How do you give away $10,000?

Hypothetically, I guess...

Let's say you're leading a team who is submitting an entry to a competition where the prize is 10 large. There is you (the Grand Pooh-Bah), two sub-Pooh-Bahs, and several underlings. Everyone has a job description, and an expected amount of time his job will require, which will certainly change.

There is no second place. There is no other compensation.

Assuming we win, how do you assign the prize money? It should be related to effort and time, but mostly to actual contribution, which is different and much harder to estimate.

Any thoughts?

I would create a formula where the dollar amounts are not drastically different, but do reflect that some put in more effort than others.

I would also be sure that people are clear on the financial division before the contest. There is no use in any surprises taking place if you win.

What about...

Grand poo bah: $2400
Sub Grand Poo bah - $2000 (x2) = $4000
Underlings - $1200 each (x3) = $3600

Or something like that....

You ever watch Ocean's 11? Equal shares if it is indeed a team event and you need all members.

How-to with FNG: Episode 3: How-to give away $10,000

Step one: Make out a check for $10,000 to [FNG's real name]
Step two: Mail check to [FNG's address]

The end.

1. Go to Vegas
2. Get a suite
3. Go whoring
4. Go whoring
5. Go whoring
6. Repeat

Quote:

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Originally Posted by watersnowdirt

I would create a formula where the dollar amounts are not drastically different, but do reflect that some put in more effort than others.

I would also be sure that people are clear on the financial division before the contest. There is no use in any surprises taking place if you win.

What about...

Grand poo bah: $2400
Sub Grand Poo bah - $2000 (x2) = $4000
Underlings - $1200 each (x3) = $3600

Or something like that....

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OK, so I appreciate the Rev's response. That works for him. :yourock:

I agree that you need to define the structure up front, not necessarily the exact amounts. But, this is a skill-intensive project. If one person's skilled job takes 10 times longer than another guy's (or gal's!), he should get more, no? But I don't know exactly how long each job will take in advance.

Also, many of the team will be students, who can be flaky, unreliable, and un-worth anything, in my experience. Not all, but some. These few should get fired, but if you can't do it or don't find out about their worthlessness in advance, they should get less, no?

Can the team members rate each other at the completion of the project somehow?

Quote:

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Originally Posted by FNG

How-to with FNG: Episode 3: How-to give away $10,000

Step one: Make out a check for $10,000 to [FNG's real name]
Step two: Mail check to [FNG's address]

The end.

---

Make sure you route it through the bank of Ted here in Lawrence before it goes to FNG. As for a real answer, I vote for wsd's idea.

Quote:

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Originally Posted by Cornholio

OK, so I appreciate the Rev's response. That works for him. :yourock:

I agree that you need to define the structure up front, not necessarily the exact amounts. But, this is a skill-intensive project. If one person's skilled job takes 10 times longer than another guy's (or gal's!), he should get more, no? But I don't know exactly how long each job will take in advance.

Also, many of the team will be students, who can be flaky, unreliable, and un-worth anything, in my experience. Not all, but some. These few should get fired, but if you can't do it or don't find out about their worthlessness in advance, they should get less, no?

Can the team members rate each other at the completion of the project somehow?

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That all makes sense. As far as rating each other after - NO - that's a disaster waiting to happen.

can you have a "task" minimum that's agreed upon in advance? Much like a flat fee contract. So person A must do Task 1, Task 2, Task 3 to get their allotted share (regardless of whether it takes 5 minutes or 5 hours to do).

This is how i do my contracts with clients. I'll get paid by the product, not the time I put in. frankly, it's easier on everyone.

Pooba: $3K
tier 2: $1800 ea. + 500 bonus
tier 3: $800 ea. + 500 bonus

Bonuses determined by vote (most contribution) at completion, all members vote for both groups. Essentially, you and tier 2 decide tier 1 bonus, you and tier 3 decide tier 2 bonus.

Quote:

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Originally Posted by watersnowdirt

As far as rating each other after - NO - that's a disaster waiting to happen.

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But it will also motivate people to work. Flat fees generally result in no motivation to do well. Being evaluated by those who worked around you but not in direct competition seems to make sense.

I suppose give that they lose if they perform poorly, this might not apply.

:FIREdevil :FIREdevil Tell them you lost/were DQ'd/tested positive for steroids. Keep the 10,000 for yourself :FIREdevil :FIREdevil

I'm in favor of the equal share for each member idea. Every team member is important. Take your car for example; the engine does all of the work, but without the wheels, you're not going anywhere (cheesy I know...best I could come up with).

Define the responsibilities for each team member. You could assign a dollar amount to each responsibility if you really wanted to get down to it. Just make the potential for each member equal.

I like the idea of setting some aside to be distributed by team vote at the end. Leaves some incentive for putting forth that extra effort.

Quote:

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Originally Posted by The Reverend Floater

1. Go to Vegas
2. Get a suite
3. Go whoring
4. Go whoring
5. Go whoring
6. Repeat

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you sick bastard, isn't step six Rinse?


Corn, ever heard of weighted averages? Or should punters make as much as Quarterback's?

Quote:

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Originally Posted by optics

But it will also motivate people to work. Flat fees generally result in no motivation to do well. Being evaluated by those who worked around you but not in direct competition seems to make sense.

I suppose give that they lose if they perform poorly, this might not apply.

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You work in HR or something? Peer ranking motivates peer politicing, not working. If it's a true team, Equal, or Poobah *1.5 and equal.

It's going to be "flat plus bonus."

Bonus to be determined by colleague ranking, but they're not going to know that until after the cards are down.

So, thanks, all.

Don't forget to send me my bonus. I'll PM you the address. Thanks! I'll spend it wisely. :)

It's just money.

In fact, it's free money.

If you're a team, I think you should share equally in the spoils. Trying to materialistically determine a person's worth could quickly lead to greed and envy, and take the fun right out of your little contest.

Good luck.

Quote:

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Originally Posted by cj001f

You work in HR or something? Peer ranking motivates peer politicing, not working. If it's a true team, Equal, or Poobah *1.5 and equal.

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Not in a single-project context.

Long-term, yes.

And no, I don't.