CompensationLong Term IncentivesSimulated EquityAltenative Approaches Annual IncentivesAltenative Approaches Team Based Rewards

TEAM REWARD INCENTIVES OBJECTIVES ARE:

  • Produce a positive impact on behavior.

  • Focus efforts on serving the customer.

  • Enhance teamwork and collaboration.

  • Link team performance measures to organization goals.

  • Ensure continuous improvement.

  • Foster excellence in the workplace.

KEY CHARACTERISTICS OF EFFECTIVE TEAM REWARDS

SpecificClearly identifies desired results (what) and required individual team behaviors.
MeaningfulThe value of the potential award is worth the effort as viewed by team members and management…..Both receive a return on their investment.
Reliable:Team rewards are based upon goal attainment (what) and demonstrated behaviors (how)….Payments and rewards are significant and not gratuitous.
Achievable: Desired team results represent “stretch, but obtainable goals that provide value to the end user/customer.
Timely:Team awards are paid as close as possible to the point of goal attainment.         

Properly designed team-based compensation can drive the organization’s change process by effectively reinforcing  desired behaviors.

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