Seminar on designing financial incentive schemes on 27 May

Using financial incentives for motivating and rewarding employees is becoming increasingly popular. Despite some claims that performance based rewards can create negative consequences, the experience with well-designed schemes with proper safeguards is that they have worked extremely well and produced beneficial results. Schemes designed by amateurs without a proper theoretical grounding nor experience can be disastrous. Many are unfamiliar with designing multifactor schemes and complain of unintended results. This makes it mandatory that scheme designers understand the theory and practice of incentive schemes before embarking on such a scheme.

While the scheme itself needs to be well designed, its implementation too has to be well planned, adequately communicated and involving the relevant stakeholders to ensure that acceptance of the scheme, as well as understanding of the scheme, is at the highest possible level. Many good schemes fail because of poor implementation. If an employee cannot calculate his own incentive and awaits the figure to reveal itself when the payment is made, the scheme may not be successful. 

Similarly continuous follow up is necessary to ensure that the scheme remains current. The objectives may change, the production mix may change, the market may change, the capacity and technology may change, and therefore a quarterly review is essential to review and make any corrections.

The seminar will guide the participants through the theory of financial incentive schemes, and will be taken through examples of successful schemes. The resource person is Sunil G. Wijesinha who has loads of experience with financial incentive schemes and has formulated schemes for manufacturing, maintenance, ancillary technical services, administration, agriculture processing, financial services, wholesale and retail trade, and covers public listed companies, small enterprises, co-operatives and government enterprises.

The seminar is organised by BizEx Consulting Ltd and is co-ordinated by B’Connected. The seminar is on Friday, 29 May and registrations will close on Wednesday, 27 May. Further inquiries and reservations could be made by contacting 0752237358, or by email: [email protected].