By Peter T. Chingos
This can be a superb e-book on rewards and reimbursement. I continue this e-book on my shelf and discuss with it regularly. And, I require all my managers to maintain a replica too. The insurance is whole, the writing is apparent, and the booklet is "must have" for an individual who wishes details on government reimbursement.
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Additional resources for Paying for Performance: A Guide to Compensation Management, 2nd Edition
How to strengthen line of sight. Depending on the size of the team and the performance measures chosen to gauge performance results, education and communication may become important to getting everyone on the team to understand how they can impact the results. Larger, multilevel teams in particular need to have the picture painted more clearly because they are often less able to see their direct impact. This fact argues for a more “open book management” approach to sharing goals, results, and the details impacting them with all members of the “team,” however it’s defined.
A pilot program can focus on a large group of representative employees within the entire company or on a smaller unit or department. While “greenfield” operations — those created within the past 1– 2 years — may look suitable 28 Variable Pay Programs : Pay for Results because there is no existing culture to change from, there may also be insufficient historical metrics from which to design improvements. By using a balanced business scorecard, one can mitigate some of these metrics problems. ” Whatever pilot group is chosen, it should have the following characteristics: • • • • ( j) Enough critical mass to be meaningful Average performance, not the best or the worst Management that embraces the new plan Credibility within the organization as a whole Step 10: Establish a Communications/Education Program A communications/education program instructs employees on the purpose of the variable pay plan.
Pay the right people the right amount for the right reasons at the right time). Develop an action plan. Evaluate the ROI, feasibility, and risks associated with rewards interventions to create a sustainable reward strategy that will both generate bottom-line results and support future business needs. Implement and monitor results. Guide communication, administration, and other implementation activities to ensure consistent messaging and strategic alignment (including the creation of a human capital scorecard to track progress).
Paying for Performance: A Guide to Compensation Management, 2nd Edition by Peter T. Chingos