Normal practices of various reputed organization on giving an incentives based on targets achieved in monthly / quarterly / half yearly / yearly basis.
From India, Nagpur
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From India, Nagpur
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Are you in an industry where individual worker efficiency can be calculated, such as manufacturing, or where group working styles like maintenance and quality control are prevalent? The suggestion is that in either case, the incentive should have a correlation with the unit's performance.
Factors Influencing Incentives
In the former case, there could be three factors. The first amount would depend on individual efficiency and would vary with its rise or fall. The second factor would be the collective performance of the unit or department, whichever is the accounting head. Thus, individual earnings have a direct correlation with overall performance, and everyone has a stake in it. The third factor would be the stretch dimension in setting targets. Achievements from the past or those attainable with average effort and efficiency will be treated as below par. The aim should be to stretch efforts to what is possible, like achieving 110% efficiency or more.
From India, Mumbai
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1594Factors Influencing Incentives
In the former case, there could be three factors. The first amount would depend on individual efficiency and would vary with its rise or fall. The second factor would be the collective performance of the unit or department, whichever is the accounting head. Thus, individual earnings have a direct correlation with overall performance, and everyone has a stake in it. The third factor would be the stretch dimension in setting targets. Achievements from the past or those attainable with average effort and efficiency will be treated as below par. The aim should be to stretch efforts to what is possible, like achieving 110% efficiency or more.
From India, Mumbai
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Innovative HR Practices-.doc