In a BLR webinar entitled ‘Incentive Pay: Best Practices for Designing and Managing Pay-for-Performance Plans’, Dan Kleinman discusses the how individual and group incentives can be handled within the organization. He provides the following information regarding individual and group incentives:
For a Limited Time receive a
FREE Compensation Market Analysis Report! Find out how much you should be paying to attract and retain the best applicants and employees, with
customized information for your industry, location, and job.
Get Your Report Now!
- You must walk the fine line between encouraging the growth and performance of individual workers and building your organization as a whole
- Therefore, take some time to compare and contrast the incentive rules and rewards for both individual employees and work teams or groups (or company divisions)
- They should remain progressively in line as you go from single workers to large groups
- Be prepared to deal with hidden dangers that come with group incentives. For example, will you give incremental bonuses if a work team achieves part of its goals, and are your group incentive targets dependent upon having a skilled leader or supervisor in place to keep individuals motivated?
Dan Kleinman is the principal of Dan Kleinman Consulting, a California-based compensation and human resource consulting firm. For the past 18 years, he has served as an independent consultant for a broad spectrum of regional, national, and international companies, providing compensation, performance, organizational planning, and reward-system design services. He can be reached at info@dankleinmanconsulting.com.