Normal practices of various reputed organization on giving an incentives based on targets achieved in monthly / quarterly / half yearly / yearly basis.
From India, Nagpur
From India, Nagpur
Are you in an industry where individual workman efficiency can be calculated like manufacturing or group working style like Maintenance, Quality control, etc? The suggestion is that in either case, the incentive has to have a correlation with the unit performance, in the former case there could be three factors, the first amount would depend on the individual efficiency and would vary with its rise/fall and the second factor would be the collective performance of the unit or department whichever is the accounting head. So the individual earning has a direct correlation with the overall performance and everybody has a stake in it. The third factor would be the stretch dimension in setting targets, whatever is achieved in the past or can be achieved with average effort and efficiency will be treated as below par and the aim has to be to stretch the efforts to what is possible like say 110% efficiency or more than that.
From India, Mumbai
1534From India, Mumbai
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