Designing Performance Remedies and Incentives
Overview
Balancing performance remedies and incentives can significantly improve vendor collaboration and drive better results. This Power Lab provides participants with actionable strategies to design financial and non-financial remedies and incentives that motivate vendors while mitigating risks.
Participants will learn to address underperformance, reward excellence, and build accountability mechanisms that align vendor performance with your organizational goals.
Upcoming Events
Who Should Attend?
- Vendor Managers: Optimize vendor performance using remedies and incentives.
- Risk Specialists: Develop protective measures for missed deliverables.
- Procurement Leads: Enhance vendor relationships through collaborative strategies.
Workshop Outcomes
By the end of this Power Lab, participants will:
- Design Effective Remedies: Create remedies and penalties that address non-compliance effectively.
- Motivate Vendors with Incentives: Develop incentives to encourage vendor excellence.
- Establish Balanced Performance Models: Align remedies and incentives with contract goals to drive measurable results.
What are ICN's Power Labs?
ICN’s Power Labs are a series of interactive, 90-minute workshops designed specifically for IT procurement professionals. Each Power Lab focuses on practical, real-world challenges faced in IT contract management, vendor negotiations, and risk mitigation. With expert-led instruction and hands-on exercises, these workshops deliver actionable skills that participants can immediately apply to enhance their roles and drive organizational success.
Topics and Activities - Agenda
1. Introduction (10 minutes)
- Why performance remedies and incentives matter in IT contracts.
- Key objectives for designing balanced performance measures.
2. Instruction (20 minutes)
- Components of effective remedies (financial and non-financial).
- Types of incentives and how to align them with vendor performance.
- Avoiding common pitfalls in remedies and incentive structures.
3. Interactive Lab (50 minutes)
- Scenario #1 – Designing Remedies: Review and improve an underdeveloped performance remedy clause.
- Scenario #2 – Crafting Incentives: Develop an incentive plan to motivate vendor performance.
- Group discussion: Share strategies and explore real-world applications.
4. Wrap-Up and Q&A (10 minutes)
- Recap of key takeaways and practical tips for implementation.
- Open forum for participant-specific questions and challenges.
Start driving vendor success with well-designed remedies and incentives. Reserve your spot in this Power Lab today!
