Hi I am working as Head, HR/Admin. and I want to develop my company’s Incentive Policy. How will I go about the write up. Thanks. Nkem.
From Nigeria, Abuja
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From Nigeria, Abuja
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Please clarify the following:
Business Type and Incentive Structure
What is the business that you run? Do you want to give incentives based on individual performance or through profit sharing for a group? What kind of amount are you talking about? And what would be the eligible employee strength?
Regards
From India, Pune
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43Business Type and Incentive Structure
What is the business that you run? Do you want to give incentives based on individual performance or through profit sharing for a group? What kind of amount are you talking about? And what would be the eligible employee strength?
Regards
From India, Pune
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One way to do it is to allot points to different individuals in a team and fix an incentive for the team. Say there are 5 employees and each is allocated points as mentioned below, and the incentive is 1000.
Point Allocation and Incentive Calculation
A - 20
B - 10
C - 5
D - 30
E - 40
TOTAL POINTS = 20 + 10 + 5 + 30 + 40 = 105. THE INCENTIVES WILL BE ONE INCENTIVE POINT = 1000 / 105 = 9.52. HENCE:
A - 20 * 9.52 = 190
B - 10 * 9.52 = 95
C - 5 * 9.52 = 47
D - 30 * 9.52 = 285
E - 40 * 9.52 = 380
THE TOTAL COMES TO 997 AFTER ROUNDING. THIS CAN BE EASILY PROGRAMMED IN EXCEL. HOPE THIS WILL HELP.
From India, Pune
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Point Allocation and Incentive Calculation
A - 20
B - 10
C - 5
D - 30
E - 40
TOTAL POINTS = 20 + 10 + 5 + 30 + 40 = 105. THE INCENTIVES WILL BE ONE INCENTIVE POINT = 1000 / 105 = 9.52. HENCE:
A - 20 * 9.52 = 190
B - 10 * 9.52 = 95
C - 5 * 9.52 = 47
D - 30 * 9.52 = 285
E - 40 * 9.52 = 380
THE TOTAL COMES TO 997 AFTER ROUNDING. THIS CAN BE EASILY PROGRAMMED IN EXCEL. HOPE THIS WILL HELP.
From India, Pune
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Employee reference policy.doc