Team-based Compensation- It is typically used when teamwork in a mission is critical. In certain fields, several interdependent teams may be involved in creating a final deliverable. These teams are corporately judged for speed and accuracy, working with the assumption that each team member is required to complete the task on time and at budget. Typically the compensation of the group is scaled in percentages of the maximum pay scale, depending on how well or when the team completes the task. There are some advantages of it. Employees tend to give better performance with the motivation of not letting the team down. This is particularly true of project-based jobs that require every team member to finish a task before the rest of the team can move on to the next stage of work. Since the incentive to withhold information for personal gain is reduced, information is shared more freely when teams are reviewed and compensated as a group. But there are certain disadvantages of the this as well. It can lead to individual employees taking on too much burden while others are compensated for their poor performance. Arguments among the team members can easily diminish morale and affect the quality of the deliverable adversely. Power struggles for credit in the case of successfully completed tasks or blame in the case of failure can arise in a group compensation model.
The module includes:
- Employee evaluation system
- Group incentive plans
- Gain-sharing plan
- Designing team-based compensation
- Issue in rewarding teams
Apply for Compensation and Benefits Certification Now!!
http://www.vskills.in/certification/Certified-Compensation-and-Benefits-Manager
