...| Cybernetics Method to Incentive compensation Management | @ TCS | | Amit Sharma ,Jasveen Singh, Rajat Bindlish,Siddharth Tiwari,Vaibhav Attree | | Group 11 | 6/12/2013 | | Contents 1 Introduction: 1 1.1 What is Sales ICM? 1 1.2 What is Cybernetics? 2 2 The Cybernetics Approach to Sales ICM 2 2.1 Cybernetics Influence Diagram (CID) 3 3 Sales ICM CID 4 4 Feedback Loop Analysis 6 4.1 Feedback Loop – Commissions Calculations 7 4.2 Feedback Loop - Clawback Calculations 8 4.3 Feedback Loop – Revenue and Cost of Sales 9 4.4 Feedback Loop – Dispute Management 11 5 Conclusion 12 * Introduction: Sales Incentive Compensation Management (ICM) Model is increasingly becoming the key decisive and motivating factor in influencing sales execution to impact the business performance. As sales models are being re-engineered to incorporate more market dynamics and adversities, sales compensation models are also becoming increasingly complex. In the global market where increasing customer reach is a major challenge, it has become essential to include dealers, partners, distributors, retailers, contractors, buying centers across various sales channels into the business’ Sales ICM model. Accurately measuring and rewarding the performance of the sales force (both internal and external to the business) has become the key to driving desired behavior in achieving the business objectives. Failure to understand Sales ICM as a key...
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...Exercise - Resource Utilization (Not graded) Top of Form Question 1 Correct Mark 0.90 out of 1.00 Flag question Question text Our economy ______________ operates on its production possibility curve. Select one: a. Sometimes b. Never c. Usually d. Always Feedback Correct Marks for this submission: 1.00/1.00. Accounting for previous tries, this gives 0.90/1.00. Question 2 Correct Mark 0.90 out of 1.00 Flag question Question text Which statement is true? Select one: a. On the production possibilities frontier we have zero unemployment. b. To get out of a recession, we must produce at some point beyond our production possibilities frontier. c. On the production possibilities frontier 95 percent of the labor force is employed. d. To have economic growth, we must push the production possibilities frontier inward. Feedback Correct Marks for this submission: 1.00/1.00. Accounting for previous tries, this gives 0.90/1.00. Question 3 Correct Mark 0.80 out of 1.00 Flag question Question text The main reason our standard of living is so much higher than that of India and China is that we have more Select one: a. money. b. labor. c. capital. d. land. Feedback Correct Marks for this submission: 1.00/1.00. Accounting for previous tries, this gives 0.80/1.00. Question 4 Correct Mark 0.70 out of 1.00 Flag question Question text Which one of these people is not underemployed? Select one: a. A woman working as a secretary...
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...motivation, satisfaction, and performance. The first element of this plan is to implement an effective appraisal system. An effective appraisal system “provides an opportunity to set goals, clarify expectations, reinforce a job well done, initiate change, and foster a healthy working relationship between supervisor and employee” (Ditzler, 1994, para. 2). Strategic control is also enhanced with such a system. “An effective performance appraisal system assures that feedback is provided on a continuous basis, not in the form of a written annual evaluation, but in the form of daily, weekly, and monthly comments from an employee’s supervisor or manager”(Caruth & Humphreys, 2008, p.27). To promote open communication and constructive feedback, team members will have a bi- weekly one on one meeting with their immediate manager. During this meeting, manager and employee will initiate and follow-up on discussions regarding employee performance (as to what is being done well and what requires improvement), training and resource needs, and workplace issues. Aside from the bi-weekly meetings, managers are encouraged to provide daily input in response to feedback internal and external to the team and goals achievement. In each instance, after feedback is given, the team member is permitted to pursue any training opportunity found to be necessary for improvement or desired for development. These...
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...| | |14.2 Agree objectives and work plans with teams and individuals | | |14.3 Assess the performance of teams and individuals | | |14.4 Provide feedback to teams and individuals on their performance | | |14.5 Resolve performance issues with teams and individuals | |Scope of this unit | |This unit is about making the best use of your team and its members so that they can achieve your organisation’s objectives. It covers allocating work, | |agreeing objectives, and setting out plans and methods of working. It also involves monitoring and evaluating the work of your team and its members and | |providing feedback to them on their performance. | |This unit contains five elements: | |...
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... In summarizing my learning from this course about the coaching and feedback process, I learned the most about myself during the classmate phase of the coaching process. Many things were illuminated over the course of the coaching sessions with my classmates and coworker. Turns out that the concern I brought to the forefront to receive coaching and direction on was one of many symptoms related to a greater issue that wasn’t as easily identifiable as other indicators had suggested. What I believed to be a problem with managing a stressful work environment really was an issue with effective communication. The coaching process is comprised of three elements; planning, conducting the discussion(s), and evaluating. In the planning phase I developed a short-term plan to help the coachee achieve their expressed goal. The next phase of the process, conducting the discussion entailed the actual delivery of the feedback. Lastly, the evaluation phase provided an opportunity to track the progress and adoption of the prescribed approach to train and develop the coachee. The evaluation phase also created an opportunity for the coachee to share feedback with the coach on the effectiveness of the coach’s delivery. I was able to make adjustments to the coaching process and create a better experience for both the coach and coachee as a result of the evaluations. I found the coaching and feedback process to be highly effective at encouraging an introspective journey...
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...in pursuit of higher-paying opportunities. Consequently,...
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...to identify duties and requirements for specific jobs, selected new team members, and developed training, and mentoring program. InterClean is ready for the next phase in developing a performance appraisal form with focus on career management. Areas for additional requirements will include how feedback is received by employees, opportunities for employees after feedback is received, how to help employees reach higher level of performance, opportunities for advancement, flexible schedules for dual- career couples, and justification of why this will work with a zero budget. Performance Appraisal The purpose of the performance appraisal is to ensure the highest quality of service delivered to customers in the industry. InterClean is committed to providing outstanding customer service and exceeding customer expectations. The performance appraisal will help employees identify potential problems, help him or her to create contingency plans and goals to deal with tribulations, foster trust and credibility with customers, follow through on commitments, and strive to increase skills and abilities to meet expectations and improve performance. InterClean will incorporate the 360-Degree Feedback performance appraisal with input from the employee, management, peers, and customers to receive a full perspective on performance. InterClean Performance Appraisal Department________________________ |Employee Name...
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...Career Development Plan Summary Nicholas P. Szydlek Jr. University of Phoenix HRM 531 August 31, 2010 Amona Blackwell Career Development Plan Summary InterClean and EnviroTech are in a unique position to become industry leaders in the cleaning and health care cleaning industry. The merger of these two leaders provides for the opportunity to offer new solutions based services to its current and future clients. For this merger to be successful and generate the most benefit for the company, the human resources department (HR) has been tasked with creating a new career development plan. This plan is multi faceted and includes job analysis and selection, employee training, performance and career management and employee compensation. As sales and customer service are the customer’s first and continual contacts, HR has focused on this newly merged department to be both test subjects and provide feedback. Job Analysis, Job Description and Specification Combining two individual companies into one industry powerhouse has created the need to evaluate the jobs performed by employees of both companies and develop new job descriptions that will maximize success. This evaluation process is known as job analysis. Anthony, et al. (2002) and Dessler (2003), as quoted by Safdar, Waheed and Rafiq (2010) states “With increasing recognition of the HR-performance linkage, it has been suggested that organizations that actively pursue job analysis as a Human Resources Planning (HRP) strategy...
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...Career Development Plan Summary HRM/531 March 7, 2011 Anita Orozco Kudler Find Foods (KFF) has recently promoted me to a midlevel manager in the accounting department. Kathy Kudler, the founder, has decided to restructure the accounting department and will require hiring additional personnel that entails training for new and current employees. Kathy is considering a better method for appraising the team’s performance. This proposal will include the job descriptions and qualifications for five new positions, a new training program that enhances the skills and qualifications of new and current employees, methods for evaluating employee and team performance (including a progressive discipline process), challenges of the team performance, incentives and benefit packages, strategies for managing employees’ career development, and a fair and appropriate compensation plan. Job Descriptions and Qualifications Kudler Fine Foods will be restructuring the accounting department. The accounting clerk positions will be eliminated altogether. The accounting department will be divided into five new positions including a first level management position. The accounting department will consist of an accounting manager, two accounts payable specialist, an accounts receivables/cash applications specialist, and a staff accountant. The job description and qualifications of each position is as follows: Accounting Manager Job Description: Responsible for all areas relating to financial...
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...TEACHING STRATEGIES/METHODOLOGIES: Advantages, Disadvantages/Cautions, Keys to Success Reference: Based largely on, adapted from , and added to the work of Wehrli, G., Nyquist, J.G. (2003). Creating an Educational Curriculum for Learners at Any Level. AABB Conference. Strategy/Methology Brainstorming: A process for generating multiple ideas/options in which judgment is suspended until a maximum number of ideas has been generated. Following generation of ideas, options are typically analyzed, a best solution identified, and a plan of action developed. Case-Based Small-Group Discussion: Small groups of 5-10 address case-based tasks, exchanging points of view while working through a problem-solving process. In Problem-Based Learning, the problem comes first and learners work through the problem through progressive disclosure by making hypotheses, exploring mechanisms, developing and researching learning issues, and applying new information to the case. Computer Simulation: In the medical context, used to teach specific examination, procedural, and data interpretation skills and the effects of drugs and interventions in a realistic situation without endangering patients. May use highly realistic computerized dummies. • • • • CLASSROOM TYPE SETTING Advantages Disadvantages/Cautions Actively involves learners in higher levels • Requires that learners discipline of thinking their inputs to the discussion (generate ideas without making Promotes peer learning and creates synergy...
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...work alone is not enough to achieve desired results. InterCleans major contribution of performance management is its focus on achieving results – the sales team will be trained to engage directly with facilities managers, health care professionals, and operational executives in their customers' organizations (University of Phoenix, n.d). In addition to performance management, career management is a critical tool that will be applied to provide employees with a life long, self-monitored process of career planning that involves setting personal goals and formulating strategies for achieving them. The development of a performance and career management program will explain the employee feedback process, manager’s assistance with helping employee’s reach a higher level of performance, opportunities for advancement, flexible schedules, adaptation to team diversity, and program costs and benefits. Individual Performance Appraisal System With the implementation of the new sales model, new sales employees will be placed on a 60 day probation period, which serves to formally evaluate their learning curve and to determine if he or she will be a good long-term fit for the organization. Employees were shown a copy of the performance appraisal form (Appendix A) and informed...
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...360 Degree Feedback 360 Degree Feedback is a systematic process in which employees obtain highly confidential, an anonymous feedback from the people who work around them. This includes the employee’s manager, peers, and reports. A combination of eight to twelve people fills up an anonymous online feedback form that holds queries with a wide range of workplace competencies. These forms include queries which are measured on a rating scale and ask to provide comments. The person who receives feedback also fills out a self-rating survey which includes the same survey queries that others receive in their forms. Leaders and Managers use 360 feedback surveys to obtain a better understanding of their strengths and weaknesses. The 360 feedback system automatically provides the results in a tabulated format which helps the feedback recipient to create a development plan. Individual responses are always combined with responses from other peoples in the same rating category. 360 Feedback is a development tool for people who are not in a management role. A non-manager is not measuring 360 feedbacks since there does not have direct reports, but the same principles are followed. These feedbacks are helpful for non-managers to be more effective in their roles and also help them to understand what areas they should improve on if they want to move into a management role. Companies use the 360 Degree Feedback in two ways. Development Tool: 360 Feedback is used a development tool to help employees...
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...PROVIDING FEEDBACK AND ADDRESSING PERFORMANCE CONCERNS 4 CONTENTS INTRODUCTION Setting Direction Setting Expectations Upfront Team Meetings o Purpose of Meetings o What Can Go Wrong at Meetings? o Suggestions For Making Your Meetings Effective Displays PROVIDING FEEDBACK How Should We Provide Feedback? Preparation Time and Place Questioning Non-Verbal State Facts Clearly Honesty Consistency Handling Difficult Situations o Defensiveness o Disagreement o Apathy o Anger Chance to Respond Active Listening o Tips for Active Listening Summary MAKING A TIME TO REVIEW PERFORMANCE Preparing Team Member Input Conducting the Discussion Closing the Discussion After the Interview Common Problems with Formal Appraisal Skills a Manager Needs for Effective Performance Review DISCUSSING PERFORMANCE CONCERNS “I’d like a Word with You” – the “Discipline” Interview Investigation and Disciplinary Procedures INTRODUCTION Effectively providing feedback or coaching performance occurs when an employee and manager work together to ensure a good job is done and results are achieved. This is achieved when both know what to do and how well to do it. It provides additional opportunity for communication between managers and employees but in no way replaces the need for effective day to day communication and management. The principle behind any performance management...
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...A Day in Life of Alex Slander Problem Statement To identify method in which Sam Glass can effectively implement 360 degree feedback system and utilize it in developing the leadership attributes in Alex Sander. PESTCL Analysis Political: External trade unions can create havoc over employees working for long hours and denied holidays by Alex Economic: Avant-Garde’s skin care products division is aiming at achieving major US market share by launching the product “Nourish” by acquiring the company Landon Care Products Technological: With the advent of new technological interfaces people are able to communicate with the virtual teams across several countries and are able to receive work related feedback. Cultural – The acquisition of an American company, Landon by a European company Avant-Garde created some differences in the work culture of Landon. American employees have to work with their European colleagues, where the cultural differences were high as well. SWOT Analysis SWOT of Alex Sander Strengths | Opportunities | * High commitment to work * Entrepreneurial abilities * Excellent decision making skills * Multitasking * Open to learning opportunities * Good product/market knowledge * Is willing to mentor * Inquisitive/curious * Successfully rebranded two national skin care products- confidence and experience * Relentless * Generous and acknowledges good performance * Proactive | * To get into broader planning areas in Landon * Develop...
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...Abstract The purpose of the paper is to provide an overview of the 360 degree feedback system and how the system may work within a restaurant. An in-depth analysis of the restaurant manager role and the relationship of the role with the 360 degree feedback system is explained in this paper. The process of implementation and the advantages and disadvantages of an implementation is explored before a recommendation is made. The recommendation is to implement the feedback system because an effective feedback system within the restaurant may help to promote growth. Keywords: 360 degree feedback system, restaurant manager 360 Degree Feedback System The 360 degree feedback system is a method of gathering feedback from various sources to include co-workers, customers, direct reports and other members of management. The method is confidential and usually administered through a questionnaire. The 360 degree feedback system gives managers the opportunity to rate themselves in a variety of Performance domains and, through feedback, to see how their self-assessment compares to the assessment of others (Flynn, Garavan & Morley, 1997). A self-assessment or the comparison of a self-assessment maybe used to help the manager develop. The objective is to develop employees within their current roles. Development does not always mean promotion but it is important that employees perform at their absolute best. Every employee is not a leader and some employees do not desire to change...
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