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Follow me for daily BD tips and insights! Today I’ll breakdown my incentive design process for employees. Start with a clean data set from your last few weeks of work; how long are specific tasks taking? Where can efficiencies be introduced or strengthened? Develop a labor budget for tasks you want to incentivize. I use hours, but you can also use $ values. Then, if the team comes in under budget, reward them. I take my average wage (w/o burden) multiplied by the hours saved, and give 80% of those savings to the employees. The other 20% goes into a pool for lead/admin bonuses. Here’s an example from one team today: Invoiced: $6885 Labor budget: $750 30 hours (3 workers, 10 hours) @ $25/hr (avg. wage w/o burden) Team finished in 27 hours: labor savings of $75 will be split among them. my incentive? I don’t have to budget for bonuses, more motivated employees. My true cost of employment is $37.50/hr per worker, so I’m also keeping the burden savings ($12.50) from every labour hour saved!
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