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pay-for-performance incentive reawards (individual incentive plan…
pay-for-performance incentive reawards
strategic reasons
As the variable pay programs
Bonuses
incentives
recognition for good works
more flexible
allow organization to reward employees for continued contribution
purpose
encourage employees to assure ownership of their jobs
motivates employees to expand more effort
support compensation strategy
requirements for successful incentive plans
identify important organizational metrics
find the right incentive payout
distinguish clear link between performance and payout
individual incentive plan
piecework
drawbacks
not effective
individual incentive are difficult to distinguish
inappropriate
standard hour plan
bonuses
merit pay
drawbacks
inadequate to satisfy employee's base pay
no guidance to measure performance
incentive award and recognition
sales incentive
group incentive plans
profit sharing plan
incentives for professional employees
executive pay package
long term incentives
stock option
stock purchase
restricted stock
short term incentives