Hi,
ours is a small company involved in manufacturing of equipments.
we have decided to go for incentives for our employees to motivate them.
till date we had consolidated pay structure without any incentives.
I request forum members to suggest what kinds of incentives ( non - monetary) would be suitable for different depts like marketing, production, finance, service, R&D within a small budget limit.
awaiting your replies
Regards
ARC
:icon1:
From India, Hyderabad
1ours is a small company involved in manufacturing of equipments.
we have decided to go for incentives for our employees to motivate them.
till date we had consolidated pay structure without any incentives.
I request forum members to suggest what kinds of incentives ( non - monetary) would be suitable for different depts like marketing, production, finance, service, R&D within a small budget limit.
awaiting your replies
Regards
ARC
:icon1:
From India, Hyderabad
My dear ARC,
Appreciation letter, get together party if possible, Personal appreciation from the boss etc.etc. and more so you can issue a circular appreciating the employee mentioning that they are the valuable asset of the company, appreciate and develop a confidence upon them that company does not believe in the policy of hire and fire.
Be happy......[IMG]https://www.citehr.com/images/icons/icon7.gif[/IMG]
dps chauhan
From India, Delhi
Appreciation letter, get together party if possible, Personal appreciation from the boss etc.etc. and more so you can issue a circular appreciating the employee mentioning that they are the valuable asset of the company, appreciate and develop a confidence upon them that company does not believe in the policy of hire and fire.
Be happy......[IMG]https://www.citehr.com/images/icons/icon7.gif[/IMG]
dps chauhan
From India, Delhi
I understand this one to be an incentive for every employee of your organisation, which will vary depending on thier performance. If this is correct i suggest you first derive some slabs for every performance level and fix a monetary value for the same. Accordingly you can choose with some packages viz.
a. Sodexo / Ticket Resturant passes
b. Health check-up for family members
c. Give them a Star Badge with different colours which will grade them and they can wear the same in office.
d. give them a small momento with appreciation words on their performance
- Ramesh R
From India, Mumbai
a. Sodexo / Ticket Resturant passes
b. Health check-up for family members
c. Give them a Star Badge with different colours which will grade them and they can wear the same in office.
d. give them a small momento with appreciation words on their performance
- Ramesh R
From India, Mumbai
Some more non monetory incentive like;
Give Holiday Plan for family
Presenting domestic appliance which otherwise employee would not have bought
Movie tickets, Meal vouchres of reputed hotels
Club membership for a year
Public recognisation/apprecaition
Sponsership of advance learning programme
Health Check up is also ggod option
Regards,
ACCHR
From India, Mumbai
Give Holiday Plan for family
Presenting domestic appliance which otherwise employee would not have bought
Movie tickets, Meal vouchres of reputed hotels
Club membership for a year
Public recognisation/apprecaition
Sponsership of advance learning programme
Health Check up is also ggod option
Regards,
ACCHR
From India, Mumbai
Hi!
Simply implementing any incentive scheme that comes to your mind, or as suggested by others is not enough. Neither is it the right way of managing Compensation & Benefits.
A very good approach on this issue is implementing "compensation & benefits benchmarking". This way you will be able to compare your current situation with that of your industry and the market rates in your country.
When you are able to do this, then you will be in a position to develop or design an incentive benefit that is best and affordable for your company.
Remember, even if you are able to developed a very good incentive scheme, your top management's decision will ultimately be based on whether the company can afford it and sustain it in the long run. Moreover, no company implements a benefit that is not being given yet by the market leaders in the industry where your company belongs.
To be able to benchmark with your market and industry, you need a good and credible Compensation & Benefits Study (Survey) in your country. This study is normally done by big multinational companies operating in your country.
Now, a shortcut to this is possible. Look around for a matrix or table of benefits that is already prepared within the industry where you belong.
My company has prepared a Benefits Menu for companies in the Middle East the other year. The menu is very comprehensive and based on a very reputable compensation and benefits survey in the Gulf Region. But, we SELL this!
Visit us at: Emilla Consulting |
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
Simply implementing any incentive scheme that comes to your mind, or as suggested by others is not enough. Neither is it the right way of managing Compensation & Benefits.
A very good approach on this issue is implementing "compensation & benefits benchmarking". This way you will be able to compare your current situation with that of your industry and the market rates in your country.
When you are able to do this, then you will be in a position to develop or design an incentive benefit that is best and affordable for your company.
Remember, even if you are able to developed a very good incentive scheme, your top management's decision will ultimately be based on whether the company can afford it and sustain it in the long run. Moreover, no company implements a benefit that is not being given yet by the market leaders in the industry where your company belongs.
To be able to benchmark with your market and industry, you need a good and credible Compensation & Benefits Study (Survey) in your country. This study is normally done by big multinational companies operating in your country.
Now, a shortcut to this is possible. Look around for a matrix or table of benefits that is already prepared within the industry where you belong.
My company has prepared a Benefits Menu for companies in the Middle East the other year. The menu is very comprehensive and based on a very reputable compensation and benefits survey in the Gulf Region. But, we SELL this!
Visit us at: Emilla Consulting |
Best wishes.
Ed Llarena, Jr.
Managing Partner
Emilla Consulting
(landline)
(mobile)
From Philippines, Parañaque
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