8: pay for performance
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8: pay for performance |
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Finally, are you paying the right money to the right people for the right performance? A good test of this is to ask whether your people know why they receive the bonuses that are awarded to them. Can they make the connection between the things that they do and the level of reward that they receive? If not, you can be sure that the amount spent on bonuses represents poor value for money. Everyone should know the extent to which the reward plan focuses on group, business, team or individual performance - the reward plan should be part of an accepted culture - "if goals are achieved, I know I will be well rewarded". Contrast this to the year-end frenzy and discretionary guess work that is the norm in too many organisations. Any reward plan is discredited if people are unaware of why they received a bonus - or why they did not - if your plan sounds like this, why not replace it with an open, fair consistent and explainable process? |
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