2) Offering performance-based pay proportional to the company's growth.

3) Providing pay on a monthly or quarterly basis.

I am also working on the same project, and as I come across different schemes, I will let you know.

Thanks and regards...

Hi, I am Sukhada. I will suggest some schemes like:

1. Offering higher variable pay, which will be directly proportional to their performance.

2. Offering performance pay proportional to the growth of the company.

3. Pay that will be payable on a monthly or quarterly basis.

I am also working on the same project, and as I come across different schemes, I will let you know.

Thanks and regards.

Hi, I am doing a project in one of the leading hotels where I have to frame a settlement policy for the trade union members for the next three years. It includes Basic, DA, HRA, EA, LTA, Medical, PF, Gratuity.

Our hotel does not use any fixed formula to calculate DA, HRA, etc., as I have noticed in past policies. Please guide me on how I should proceed. Currently, I am using inflation rise and the company's growth as deciding parameters.

Regards.