Dear HR Friends,
I am working for a company in the UAE, and we have grades ranging from 1 to 20, with 20 being the highest. Now, my management wants to introduce incentives for each grade, or you can say benefits for each grade. Can someone please help me? I am in an FMCG company. Your help will be highly appreciated.
Regards,
Marina
Hi Marina,
An incentive will be calculated based on the sales and rejection in our company. First of all, you have to create a chart showing the amount you can distribute to the employees. Then, you should decide on a specific amount for each grade with the approval of the Managing Director. Once a certain threshold of sales and rejections is crossed, you can provide the incentive.
Prashant Shinde
9923396082
prashant_9570@rediffmail.com
From India, Pune
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I am working for a company in the UAE, and we have grades ranging from 1 to 20, with 20 being the highest. Now, my management wants to introduce incentives for each grade, or you can say benefits for each grade. Can someone please help me? I am in an FMCG company. Your help will be highly appreciated.
Regards,
Marina
Hi Marina,
An incentive will be calculated based on the sales and rejection in our company. First of all, you have to create a chart showing the amount you can distribute to the employees. Then, you should decide on a specific amount for each grade with the approval of the Managing Director. Once a certain threshold of sales and rejections is crossed, you can provide the incentive.
Prashant Shinde
9923396082
prashant_9570@rediffmail.com
From India, Pune
Acknowledge(0)Amend(0)
Dear HR Friends,
I am working for a company in the UAE, and we have grades ranging from 1 to 20, with 20 being the highest. Now, my management wants to introduce incentives for each grade or, you could say, benefits for each grade. Can someone please help me? I am in an FMCG company. Your help will be highly appreciated.
Regards,
Marina
From United Arab Emirates, Dubai
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I am working for a company in the UAE, and we have grades ranging from 1 to 20, with 20 being the highest. Now, my management wants to introduce incentives for each grade or, you could say, benefits for each grade. Can someone please help me? I am in an FMCG company. Your help will be highly appreciated.
Regards,
Marina
From United Arab Emirates, Dubai
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Hi marina Raghav with u can u tel me abt ur company and grade detail then ill give u some out put Reagrds Raghav
From United Arab Emirates, Dubai
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1From United Arab Emirates, Dubai
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my company is into chocolates and fresh juices we have outlets in various parts of the country and the grade start from 4 being juice makers to 20 being general manager
From United Arab Emirates, Dubai
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From United Arab Emirates, Dubai
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Hi,
The way to go about introducing an Incentive plan is as follows:
1. Analyze the roles in the company and their current performance evaluation criteria.
2. You will have to identify the roles which will be covered by the Incentive plans.
3. Sign off on the parameters for these roles/delivery mechanisms.
4. Provide weightages linked to the performances for the people performing the same role at the same level. Once the role changes, the weightage should change accordingly, or if the level changes, then the parameters and their weightage should also change.
5. Create a cut-off point in the performance evaluation for incentive eligibility, e.g., Ratings from 1 to 3 will be eligible for incentives, while 4 and 5 will not, with 1 being considered outstanding.
6. Sales incentives should be different from the delivery incentives on the shop floor and support roles.
7. Have incentive plans for all employees to encourage performance.
8. Do not introduce incentives exceeding 15% of the current Gross salary. For example, if his compensation is $2000 per month, for the first year of introducing incentives, his increment will be divided into 85% into Gross pay and 15% into incentives.
9. Do not allocate 100% as incentives. Progressively increase from 15% to 20% to 25% the following year. Do not raise incentives beyond 35% of the Gross salary.
10. The company outflow should be on a CTC basis, e.g., $2000 per month + incentives earned by him.
Hope this helps.
Regards
From India
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The way to go about introducing an Incentive plan is as follows:
1. Analyze the roles in the company and their current performance evaluation criteria.
2. You will have to identify the roles which will be covered by the Incentive plans.
3. Sign off on the parameters for these roles/delivery mechanisms.
4. Provide weightages linked to the performances for the people performing the same role at the same level. Once the role changes, the weightage should change accordingly, or if the level changes, then the parameters and their weightage should also change.
5. Create a cut-off point in the performance evaluation for incentive eligibility, e.g., Ratings from 1 to 3 will be eligible for incentives, while 4 and 5 will not, with 1 being considered outstanding.
6. Sales incentives should be different from the delivery incentives on the shop floor and support roles.
7. Have incentive plans for all employees to encourage performance.
8. Do not introduce incentives exceeding 15% of the current Gross salary. For example, if his compensation is $2000 per month, for the first year of introducing incentives, his increment will be divided into 85% into Gross pay and 15% into incentives.
9. Do not allocate 100% as incentives. Progressively increase from 15% to 20% to 25% the following year. Do not raise incentives beyond 35% of the Gross salary.
10. The company outflow should be on a CTC basis, e.g., $2000 per month + incentives earned by him.
Hope this helps.
Regards
From India
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Incentive plans for managers.doc
Grade Structure for Company.xls