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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//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.
Pros:
? 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 ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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