Primary Author: Mr William F Wolter Independent Contractor
Audience Focus: Intermediate
Application Type: Experience-Based
2012 AACE International Annual Meeting, San Antonio, TX, USA
Abstract: Many companies could be increasing their margins by 5, 10, 15% or even more, but are blind to the fact that the potential to achieve those results lies in the untapped human capital of their current employees. Forward-thinking practices in team engagement including the use of incentives lead to high-performance projects. Exceptional performance is caused by intentional leadership actions that support team member participation and collaborative relationships. A totally engaged operation will involve everyone’s participation in the organization, from top management to every worker. Easy to understand tracking metrics are communicated to all team members. There is financial evidence that if a collaborative team becomes focused on common goals, extraordinary results can be achieved. Incentives that share gains in margin with the members can be very effective in a team environment. An analysis of two groups of capital projects, completing over a period of about 10 years, found that the group using team incentives significantly outperformed the non-incentive group.
Audience Focus: Intermediate
Application Type: Experience-Based
2012 AACE International Annual Meeting, San Antonio, TX, USA
Abstract: Many companies could be increasing their margins by 5, 10, 15% or even more, but are blind to the fact that the potential to achieve those results lies in the untapped human capital of their current employees. Forward-thinking practices in team engagement including the use of incentives lead to high-performance projects. Exceptional performance is caused by intentional leadership actions that support team member participation and collaborative relationships. A totally engaged operation will involve everyone’s participation in the organization, from top management to every worker. Easy to understand tracking metrics are communicated to all team members. There is financial evidence that if a collaborative team becomes focused on common goals, extraordinary results can be achieved. Incentives that share gains in margin with the members can be very effective in a team environment. An analysis of two groups of capital projects, completing over a period of about 10 years, found that the group using team incentives significantly outperformed the non-incentive group.