Please enable JavaScript.
Coggle requires JavaScript to display documents.
Pay for Performance/ Incentive Plans (Individual Incentive Plans (Standard…
Pay for Performance/ Incentive Plans
Definition of Pay for Performance/ Incentive Plans
It is traditionally also known as incentives, variable pay plans attempt to provide tangible rewards to employees for performance beyond normal expectations.
Individual Incentive Plans
Standard Hour Plan
Piecework
Bonuses
Merit Pay
Incentive Awards for Recognition
Sales Incentives
Group Incentive Plans
Gainsharing Incentive Plans
The Scanlon Plan
Improshare
Team Compensation
Enterprise Incentive Plans
Employee Stock Ownership Plan
Profit Sharing Plans
Stock Options
Strategic Reasons for Incentive Plans
Align employees interest and outcomes with the organisation's
Reward Employees for continued Contributions
Exercise Fairness and Equality
Motivates Employees
Barriers of incentive schemes/pay for performance plan
Lack of Manager training
Lack of Executive Support
Perceived Budget Restrictions
Advantages and Disadvantages of Incentive plans