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Human Resources - Incentive Plans

It has been said that incentives are imperative to retaining and attracting employees. Look at individual incentive plans, team incentive plans, variable-pay plans, and group incentive plans and compare the pros and cons for each plan. What are some examples?

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Advantages of individual incentive plans are that they allow an employee to work independently to achieve their desired goals and the goals of the business. This allows an employee to feel as though they have accomplished goals and are being rewarded for their hard work. Disadvantages of individual incentive plans are that some employees do not have the ambition or drive to achieve certain goals. Furthermore, they may place employees at a disadvantage because employers may be looking over their ...

Solution Summary

This solution provides information concerning the advantages and disadvantages of different incentive plans that an employer may offer.