Compensation Systems
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Please help me answer the following:
1. How would one apply compensation and reward systems to individuals as well as to work teams?
2. What are the non-monetary, and benefits/special services which can be used in a hotel in order to attract people to stay with the organization?
Please provide all references used when answering.
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Solution Summary
This response addresses the queries posed in 481 Words, APA References.
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The response addresses the queries posted in 577 words with references.
//As per the guidelines, we will discuss about the application of compensation and reward systems to the Individual and Work teams. We will also discuss the 'Individual incentive Plan' and 'Work team incentive Plan'. //
Individual incentive plan
Under individual incentive plan, earnings are directly related to the performance of the individual worker. Individual compensation and reward can be based on time or output. Under the time based plans, a standard time is determined and the bonus is given if a worker completes the job in less than the standard time. Under output based plans, a standard of output is determined and worker producing more than the standard output are given bonus. The individual is motivated after getting the compensation whether it is in monetary terms or some fringe benefits or rewards.
Work team incentive plan
In case of group incentive ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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