Hi I am working as Head, HR/Admin. and I want to develop my company’s Incentive Policy. How will I go about the write up. Thanks. Nkem.
From Nigeria, Abuja
From Nigeria, Abuja
Dear Nkem,
Please clarify the following:
What is the business that you run?
Do you want to give incentive on basis of individual performance or through profit sharing for a group?
What kind of amount are you talking about?
And what would be the eligible employee strength?
From India, Pune
43Please clarify the following:
What is the business that you run?
Do you want to give incentive on basis of individual performance or through profit sharing for a group?
What kind of amount are you talking about?
And what would be the eligible employee strength?
From India, Pune
one way to do it is to allot points to different individuals in a team and fix an incentive for the team
say there are 5 employees and each is allocated points as per mentioned below and the incentive is 1000
A - 20
B - 10
C - 5
D - 30
E - 40
TOTAL POINTS = 20+10+5+30+40= 105
THE INCENTIVES WILL BE
ONE INCENTIVE POINT = 1000 / 105 = 9.52
HENCE
A - 20 * 9.52 = 190
B - 10 * 9.52 = 95
C - 5 * 9.52 = 47
D - 30 * 9.52 = 285
E - 40 * 9.52 = 380
THE TOTAL COMES TO 997 AFTER ROUNDING. THIS CAN BE EASILY PROGRAMMED IN EXCEL
HOPE THIS WILL HELP
From India, Pune
say there are 5 employees and each is allocated points as per mentioned below and the incentive is 1000
A - 20
B - 10
C - 5
D - 30
E - 40
TOTAL POINTS = 20+10+5+30+40= 105
THE INCENTIVES WILL BE
ONE INCENTIVE POINT = 1000 / 105 = 9.52
HENCE
A - 20 * 9.52 = 190
B - 10 * 9.52 = 95
C - 5 * 9.52 = 47
D - 30 * 9.52 = 285
E - 40 * 9.52 = 380
THE TOTAL COMES TO 997 AFTER ROUNDING. THIS CAN BE EASILY PROGRAMMED IN EXCEL
HOPE THIS WILL HELP
From India, Pune
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Incentive Plan policy-template s.doc