Hi All
I work in a media and entertainment company and want to design an attractive incentive plan for the distribution team..
the earnings are basically divided in 3 broad categories i.e. revenue (month on month basis from existing clients based), Collection ( from existing clients) and new activation (capturing new clients)
It would be a great help getting suggestions from such experienced people like you all..
Thanks and Regards
Mayank
From India, New Delhi
1I work in a media and entertainment company and want to design an attractive incentive plan for the distribution team..
the earnings are basically divided in 3 broad categories i.e. revenue (month on month basis from existing clients based), Collection ( from existing clients) and new activation (capturing new clients)
It would be a great help getting suggestions from such experienced people like you all..
Thanks and Regards
Mayank
From India, New Delhi
How about giving incentives based on their overtime owrk, if they done a orvertime work. by R.M.Manoj
From India, Coimbatore
From India, Coimbatore
How about making incentives proportionate to more towards capturing new clients and less towards existing clients.
From India, Mumbai
From India, Mumbai
Hello Mayank,
Your effort is laudable.
But you haven't mentioned whether there's any Plan as of now.....OR you wish to introduce it newly.
If some Plan is already in vogue, pl give the details.
Coming to your request for suggestions, there could be different ways of looking @ it.
Realistically, each of the Categories should cater to 1/3rd of the Total Incentive Amount.
But you could also have 3 different incentive slabs...one each for the 3 category you mentioned.
How you design the Plan depends on WHAT priorities the Company has vis-a-vis the categories--which one First, Second & Third. If getting new clients is Priority no-1, then the incentives for that activity could be higher than the other 2. And so it goes.
However, the Prioritizing needs to be done very carefully. Just because the Company MAY be having some cash-flow issues NOW, suggest DON'T bring Collections to the Top of the List. Once the cash flow problem subsides, then you will have a problem in justifying it to be @ the Top.
Maintain some level of consistency in terms of timelines & timeframes......usually any Incentive Model shouldn't be changed for at least ONE Year.....announced @ the beginning of the year.
IF there's any very specific High-Value OR High-Visibility Order [COULD be termed as Special Assignments in the Plan], that would be dealt separately, instead of combining with the Regular Plan.
Hope this helps.
All the Best.
Rgds,
TS
From India, Hyderabad
Your effort is laudable.
But you haven't mentioned whether there's any Plan as of now.....OR you wish to introduce it newly.
If some Plan is already in vogue, pl give the details.
Coming to your request for suggestions, there could be different ways of looking @ it.
Realistically, each of the Categories should cater to 1/3rd of the Total Incentive Amount.
But you could also have 3 different incentive slabs...one each for the 3 category you mentioned.
How you design the Plan depends on WHAT priorities the Company has vis-a-vis the categories--which one First, Second & Third. If getting new clients is Priority no-1, then the incentives for that activity could be higher than the other 2. And so it goes.
However, the Prioritizing needs to be done very carefully. Just because the Company MAY be having some cash-flow issues NOW, suggest DON'T bring Collections to the Top of the List. Once the cash flow problem subsides, then you will have a problem in justifying it to be @ the Top.
Maintain some level of consistency in terms of timelines & timeframes......usually any Incentive Model shouldn't be changed for at least ONE Year.....announced @ the beginning of the year.
IF there's any very specific High-Value OR High-Visibility Order [COULD be termed as Special Assignments in the Plan], that would be dealt separately, instead of combining with the Regular Plan.
Hope this helps.
All the Best.
Rgds,
TS
From India, Hyderabad
Thank you everyone.. I appreciate your suggestions it really helps in enhancing my knowledge... will surely take all this in consideration.. Thanks Again Regards Mayank
From India, New Delhi
From India, New Delhi
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Incentive Plan.xls
Incentive Plan policy-template s.doc