What is an Incentive Workbench in Profit.co?

Profit.co provides an option for HR to set the incentive amount and for the admin to set the incentive frequency and target amount for a user.

Why this Feature ?

By setting the amount mentioned above, the overall incentive amount will be calculated based on the Overall rating and Incentive Target amount.

Adding incentive amount to users

For instance, let's see how to add an incentive amount to a user.

By going to the User Management option you can update/edit the users information.

What is an Incentive Workbench Function ?

• Before knowing the process of Incentive Workbench we have to know about Incentive Workbench Function.
• Generally we can set a Target Amount for an individual user, but to set it for one or more departments we can use the Incentive Workbench Function.
• It’s a kind of formula where we can distribute Incentive bonuses to one or more departments.
• To create a new function go to Settings → Performance → Incentive Workbench Function.
• Click on the + icon to create a new Incentive Workbench Function.
• Create a Function Name and select the Departments.
• Set the Total Bonus Amount and distribute to the Departments
• Finally, click Create.

Step 1:

Let’s see how to create a new Incentive Workbench.

Go to Performance → Incentive Workbench.

Click on the + icon to create a new one.

Set a name for the Workbench and select the Performance Review which you want to analyze.

Select the Incentive Workbench Function that you have already created.

In Review Summary Info you can select/unselect the Information that will be visible on the table after creating it.

Finally click Create.

Step 2:

After creating it click on the  icon to view the Incentive Workbench dashboard containing Review Summary Information and other Score Information.

You can filter and view the dashboard by employees and department wise.

Click on the  to edit the created Incentive Workbench.

Step 3:

For instance, let's calculate the Department Performance Score of the employees belonging to the Research Department.

The count of the employees in the Research department is three.

The formula for calculating the Department Performance Score is,

So the calculation will be,

Step 4:

Let's calculate the Overall rating Score of the employees belonging to the Research Department.

The formula for calculating Overall rating Score is,

So let’s calculate the Overall Rating Score for the employee named Karthick.

Step 5:

Let's Calculate the Target Incentive for the employee Kathick.

The distributed amount for the Research department is 30,000.

The formula for calculating Target Incentive is,

So the calculation will be,

Step 6:

Finally, let’s calculate the Overall Amount which will be automatically updated in the Actual Amount allotted for the employee.

For instance, let’s calculate the Overall Amount for the employee Karthick.

The formula for calculating Overall Amount is,

So the calculation will be,

FYI: We can manually update the Actual amount for an employee if we want to change.

We can export the Incentive Workbench in CSV and XLS spreadsheet format.