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Compensation. Recognizing employee contribution with pay - Coggle Diagram
Compensation. Recognizing employee contribution with pay
Incentive pay
Effective incentive pay requires
Are given sources to meet goals
Value the reward given
Meet performance standards
Reward system is fair
Company goals
Considers that employees may ignore any goals that are not rewarded
Pay for individual performance
Piecework rates
Straight piecework plan
Differential piece rates
Standard hour plans
Merit pay
Compa ratio
Performance rating
Performance bonuses
Sales commissions
Pay for group performance
Group bonuses
Smaller grouos with a specific goal normally measured in physical outputs
Team awards
Gainsharing
Productivity and effectiveness
Pay for organitational performance
Stock ownership
Employee stock ownership plans (ESOP)
Profit sharing
Balance scorecard
Basis for awarding incentive pay
Customer
Operations
Financial
Learning and growth
Process that makes incentives work
Communication
Participating in incentives
Incentive pay for executives
Short-term incentives
Related to goals
Bonuses
year´s profit
Long-term incentives
Stock options
Stock purchase plans