This document discusses critical issues with rewarding project teams and potential solutions. It notes that while many companies say they value teamwork, few follow through with meaningful rewards. It is difficult to reward project teams because they are not formal organizational units. The document proposes several ways to structure project team incentives, such as rewarding the team when they hit milestones on time and on budget. Both cash and non-cash awards could be used to recognize core team members for achieving team goals. A combination of objective metrics and flexibility in award types is recommended to properly motivate project teams.
3. INTRODUCTION
In this presentation I am going
to
discuss all the critical issues
regarding with project team
and
what what are solution to them
or
how to overcome these issues.
4. The challenges that most companies still face is
that how to reward project team for the better
performance.
Some organizations are saying that ‘‘we are all a
part of team’’ , their employee believe that they
have turned collaborative, but they didn’t follow
up their words with significent action.
5. If top management believes that money and a
few recognation program reinforce teamwork,
they are wrong. These alone do not cause team
to be well managed.
But in few organizations teaming is key
component of the corporate strategy
involvement with team is second nature
and collaboration happens with
out great thought and fanfare.
6. Why is it so difficult to reward project team?
An organizational unit can act like a team but
a
team is not necceserely an orgazitional unit,
at
least for reward plans.
Its so difficult to reward project team becouse
the incentives are difficult to apply becouse
project team may not appear in an
organizational chart.
7. Team incentives are important becouse team
member expects appropriate reward and
recognation for work well done.
To qualify as an incentive, the plan must
include preannounced goals with a
"DO THIS, GET THAT” gurantee for team.
The incentive useually varies with the value
added by the project.
8. Project team incentive plans useually have
some combination of these basic measures.
Hit a milestone on budget and on time, and
all
team members earned a defined amount.
Rewards needs not alwys be time based.
All the team members earn a defined amount
when they complete the project on budget and
on time.
9. Award is a function of the value added by the
project and depends on the ability of the
organization to creat and trak objective
measures.
Not every one can be on a project team, some
employee have an oppurtunity to earn an
incentive tha others do not, which creats lake
of internal equity. Best way is to reward core
team members for reaching team goals .
10. Some organizations foces only on cash awards
however non cash awards can work equally
well.
Non cashawrds can be in many types, asimple
thank you, a letter of congragulations, time
off
with pays, a tropy, company merchandise, a
gift certificate, a dinner or a free lunch etc…
THE END THANKS
