Dear All
I am working with incentives for our engineers( Mechanical engineers). Kindly help me out with the parameters used to decide the incentives.
This is quite urgent. Kindly help me out in this.
Thanks
Kavitha S
From India, Coimbatore
2I am working with incentives for our engineers( Mechanical engineers). Kindly help me out with the parameters used to decide the incentives.
This is quite urgent. Kindly help me out in this.
Thanks
Kavitha S
From India, Coimbatore
Hello friend,
You may list measures for their performance as a team or as a full department. I would suggest that you DO NOT design INDIVIDUAL PERFORMANCE based incentive.
For % of "On time delivery", % of rejection level at different stages, % of new products development completed, % of customer field return complaints etc. As you can see some are + ve indicators and others are -ve.
You can decide on a baseline performance of these parameters and factors can be assigned for improvement. For example last year overall "On time delivery was at 75% if the improvement is made for each 1% improvement Rs 200/- will be incentive [ this is just an example].
Similarly if number of complaints last year were 25 for each 2% reduction in complaints Rs 100/- will be incentive.
I am not sure if the parmaeters I have mentioned are relevant - but you can decide on them after discussion with the functional heads.Hope such methodology will help.
Regards
Nishikant
From United States, Greensboro
You may list measures for their performance as a team or as a full department. I would suggest that you DO NOT design INDIVIDUAL PERFORMANCE based incentive.
For % of "On time delivery", % of rejection level at different stages, % of new products development completed, % of customer field return complaints etc. As you can see some are + ve indicators and others are -ve.
You can decide on a baseline performance of these parameters and factors can be assigned for improvement. For example last year overall "On time delivery was at 75% if the improvement is made for each 1% improvement Rs 200/- will be incentive [ this is just an example].
Similarly if number of complaints last year were 25 for each 2% reduction in complaints Rs 100/- will be incentive.
I am not sure if the parmaeters I have mentioned are relevant - but you can decide on them after discussion with the functional heads.Hope such methodology will help.
Regards
Nishikant
From United States, Greensboro
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