Incentive schemes work well when you are clear about:
- What the scheme is trying to achieve
- How much you are prepared to pay
- How and when you want to pay out
Whether your existing scheme is not working or you plan to introduce a new scheme we can help.
We start by understanding your business and exploring what you want the scheme to achieve. This includes talking to shareholders and employees to get their perspective on the situation. Sometimes we need to carry out some further work to clarify how you will measure and track performance against your desired outcome. By the end of the diagnostic phase we will have a good understanding of what you want to achieve, how this supports your organisational goals and what will work in the context of your business.
We aim to keep things as simple and focused as possible. Simplicity comes from the high quality analysis and thinking we apply at this early stage in the project.
Scheme Design
When there is clarity of purpose, we can start the design process. We take into account:
- Individual vs Team/Group impact
- Alignment with organisational goals
- Performance measures
- Motivational impact of payments
- Market practice
We prepare a number of options, model & test the potential outcomes and present the findings back to you. Through discussion we help you identify which option fits best with your organisation.
Implementation
We can help with all stage of implementation. This often includes:
- Gaining approval and sign off (where this is required)
- Communicating the scheme to employees
- Preparing the supporting documentation and scheme rules
- Setting up the systems to track and measure performance
If you are thinking of introducing a new incentive scheme or would like to replace an existing one, please call me to find out more.