Evaluate Your Current Rewards and Incentives Situation
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(1) What is the basis of most compensation in your organization (or team)?
• Salary and/or hourly pay?
• Or pay for results delivered by specific deadlines?
(2) In what currencies are contributors in your organization (or team) compensated?
• Money and standard benefits?
• Or every possible financial and nonfinancial resource that can be positioned as an incentive?
(3) What behavior is rewarded more in your organization (or team)?
• Putting in time?
• Or delivering results?
(4) How does one become highly remunerated in your organization (or team)?
• By achieving seniority?
• Or by demonstrating speed, quality, self-management, and innovation?
(5) How often are contributors in your organization (or team) rewarded?
• Payments at regular intervals and then raises and bonuses annually, semiannually, quarterly or monthly?
• Or on an ongoing basis whenever they deliver results?
(6) Do managers on the front lines have sufficient discretionary resources—financial and nonfinancial—to play the role of purchasing agents in day to day negotiations with individual contributors?
(7) What elements of your current compensation are currently variable? What performance based incentives (raises, bonuses, promotions, other financials or nonfinancials) can be awarded?
(8) Do managers in your organization (or team) take full advantage of the existing opportunities to reward high performers? If not, what can be done to encourage and support the full utilization of existing performance incentives?
(9) What opportunities do employees have to customize benefits based on their own particular needs when it comes to desired coverage, relative cost effectiveness, and portability?