HII ... I looking for a sample of incentive plan for my recruitment company. Kindly help me with basic frame work structure....:)
From India, Delhi
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6From India, Delhi
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Hi,
Thank you very much for your reply.
Since we have opened a new venture in the recruitment industry, most of the recruiters have only 1 year of experience, and I am not aware of their performance. Therefore, it is a bit challenging to decide on incentives. I have two ideas:
1) After 3 closings, provide an incentive of, let's say, 1000/- per closing.
2) Categorize the recruiters based on their CTC, set a fixed target, and then offer a percentage on achieving the target.
What do you suggest?
Regards,
Sonica
From India, Delhi
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Thank you very much for your reply.
Since we have opened a new venture in the recruitment industry, most of the recruiters have only 1 year of experience, and I am not aware of their performance. Therefore, it is a bit challenging to decide on incentives. I have two ideas:
1) After 3 closings, provide an incentive of, let's say, 1000/- per closing.
2) Categorize the recruiters based on their CTC, set a fixed target, and then offer a percentage on achieving the target.
What do you suggest?
Regards,
Sonica
From India, Delhi
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Hi Sonica,
What we did in our company some time back was that we allocated a certain percentage (5% to be precise) for the total collection (not billing) by an individual recruiter. For the Team Leaders, it was 1.5% of the total collection of his/her team, and for the head of business (Operations Manager), it was a total of 0.75% of the company's total collection, hence 7.25% of the total collection was allocated towards incentives.
No calculations are done on billing values, and offers rolled out. It is good to roll out seasonal bonuses over and above the incentives, like a Diwali Bonanza or a New Year Treat in which the person with the lowest Billing to Collection ratio gets rewarded (maybe a cash incentive) with a cap of a minimum collection of say 2 Lacs.
Ask me for help if you need it :)
From India, Faridabad
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What we did in our company some time back was that we allocated a certain percentage (5% to be precise) for the total collection (not billing) by an individual recruiter. For the Team Leaders, it was 1.5% of the total collection of his/her team, and for the head of business (Operations Manager), it was a total of 0.75% of the company's total collection, hence 7.25% of the total collection was allocated towards incentives.
No calculations are done on billing values, and offers rolled out. It is good to roll out seasonal bonuses over and above the incentives, like a Diwali Bonanza or a New Year Treat in which the person with the lowest Billing to Collection ratio gets rewarded (maybe a cash incentive) with a cap of a minimum collection of say 2 Lacs.
Ask me for help if you need it :)
From India, Faridabad
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Hi Sonica Choudhary,
Since this is a new venture, I am not aware of the worth of positions we will obtain from the BD guy or what revenue will be generated through recruitment. That's the reason I am confused about what should be the fair target for BD and recruiters. So that in the end, they are motivated with the incentive part, and moreover, the organization also meets up with good revenue.
Regards,
From India, Delhi
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Since this is a new venture, I am not aware of the worth of positions we will obtain from the BD guy or what revenue will be generated through recruitment. That's the reason I am confused about what should be the fair target for BD and recruiters. So that in the end, they are motivated with the incentive part, and moreover, the organization also meets up with good revenue.
Regards,
From India, Delhi
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Generally, the target should be four times the annual CTC of the recruiter, broken into months and quarters. The target should always be for collections. Similar targets should be given to the BD team. For the sake of fairness, give at least 30% more targets to the BD teams, as not all the mandates they receive may get closed.
From India, Faridabad
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From India, Faridabad
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hiii... plz help me make the incentive slab for BD Eg: If target of BD person is 6 Lac per month wht percentage can be given as incentive
From India, Delhi
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From India, Delhi
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(Fact Checked)-The incentive percentage for a Business Development person should be carefully calculated based on company goals, industry standards, and performance benchmarks. (1 Acknowledge point)
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Generally for BD/Recruiters, you should offer incentives only on collection. For instance, a collection of 6 Lacs from the clients of a BD guy should fetch him an incentive of anything in the range of 5 to 7%, which is a significant amount. 5% of 6 Lacs is INR 30,000. When combined with the salary of this individual (let's say 15 to 20k), he/she can earn anything in the range of 45 to 50k if they complete the target.
There should not be any incentives for acquiring business; they should only be paid upon the execution of mandates and getting them banked into the company account.
Cheers
From India, Faridabad
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There should not be any incentives for acquiring business; they should only be paid upon the execution of mandates and getting them banked into the company account.
Cheers
From India, Faridabad
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hiii... plz find the attachment for incentive plan and let me knw if it is feasible or any amendations are required. rply soon
From India, Delhi
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From India, Delhi
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Please suggest which mode is more cost-effective: giving incentives to recruiters based on a percentage or on a fixed basis. If based on a percentage, please mention the slab rate that can be effectively practiced to create a win-win situation.
Regards,
Pooja
From India, Gurgaon
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Regards,
Pooja
From India, Gurgaon
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(Fact Checked)-The mode of giving incentives to recruiters should ideally be a mix of fixed and variable components for a balanced approach. Consider a base salary with a performance-based bonus to motivate and reward recruiters effectively. (1 Acknowledge point)
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I have some doubts about the incentive plan for BDM. As a BDM, I should achieve 4 times the CTC of the business. Let's assume CTC = 2,40,000 monthly, which means 20,000. Therefore, to achieve the business target, it should be 960,000. Additionally, it is required to acquire 30% more business for closure, which equals 960,000 + 288,000, totaling 1,248,000.
Suppose the BDM acquires a business (non-converted) of 600,000 in the first month, regardless of closure, with 50,000 converted. In this case, the remaining target would be 648,000 for the remaining 11 months to acquire business. Please explain how this aligns with your current incentive plan and the 6L incentive scheme for BDM.
From India, Mumbai
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Suppose the BDM acquires a business (non-converted) of 600,000 in the first month, regardless of closure, with 50,000 converted. In this case, the remaining target would be 648,000 for the remaining 11 months to acquire business. Please explain how this aligns with your current incentive plan and the 6L incentive scheme for BDM.
From India, Mumbai
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hello i am looking for an incentive plan for an organization
From Nepal, Kathmandu
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From Nepal, Kathmandu
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Hello Team,
Please guide me regarding the evaluation for the team. It's my first job as a Team Leader in a recruitment startup firm. I have to evaluate the performance of three recruiters on a weekly basis and also plan targets and incentives for them.
From India, Mumbai
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Please guide me regarding the evaluation for the team. It's my first job as a Team Leader in a recruitment startup firm. I have to evaluate the performance of three recruiters on a weekly basis and also plan targets and incentives for them.
From India, Mumbai
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(Fact Checked)-Hello Team, your approach to evaluating the performance of recruiters and setting targets and incentives is on the right track. Remember to align incentives with SMART goals for motivation. (1 Acknowledge point)
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Performance Development Plan.doc
Personal-develo pment-plan.pdf
CiteHR.AI
(Fact Checked)-The proposed incentive plan based on closing numbers and categorizing recruiters by CTC aligns with industry best practices for performance-based rewards. Thank you for sharing your approach! (1 Acknowledge point)