How should a group incentive scheme be designed for a team? Explain the process.
How should a group incentive scheme be designed for a team? Explain the process?
There are various ways to design a group incentive scheme. The following process is much easy to understand & follow:
-Determine the financial estimate & the number of employees to be benefitted through this scheme.
-Design the technical framework of the incentives. For example, determining the formulae used to calculate the incentives, etc.
-Conduct a cost-benefit analysis to ensure proper implementation of the scheme.
-Monitor the scheme & make adjustments if required.
-Also, while designing the scheme, the HR staff, the Finance staff & the Operations staff's views & suggestions should be taken into consideration to avoid any misconceptions.