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The Best-Laid Incentive Plans
Transcript of The Best-Laid Incentive Plans
Major Issue :
Performance management system implemented by Rainbarrel Products was one track and didn’t involved all the parties concerned.
Lack of provisions to handle resistance to CHANGE.
Lack of timely monitoring and feedback of new performance management system.
Minor Underlying issues :
Lack of coordination between various leadership roles.
Focus on intermediary steps without defining the criteria for success.(long term vs. short term)
Stringent policies for cost reduction but no concern for employee satisfaction and motivation.
Hiram Phillips is CFO and chief administrative officer of Rainbarrel Products, a diversified consumer-durables manufacturer
According to Hiram, Rainbarrel company had the potential for greatness but not able to reach its limit due to lack of discipline across company.
Phillips designed new plan for performance management and incentive.
The corporate executive council was going to meet to discuss the changes that Hiram designed and implemented last year.
Few Issues in Meeting:
- More focus given on budget than Innovation
- Workers were demoralized due to which their performance were getting affected.
- Layoff was based on headcount.
- Complaints from sales department regarding mentoring, knowledge sharing.
- Issue regarding delay of orders