Organization’s employee incentives and motivation strategies
Discuss your current organization’s employee incentives and motivation strategies. Examine the individual organization’s compensation challenges and industry competition. Based on this discussion, teams will develop an incentive plan suitable for all participating members that encourages an organizational culture that motivates employees and evaluates their performance.
BACKGROUND OF THE ORGANIZATION
An overview of the organization for which your team is developing an incentive plan:
The organization I work for provide medical testing for the diagnosis and monitoring of blood cancers and some select solid tissue cancers. Our clients consist of two groups, private oncologist offices and hospitals and offering a range of products geared toward both parties.
A performance metric to monitor employee performance:
Each month the lab side of the organization meets to discuss departmental metrics and discuss upcoming changes. In this meeting the dashboard is present for each lab and their KPI.These include things standard items such as overtime, cost per test, FTEs and turnaround time. It also includes lab specific KPI based on high risk errors such as repeat rates, corrected reports.
Individual employee performance is track not only against these metrics but also using a system lovingly named “PAM”. These track any data entry errors from the time the order was created to completion of the report.The rate for this is used during employee performance evaluations and provided to the employee on a monthly basis.
Answered Question that needs to be expanded with citation and references:
1.Motivation strategies and techniques to appeal to employees.
The company motivation strategies are limited at this point, after the recent sale there has been no mention of bonus, and promotions are challenging at best to come by, when previously there was a semiannual promotion review process.
The CEO and CFO will also give quarterly updates about the current state of the company and the innovations coming, which can be motivating for employees with big picture thinking and aspirations to stay.
Long-term employees receive gifts at the 5, 10 and 20-year mark of their date of hire anniversary.
2.Incentive compensation to remain competitive within the industry.
The incentive compensation depends greatly on the level in the company, many licensed staff within the lab find the compensation to be lower than they would normally receive at companies in the industry. However, the unlicensed and management staff seems higher paid than most of the industry.
When it comes to benefits, our health insurance is on par with most other organizations and even extends to domestic partners rather than just immediate family. The retirement is decent with a 2% flat rate and 3% matching to 401K. The place where we do shine is in PTO with 40 hours of sick time and 120 hours to 160 hours of vacation time.
One last added incentive is that the company will provide any testing provided by our lab free, for employees and immediate family should they need it. These cases are completely unidentified to ensure privacy. When our blood is used for “research” cases we have the option to receive genetic counseling should it turn up any abnormalities.
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