Moving up the start-up ladder, a year is embarked with the first successful IT filing. Time for adding little perks of incentives to the kitty of all the employees.
Employees Again? Where is my product/services idea in all this errrrrr? Here we go my friend welcome to the club of entrepreneurs.Well Richard Branson said “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients.” Keep them Happy 😊Incentive: It is an extra pay driven by employee’s performance.
Why Incentives matter? Is it bugging you? Well kick it off with the 2 reasons:
1. One of the keys to running a successful business is connecting with the employees, motivating them timely.
2. Adding the incentives for their achievements assures you as an employer that the employee is retained for a longer duration driving the business to its success to make an impact on the target audience. / who drive the business to the customers.
What are the benefits of Incentive-based salary template as an employer?
1. All Startups have a cool culture tag, a little pay hike offered by other firms, your employees drop a resignation. Introducing incentive-based salary templates helps you retain the employees.
2. Incentives qualify as a motivating factor for the employee which helps you set organisational goals and targets to be achieved. Success comes with constant, efficient efforts.
3. Employer Branding as a start-up in the first few years is important. Introducing the incentives can help build the branding foundation.
Any specific type of incentive?
Apart from the allowance of petrol, mobile and meals. You can introduce incentives on performance basis by setting realistic goals.
4 Types of Incentives will work wonders for you
Bonus: Usually bonus incentive is best option for sales team. They manage to meet the sales
deadlines and meet the organisational goals or works efficiently putting extra efforts. You won’t wish to lose the employee? Pay him the Bonus incentive. It is purely based on performance and not necessary you have to give it in the next cycle if the employee under performance.
Casual Incentive: You review your teams performance and decide to give them a casual incentive for the quarter. It can include movie tickets, dinner vouchers, Wine tasting festival or a weekend getaway to refresh the team spirit. Best for executives confined in front of their laptop 5 days a week.
Profit Sharing: A pre-decided profit share is given across all the departments of your company as an incentive for a great team work and awesome turnover.
Stock Options: You can give ESOPs to all your employees rather than increasing an additional.
cash burn on the current account. Stock Options gives employees sense of ownership. As an employer it retains your employees, improves dedication and saves the cash to reward for better days. Decide the incentive criteria for all the levels. The next questions that pop up in your mind are
How to do it? What is the criteria to do it?
Successful organisations focus on more immediate and non-financial benefits as a part of incentives that will motivate employees across the verticals. Somewhere I read that “People who come only for money will leave for more money soon”. What is important is to retain the genuine employees turning them into core members. Best way to do it give them incentives.
Let’s look at how SpiderG did it?
At SpiderG we have a flat hierarchy. CEO, CTO is right around the corner, or may be sitting just across the bay, easily approachable to all of us. We are a team of software developers, testers, sales & marketing team and last but not the least a small team of support staff: including Administration, HR and office boy. As an organisation our challenge was to choose a suitable incentive plan for each team without making it look less rewarding to anyone in the company. Our culture of transparency has helped us chalk out the plan on whiteboard rather than running it and passing it as a failure.Let’s look what are the few options best suited for team like Ours.Our team is our backbone and foundation of the product. SpiderG’s culture is very open gives priority to employee’s wellbeing as well. We have both non-monetary and monetary incentives.
Non- Monetary Incentives1. SpiderG SPL- SpiderG Premier League Cricket club -To start with, we all play cricket right inside the office in the tiny lane that separates bays. We play it with softballs, no harm or damage done to anyone or any property. Majority of people have desk job and are confined to their desk, Cricket is a beloved sport. Post lunch laziness is deactivated. It ensures across team interactions, it is a team sport and makes you notice best in your immediate or opposite team player. It also reduces stress. At SpiderG, it is a well understood fact that we play hard and we work smart.
2. Cross team contributions: Everyone at SpiderG has a freedom to work in different teams. A
software developer goes for a sales meet if he/ she is willing to go. They start understanding that every job is important to grow as a team. It also enhances their skills and helps understand the requirements of clients as well. Similarly, Sales team can contribute with research and analysis.
3. Cross team recruitment panel: At SpiderG employees choose their teammates. Yes, you heard it right, each member gets a chance to take an interview or two. Apart from skills, logic, culture fit, team fit is must for us. This motivates all the team members and channels their energy into productive manner. Like Development team helps find a team member for Marketing.
1. Team Compensation: Small teams know everything about everyone. So, when it comes to
rewards it should not create competition because he/she got a slight bigger amount than the other. To avoid such competition, we give team rewards for their equal contribution and efforts. This reward is good for sales force of the organisation
2. Training and Mentoring programs: Apart from the casual incentives, SpiderG guides every employee with proper mentoring programs arranged for them. We also pay for the training courses if any employee wants to take it. (SpiderG also encourages team members to pursue their hobbies) There is always someone strumming guitar in the corner or making a goal with a smile ball in the dustbin.
3. Work from home: No deductions for opting work from home while attending an important event at home. It is understood family comes first. Suited for Development team.
4. Seasonal Gifts: Well seasonal gifts for Diwali, Christmas are chosen by the teammates. Some choose Kindle, or someone choose a guitar, the list is long. But the season is celebrated in a jolly manner.
5. Stock Options: SpiderG will soon have stock options for every member associated with us. We are not following the trend but it’s an obvious choice to reward each member the stock option for their genuine efforts, everyone working at SpiderG deserves to own it.
6. Profit Sharing: Everyone knows sales team get incentives like Mobile bill, petrol bills and commission on each sale or commission for target completion apart from the fixed salary. As the company earns profit, the commission on the profit earned by company increases. Give them a percentage of profit earned, motivates the sales team to earn more commission in return if company earns more profit.
Choose an incentive option from the above types like SpiderG did & add it to the salary template, be innovative and sail through the hurdles of Business. Doing Salary calculations in excel, well then SpiderG’s automated payroll helps you set various templates for all the verticals in your organisation. It also helps you save your templates for all the positions across verticals: sales, development, finance, HR, marketing including an option to assign templates as per CTC of interns, contract workers, executives, senior executive and management. To know in the detail regarding Salary Templates as per CTC check out our next feature blog.
To Know more about SpiderG Try us on www.spiderg.com. -Harshada Narvekar Chief People Officer @SpiderG
SpiderG is platform for startups and SMEs to automate their bookkeeping, employee management, Collaboration Management and increase productivity.