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Incentive Plans

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Incentive plans are rewards established by employers to boost productivity. Employers feel that employees will become more committed to fulfilling an organization's expectations. Incentives are also a symbolism of appreciation for employees that meets and exceeds organizational expectations, thus maintaining high quality performance levels.

Incentive plans are used as a motivator in most corporations. There are two types of incentives that organizations utilize such as monetary and non-monetary incentive plans. "Companies use a variety of techniques to motivate employees. Keeping motivated employees is the best way for companies to maximize work efforts, increase productivity, and accelerate profits. Large companies may use a mixture of monetary and non-monetary motivators. Bonuses, pay increases, and commissions are all examples of monetary motivators. An example of a non-monetary motivator would be recognition." (Phoenix Business, 2010). Incentive plans can be cost effective; however each plan implemented must be suitable for the work performed. Incentives are one of the most effective forces in enabling organizations to reach objectives, mainly because incentives are a venue that drives motivation. Performance measures are heightened when employees are motivated to increase productivity.

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Incentive plans are rewards established by employers to boost productivity. Employers feel that employees will become more committed to fulfilling an organization's expectations. Incentives are also a symbolism of appreciation for employees that meets and exceeds organizational expectations, thus maintaining high quality performance levels.

Incentive plans are used as a motivator in most corporations. There are two types of incentives that organizations utilize such as monetary and non-monetary ...

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Incentive plans are rewards established by employers to boost productivity. Employers feel that employees will become more committed to fulfilling an organization's expectations. Incentives are also a symbolism of appreciation for employees that meets and exceeds organizational expectations, thus maintaining high quality performance levels.

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Incentives

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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