Performance and financial incentives practices, HR Management

Practices in Organisations

Companies like Mastek, Godrej and Boyce have attempted to link their rewards to team based performance in current times quite successfully

Team-based rewards: Best practices

  1.   Set quantifiable targets while evaluating team performance for rewards.
  2.   Make sure that top performers in each of team earn the highest level of rewards.
  3.   Link team performance strongly to the company's profits and total financial health.
  4.   Ignore subjectivity while assessing both the team & its member's performance.
  5.   Offer consistent non-team based incentives to workers within each grade.

Other companies like, Siemens, Pfiger have been associating rewards to shop floor workers depending on the worker ability to meet efficiency plus performance targets. The beginning that required entrepreneurial action from its workers will have to offer big doses of cash, goal linked incentive pay and perhaps stock options to link compensation to profits. Grown-up companies, whose targets is on managing their earnings per share and defensive market shares, will ought to seek out managerial talent & reward it with flexible tax-friendly compensation packages along reimbursement designed to develop the quality of working life.

Posted Date: 11/17/2012 12:35:34 AM | Location : United States

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