Improving employee engagement through effective PMS and incentive structuring
Development of dynamic quantified model for incentive calculation boosting the effectiveness of PMS system
The client with a CAGR of 45% is one of the fast growing mid-sized ERP implementation firm based out of Chennai. Their consultants are employed across Europe and Middle East and they transition through multiple projects across the year. It was proving difficult for the management to quantify individual performance vis a vis project/group performance and hence they decided to revise their existing performance reward system to mirror the best practices in the industry and to match it with the aspirations of the organisation.
Ma Foi conducted a thorough diagnostic on the way each role contributes to the fulfilment of an ERP implementation cycle, the methodology of KRA and KPI measurement for the corresponding level and the performance measurement frequency and methods used by the HR team. Ma Foi provided its inputs on selecting the right performance measurement indicators across different departments and hierarchy, frequency of data collection and analysis, and type of incentive to be provided for different levels of performance.
We studied the existing incentive reward system in the organisation and benchmarked it against the best practices in the industry compensation standards.
We developed an excel based tool which captures quantified inputs for different performance measures across functions and hierarchies, compare it with the organisational performance and compute the total incentive pay-out at the company level, department level and project level.
Project success metrics were re-defined
A quantifiable incentive calculation model was developed and deployed
Developed a training manual to effectively communicate the new system to employees