Incentive Determination and Employee Benefits- Employee incentives and benefits provide a goal to motivate staff members within an organization. Incentive programs, benefits, and rewards are a positive way for an organization to honor or acknowledge employees’ efforts or achievements. Incentive and employee benefit plans are as individualized as the staff in an organization.
The steps to be followed for developing an incentive and employee benefit plan are as follows,
- A clear set of goals must be identified. A concrete list of goals that are to be achieved by the end of each quarter and year must be created by the company and its managers. The company’s business plan and mission statement help guide the identification of these goals. The collaborative contribution of employees to the overall corporate goals has to be determined. A list of corporate-wide goals has to be created and each department manager must generate a list of departmental goals that are to be introduced to his employees.
- Employees must be met and acquainted to new goals. Corporate goals should be reviewed during all-employee meetings which include specific data such as percentage increases and fiscal amounts the company should achieve by certain dates. Department managers should be asked to hold breakout meetings with staff members to review and discuss department goals.
Become Vskills Certified Compensation and Benefits Manager. Learn the module “Incentive Determination and Employee Benefits”. Try the free practice test!
Apply for Compensation and Benefits Certification Now!!
http://www.vskills.in/certification/Certified-Compensation-and-Benefits-Manager
