0
Add your answer:
Earn +20 pts
How would you describe incentive compensation?
Incentive compensation is a type of payment or reward given to employees based on performance outcomes, usually tied to specific goals or targets. It is designed to motivate employees to achieve desired results and can include bonuses, commissions, and stock options.
What are the advantages and problems associated with wage incentives?
One disadvantage of using wages as incentives is the fact that you will have to continue using them to motivate employees. An advantage of using money is the fact that many employees are motivated by finances.
What are the characteristics of sound incentive plan?
The characteristics of sound incentive wage plan are stated below:1. Approval of Management, Workers and Trade Union: All the interested parties must accept, support and co-operate in the incentive plan. In the absence of employee support, the programme of incentive will fail.2. Work Standard: The standard upon which wage incentive is based should be fixed through careful work measurement devices, e.g., time and motion studies, work sampling.3. Guaranteed Base Wage: Normally the base rate is determined by job evaluation. The employee should be dropped due to the circumstances beyond his control and there must be security of income.4. No Unwarranted Rate Cutting: The work standard or quota, in time or money per unit, must be guaranteed by management against unilateral and unwarranted rate cutting.5. Easy Calculation of Earnings: Complexity is one of the basic drawbacks of many incentive plans. Management should try to simplify it as for as possible.6. Grievance procedure: An incentive plan of wage payment should have effective grievance procedure to deal with complaints and dissatisfaction ventilated by employees
What are the factors for effective wage administration?
There are two major factors to consider for effective wage administration. First one must consider the compensation plan. This includes deferred compensation and incentive plans. Second, one must consider an integrated system of job analysis, job description, job valuation and performance evaluation.
How much does HMV Canada pay its employees?
Starting employees get minimum wage.
What is the minimum wage for employees for 13 or 14 years old?
Minimum wage is minimum wage. The age of the worker has nothing to do with the federal requirement of minimum wages being paid to employees, teenager or not.
What are the objectives of wage and salary administration in business firm?
The objectives of wage and salary administration in a business firm are to ensure fair compensation for employees based on their skills and experience, to attract and retain talent, to motivate employees to perform at their best, and to maintain cost control and competitiveness in the market.
What is the minimum wage in Belgium?
There is no legal minimal wage. For employees up to 21 year, the "minimum"-wage is +- 1387 Euro
How much do Marshalls employees make?
minimum wage.
What has the author Pinhas Shwinger written?
Pinhas Shwinger has written: 'Wage incentive systems' -- subject(s): Compensation management, Incentives in industry, Wage payment systems
What is the minimum wage in America?
New York's minimum wage is $7.25 per hour for most employees.
What is the minimum wage in South Dakota?
$7.25 an hour. Tipped employees have a minimum cash wage of $2.13/hour. However, the employer must make sure that the employees receive no less than the minimum wage and must keep a record of all tips received by employees.
