From the course: Setting Team and Employee Goals Using SMART Methodology
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Link goals to incentives
From the course: Setting Team and Employee Goals Using SMART Methodology
Link goals to incentives
- If you want your people to hit their goals, you should probably give them an incentive for doing so. Sometimes incentives are money. They can be salary or bonuses. They may have incentives that are stock or options. Other incentives can be awards, time off, or promotions. Something that's going to be meaningful and exciting to that associate. When you set the incentives, make a direct linkage between the goal and the reward. For example, if you have a commit goal and a stretch goal, put the bonus on a sliding scale between those two instead of creating an all-or-none scheme. Teams can get extremely frustrated when they hit 85% of their stretch goal and they get nothing for it. They should get 85% of the possible bonus. I've been in both of these situations. I was in one organization where we had a commit of $50 million of profit, and a stretch of $75 million of profit. At $50 million, our bonus was going to be zero.…
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Contents
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Outline activities to achieve goals2m 38s
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Provide resources to achieve goals2m 3s
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Link goals to incentives2m 48s
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Review and reconcile goals3m 15s
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How to use goals to change behavior3m 13s
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How to use goals to build new skills2m 17s
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Learn when to review goals2m 45s
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Learn when to revise goals2m 26s
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