Business Performance Plan

Business Performance Plan-29
At one point or another, every manager is going to have an employee who is under-performing.

At one point or another, every manager is going to have an employee who is under-performing.Whether he/she isn’t meeting job requirements or is consistently exhibiting behaviors that are not in line with company expectations, the manager will reach a point where it is clear that the situation has to change.

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When designing a pay-for-performance plan, calculate revenues and expenses under various scenarios to be sure your cash flow will allow you to cover the performance payments.

Calculating personnel costs over a longer term, such as three years, also is important.

Yet, somewhere in this anxiety-inducing process, performance improvement plans, or PIPs, continue to be one of the most powerful tools for managing employee performance. A PIP is the final step in a long process of determining whether an employee is the right fit for your company.

It’s the last chance an employee has to prove that they can do their job.

For example, the plan might provide for a graduated annual pay increase of 0 percent to 7 percent at the individual level, as well as a large bonus if the company meets profitability goals.

In manufacturing environments, pay could be based upon the amount of widgets an employee produces each week, with additional incentives if the department meets quality milestones.

The plan also should allow senior management to review compensation decisions made by front-line managers.

A pay-for-performance plan is ineffective if employees don't understand how they can earn rewards.

“Managers have to be committed to giving real and regular feedback daily.” “PIPs can’t be your only performance management tool,” says Katie.

“You can’t expect a struggling employee to swim on their own after being thrown into a pool.

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