Incentive Plans When it comes to working there are many ways to reward people. However the first typeI will talk about is team compensation. This type of incentive is to reward team memberswith incentives with bonuses depending on the agreed performance standards and if they go beyond the level of performance. Next I will talk about individual incentives. Individual incentives reward just one individual for the level on work they have completed. At my last job we had things like, free lunch, a parking spot for a month, andcoupons to different restaurants, and things in that nature. Lastly I will talk about early retirement incentive plans. Most companies use a combination of years of age and service to find out who is eligible for early retirement. With everything there are pros and cons. For team and individual incentives the pros are it will make the person feel good about what they are doing and gives them the motivation to go on and do better. The cons are if one person receives incentives the other people maybe become jealous and even it may even start conflict with others. This is why it is important to have rules set in stone to avoid this
View Full Document
Unlocking...