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Incentive Plans

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Select three different incentive plans, (you may select individual plans, group plans, or a combination ), list the pros and cons for each plan. For a postition in Accounting, which of these three plans would be most appropriate? Explain.

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The response addresses the queries posted in 831 words with references.

//As to inscribe about defining the difference or pros & cons of individual incentive plans, group plans or combination, it is essential to have an idea about incentive plans from various online and offline sources. After that one will be able to find out the exact differences between these plans. I am thus, providing some of the pros and cons of these incentive plans. //

Incentive Plans
Incentive plan is the plan for distributing monetary or non-monetary rewards on the basis of the completion of the planned objectives which are identified previously. In other words, it is a plan for payment on the basis of performance. The three different incentive plans are:
//In the following part, I will provide some information about piece work plan and some of its pros and cons. //

1. Piece work plan: In this plan, the employee is paid for each unit of production.
? It induces the workers to produce up to their full capacity. This results in increment in the overall output of the organization.
? It removes the fear of wage cuts because workers that produce more will get incentives at a higher rate while the workers that produce lower than the standard will get the bonus at lower rate.
? It is ...

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The goal of this assignment is for you to think like an HR director who is responding to a work situation with a pay

Select one individual plan, one team plan, and one long-term incentive plan. Describe a situation in which these plans would be most appropriate. In your answers, include the type of company and type of work as well as the position or positions that would be affected by your plan.

For example, if you selected a team-based plan, you may describe a department in a retail store that has a history of employees not covering for each other during the holiday rush period. You may use actual examples and reference a company as you have witnessed it or you may describe a generic situation. In your answer, include how you think your chosen incentive plan will affect behavior and achieve intended results

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