Question

Identify the factors for a successful incentive plan.

Then explain how you would have your company (current employer) implement such a plan.

Answer 1

The factors of seccessful incentive plans are--

1- Include all the employees- No discrimination should be there. The company should involve all the employees when they are developing or making the incentive plans. Incentive plan should be design with the respect of all the worker no matter which post they are working.

2- Use proper work method and labour standard- The proper incentive plan needs solid foundation based on the work method of the employees. The plan should be design in such a manner that every person who work more should get the benefit of this plan.

3- Proper communication should be there- After making the incentive plans for the employees make sure the plan should properly briefed amongs human resource people, employees, and legal payroll department people.

4- Understand the need of incentive plans- Before implementing the incentive plan we should understand the need behind the plan. Involve every employee and asked them about the need of the incentive plans.

5- Use of KISS principle- The framework of incentive plan should be simple. use the principle of KISS ( keep it simple). It should kept simple so that it is easy to understand by each and every employees.

If i have my company then i wiould definitely implement this incentive plan by communicating which each and every empoloyee, involve them in every task and try to understand there point of view. This will help my company in near future to grow and positive environment will be there in the work place. Before making the plan i would understand the need of the incentive plans and then i will launch that plan in my company. I will make simple plan that would be easy for all the employees to understand and implementation will also easy. The plan should be according to the work method and labour standards.