MR Posted December 26, 2002 Posted December 26, 2002 I own a TPA firm with about 20 employees. i'm looking for creative ways to offer incentive compensation to my group. Any ideas that have worked?
david rigby Posted January 10, 2003 Posted January 10, 2003 naked pizza party with cash. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Fredman Posted January 10, 2003 Posted January 10, 2003 no offense to my co-workers, but i'd pass on the naked pizza party. imo, nothing says thank you like cash...all non-cash incentives, awards, holiday parties, summer gatherings, etc. are crap.
david rigby Posted January 10, 2003 Posted January 10, 2003 Not quite all non-cash incentives are crap. For example, an extra week of vacation. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Fredman Posted January 10, 2003 Posted January 10, 2003 right-o pax. i also value my health insurance, 125 & 401k plans and other similar incentives...all put more cash in my pocket. a holiday party might save me some cash because i don't have to pay for the meal, but it also cost me several hours of my time, which is more valuable than a chicken breast and a few drinks.
Kirk Maldonado Posted January 11, 2003 Posted January 11, 2003 Nah. They might place their party hats in stategic locations. Kirk Maldonado
stephen Posted January 15, 2003 Posted January 15, 2003 Have you considered using open book management so the employees can see how the company is doing along with setting target goals for filling a bonus pool that will be split up at the end of the year? The bonus could be deposited into a qualified plan as a profit sharing contribution or paid to the employees in cash or a combination of the two. A pizza party in conjunction with a quarterly meeting giving everyone an update on the state of the comanpy is a nice perk. The staff meets together builds a little comradery and gets a free meal. Time off of work is always a great incentive.
Tom Poje Posted January 15, 2003 Posted January 15, 2003 A bonus for passing one (or more) of the ASPA courses.
AndyH Posted January 27, 2003 Posted January 27, 2003 Establish an employee-only 401(k) plan and terminate all employer-paid plans or benefits. Employees seem to appreciate that much more, especially if it is valued daily! Oh, and don't forget the loan provision!
Kirk Maldonado Posted January 28, 2003 Posted January 28, 2003 Free t-shirts that have picturess of the naked pizza party on them right underneath the company logo. Kirk Maldonado
rcline46 Posted January 28, 2003 Posted January 28, 2003 C'mon guys. Poor MR asked a serious question. Don't you feel at all sorry for MR? Obviously he/she never worked as an administrator in this business and probably never worked with such a bunch of flakes....er....oddballs......er.... unusual personality types... that's it, unusual personality types before. What was the question? Oh, incentive compensation. They don't control the amount of work. Various agencies control when it has to be done. CLients control when you receive the work. Phone calls interrupt your carefully planned day. And so on and so on.... Administrators work in the most uncontrolled 'professional' enviroment I have ever seen. They cannot do their job quicker, cannot get it done earlier, and can't postpone their work! A party after a major deadline, RIGHT AFTER! seems the best - Right Kirk? Money is always good. WHo has time for more time off?? So MR, the answer is - some bonus to show appreciation for a job well done, even though it had to be done anyway, and a party, a naked pizza party is as good as any other party.
Archimage Posted January 28, 2003 Posted January 28, 2003 If any of the firms you work for has a naked pizza party, please let me know so I can send in my resume.
AndyH Posted January 28, 2003 Posted January 28, 2003 Well, the firm I work for, before I enlisted, used to have beer and (I believe) pizza on Friday afternoons. I'm uncertain about the dress code, however, though there are picture albums that I have not delved into. When I started, the owner said he wanted to end the "country club atmosphere". The place I worked before was apparently known to competitors as a sweat shop. Gee, talk about bad timing!
Kirk Maldonado Posted January 28, 2003 Posted January 28, 2003 Archimage: I recommend that you meet the people there before you take a job with them. It might not be a pretty sight! Kirk Maldonado
FJR Posted February 6, 2003 Posted February 6, 2003 Hey look at it this way, you might not need any incentives after bush's Retirement-Plan Changes. You won't have any employees left....That Pizza party is looking better and better. Naked or not.
AndyH Posted February 6, 2003 Posted February 6, 2003 You now need an Early Retirement Window to throw people out of when the naked pizza party is over. Wow how things change in a couple of weeks.
Archimage Posted February 6, 2003 Posted February 6, 2003 We should get ASPA to lobby for my proposed top heavy rules instead of repealing them. My proposed regs say that when a plan becomes top heavy, the Employer will automatically have to sponsor a coed naked pizza party as soon as administratively feasible but no later than the fifteenth business day of the following month.
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