Design and implement an effective incentive program tailored to meet your objectives as well as offer you ways to evaluate success. All it takes are these ten steps.
Developing an effective incentive program requires both an objective and subjective thought process.
On an objective basis, you must consider:
- Company goals
- Who impacts company goals
- Budgetary constraints
- Payout rates
- Return on investment
Subjectively speaking, you must ponder questions like. . .
- Is the earning opportunity significant enough to generate the desired results?
- Is the rule structure understandable and equitable for all participants?
- Is the program the right length to achieve the goals and hold participant interest?
Bottom line, the incentive program you decide to implement should challenge the participants to achieve new levels of performance while supporting your corporate vision.
