I am trying to put together an incentive plan for my
- Editor's Discussion Summary:
-
- Accounting Department Goals, in this case as they relate to an incentive plan
- Focus on a limited set of important metrics
- Consider A/R collections, DSO ratios, A/P timely payment or specific days target, early payment discount utilization, error rate per number of transactions processed, monthly closing days, etc.
- Determine participants, such as individual, team or department
- Determine reward
- Gain employee acceptance
- Consider a point system that weights for different elements of performance
- Consider the value of personal recognition vs just financial incentives
- Make sure that the elements tracked support the company's larger goals
- Plus much, much, more below!