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Page 6 of 7
Incentive Pay
5. Implementing a Scheme
In order for an incentive pay scheme to work, your employees must be fully committed to it.
5.1 Explain the reasoning. A written explanation will answer most questions.
- Agree a strategy and list of objectives.
- Agree the way to measure improvements and calculate incentive pay.
- Discuss specific responsibilities and goals with each employee. Employees should feel that they own the scheme.
5.2 Continue to manage your employees.
- Provide regular feedback to help employees achieve their goals.
- Listen to their suggestions.
- Agree targets at a regular review.
5.3 Analyse the success of your incentive pay scheme regularly.
- Amend the scheme if it does not work.
Labels: Pay
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