HR Bonus Programs
LarryC
1,267 Posts
Does anyone out there have any good suggestions for a bonus or incentive program that fits an HR Manager? Other managers here have bonus programs built on some very quantifiable parameters, like in the production and purchasing areas. The owners here would like to set up one for me, the HR Manager, and have asked me to help design one that uniquely fits the HR profession. Any good experiences or ideas? Thanks!!
Comments
Hope this helps.
Lowering you W/c rate or actual $0llar cost.
turnover is one but I am not held accountable for the actions of others, I just make sure it is done right; or after the fact, I make the manager eat the action on appeal, because, we did it wrong and it will not stand up in court.
cost of medical plan from one year to the next; it takes some stufy but you can have a definate impact here and some real savings, when you are in conrol. I once saved the company $250,000.00 by going self insured and controlling the medical charges not previously caught and paid. We came up with a buy back of receipts for claims not processed at the end of the medical year becaused the employee and or family would not have otherwised met their deductable. We paid 50 cents to the dollar for claims not processed below $300.00 (our deductable). The employees love it because at least they would get something for their money spent on minor medical and we did not have to waste our time and efforts on the processing of a claim that was not going to matter anyway. Except it was going to cost us to process the claim each and everytime it came in. By going bulk "buy back" it was a simple process to group the minor claims per benefit member, and total the cost, divide by 2 and pay the amount which was already budgetted. Additionally, I came up with a stop smoking campaign; a loan program to help employees stop smoking. The ee got $200.00 and did not have to pay it back if he/she stopped smoking for one year. For those that stopped their health improved and their overall cost for medical went down, which cost the plan less and all employees less in premium cost.
Good Luck Pork
I am impressed. You have obviously worked hard and smart and deserved the biggest bonus!!!
I have a pre-set bonus pool amount.
- I am paid 50% of the pool if the company reaches 95% of budgeted profit.
- I receive the remaining 50% if (when) I achieve preset goals: I came up with the goals, then had them approved by my boss. Goals included reducing turnover, creating systems not already in existence or "clean up" an existing systems, such as progressive discipline, interview process, benefits process, etc.
This is the first year on this plan, we didn't have an HR bonus plan prior.
Pork's post really intrigues me. In my past I wasn't involved in the decision making process for benefits, for example. I am quickly learning how much our company can to do to affect our rates, besides just letting our broker handle the negotiating!
Our entire management team receives 10% of their annual provided the company meets projected profit goals. This ecumenical approach helps us realize that as managers, we are either in it together, or we are just not doing our part. I LOVE my bonus!!! x;-)