Step 4: Create a team-based incentive program
Most companies find that a great way to bring the economics of the business alive is to create a team-based incentive program, usually at the same time the scoreboard is developed. We’ll gather information on existing incentive plans, if you have any, and on your overall compensation plan. Then we’ll help you design a custom open-book incentive plan that is self-funded, meaning that it is paid for entirely out of your improved performance.
Result: The economics of your business come alive
We’ll also integrate the incentive plan with the scoreboard, so that every forecast of results is also a forecast of how much additional money people can expect to make in bonus. That’s when the economics of the business really come alive: people can see how better performance translates into more money in their own pockets. Suddenly nobody is asking, “What’s in this for me?”—because they can tell exactly what’s in it for them.
Next and last step in our coaching process