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Incentive Plans

Incentive Plans Paper

Examine how an organization's incentive plan relates to organizational objectives. Evaluate how the incentives plans do, or do not, help the organization to achieve its goals and objectives.

A well-defined and designed incentive plan helps motivate performance and recognizes individuals for their hard work toward company objectives. Cascio (2006) states that "incentive plans should be simple, specific, attainable, and measurable" (p. 437).

683 words

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Incentives play an important role in today's business environment. Incentives are put in place to attract, motivate, retain, and encourage superior performance in the workplace leading to the accomplishment of organizational objectives. Incentives have both positive and negative roles and can either spur performance or create negativity. If the design of an incentive plan is feasible it can help organizations achieve their goals and objectives or if it is not it can keep companies from them.
Incentive Plans that Help Organizational Objectives
A well-defined and designed incentive plan helps motivate performance and recognizes individuals for their hard work toward company objectives. Cascio (2006) states that "incentive plans should be simple, specific, attainable, and measurable" (p. 437). If these four concepts of the incentive plan are in place employees will fully understand how their goals are linked to that of the organizations. Organizations can link workload standards to that of the company's bigger objectives by setting attainable goals that will help employees reach their own. Although companies must make sure that their baseline reward is above average to encourage performance and not complacency. Another way ...

Solution Summary

Incentive Plans Paper

Examine how an organization's incentive plan relates to organizational objectives. Evaluate how the incentives plans do, or do not, help the organization to achieve its goals and objectives.

683 words

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