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pay-for-performance incentive rewards (individual incentive plan…
pay-for-performance
incentive rewards
strategic reasons
as a variable pay programs
recognition
bonusses
incentive
more flexible
allow organization to reward employees for continued contribution
requirements for successful incentive plans
identify important organizational metrics
find the right incentive payout
distinguish clear link between performance and payout
purpose
encourage employees to assure ownership of their jobs
support compensation strategy
motivates employees to expand more efforts
group incentive plan
executive pay package
long term intensive
stock purchase
stock option
short term intensive
profit sharing plan
incentives for professional employees
individual incentive plan
bonuses
piecework
drawbacks
inappropriate
non effective
individual incentive are difficult to distinguish
standard hour plan
merit pay
drawback
inadequate to satisfy employees base pay
no guidance to measure performance
sales incentive
incentive award and recognition