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In two pages, analyze the advantages and disadvantages of different types of pay plans.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
SHOW LESS Competency 4: Evaluate effective incentives and perks programs. Describe a situation in which a selected individual incentive plan would be most appropriate. Describe a situation in which a selected team incentive plan would be most appropriate. Describe a situation in which a selected long-term incentive plan would be most appropriate To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
Experience tells us that the practical link of pay to work is not always set up in an equitable environment. Favoritism, nepotism, and other human shortcomings can and do interfere with the implementation of the best plans. How to prevent those shortcomings becomes a difficult challenge for HR managers. If you were designing an incentive plan for a publicly traded company, whose voice do you think should provide that ethical audit at the table of decision makers? The chairman? The board of directors? The shareholders? The employees? The executive team or compensation committee? Outside consultants? Internal HR director? A combination of all of these? Who in your mind would be the best person to ensure that the incentive plan does not cross the line and motivate the wrong kind of behavior—the kind that turns a plan from motivating good behavior into motivating wrong-doing based on the potential for a high reward
What is an example of a company you have worked for or read about where someone, motivated by the potential gain from an incentive plan, went beyond the policy and the law, breaking all the rules?
There are a range of incentive plans for individuals and groups or teams. Think like an HR director who is responding to a work situation with a pay solution. Consider different types of pay plans along with their advantages and disadvantages.
Complete the following:
Select one individual plan, one team plan, and one long-term incentive plan. Describe a situation in which each of these plans would be most appropriate, and justify why it is appropriate. In your descriptions, 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 might 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 descriptions, include how you think your chosen incentive plan will affect behavior and achieve intended results.
Your assessment should be no longer than two pages. Drafting a table that compares and contrasts the scenarios as a summary is appropriate but also requires a narrative describing the situations. Be sure to use proper APA (6th edition) style and formatting.
Targeting Incentives
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Targeting Incentives
Incentives allow companies to keep workers' team spirit high and sustain their interest in service dispensation. Providing employees with additional payments lets enterprises increase production. In these modern days, incentive plans that are individual-based, team-oriented, and long-term remain indispensable; however, they result in both positives and negatives, influencing the smooth running of organizational operations.
Individual-based payment term is a popular way of remunerating employees and drives them towards increasing their performance. It is appropriate in a situation where a firm purpose to strengthen a sense of achievement and reward efforts of top-performing employees with essential skill sets (Ruckes & Rønde, 2015). Individualized payment structures influence the retail industry since they help corporations to inspire productivity of mid-performer sales representatives, especially those in product promotion departments that demand increased tracking of data. Therefore, individual-based remuneration positively impacts workers' behavior since they let companies reinforce specific strengths by allowing managers to honor, cultivate, and sustain their development. Also, it inspires under-achievers who after seeing what leaders win, they often emulate their actions to improve themselves. However, according to Friebel et al. (2017), individual incentives create unnecessary competition. Although an organization benefits from...
