which of the following is a similarity between group bonuses and team awards? course hero

What is the difference between bonuses and team awards?

What is the difference between bonuses and team awards? Bonuses reward attainment of goals measured in terms of physical output whereas team awards reward performance in terms of cost savings.

Which of the following types of incentive pay plans are used to reward individual performance?

Merit pay incentive system is used to reward individual performance. Piecework rates are most suited for routine, standardized jobs with output that is easy to measure.

Which of the following is a disadvantage of an organization with a high paying incentive scheme?

Which of the following is a disadvantage of an organization with a high paying incentive scheme? Employees may focus on only the performance measures that are rewarded.

Which type of pay rewards individual performance and is not rolled into base pay?

Like merit pay, performance bonuses reward individual performance, but bonuses are not rolled into base pay. The employee must re-earn them during each performance period. In some cases, the bonus is a one-time reward. Bonuses may also be linked to objective performance measures rather than subjective ratings.

What is a similarity between group bonuses and team awards?

Which of the following is a similarity between group bonuses and team awards? They both encourage members to cooperate so that they can achieve their goals.

Which type of incentive plans are used to reward group performance?

The correct option is C) pay-for-performance. Team incentive plans are effective in aligning work performance with employers' goals quickly and clearly. They help align the compensation resources with the company priorities and help employers determine the goal and rewards for employees.

What is a disadvantage for an organization with a high paying incentive scheme quizlet?

What is a disadvantage of an organization with a high-paying incentive scheme? -Employees will believe that the incentive scheme is fair in its entirety. -Employees may focus on only the performance measures that are rewarded. -Employees won't value the rewards and incentives given to them.

What are the advantage of a group oriented reward system than individually oriented reward system?

One benefit is that it motivates people to work together. When a financial reward is offered, a team can be more driven and focused on reaching the group goals. A team-reward system can encourage individuals to work together and support the team objectives to earn a reward.

Which of the following is a disadvantage of incentive compensation plans quizlet?

The major disadvantage is employees' lack of immediate incentives to improve their productivity. salespeople compensated primarily by incentives don't develop loyalty to their employer.

What is the name of the type of pay that is for a reward for the creation of a product or a completion of service?

Performance Bonuses They are customarily offered after the completion of projects or at the end of fiscal quarters or years. Performance bonuses may be doled out to individuals, teams, departments, or to the company-wide staff. A reward bonus may be either a one-time offer or a periodic payment.

What is the disadvantage of offering bonuses for group performance quizlet?

It encourages individual achievement instead of teamwork. Employees sometimes perceive that it is unfair. It can quickly increase payroll expenses. Jake's sales team earned a 5% bonus for meeting its goals last quarter.

What refers to incentive pay in which the wage pay is higher when a greater amount is produced?

Differential piece rate refers to an incentive pay in which the piece rate is higher when a greater amount is produced.

Which one of the following is an individual incentive plan?

employee stock-ownership plan.

Which of the following is the most commonly used reward for motivating employees?

The correct option is B) (Recognition programs) Employee recognition is a program in which the employer gives rewards, appreciation, and recognition to the employees of the company.

Which of the following is the most commonly used term incentive performance standard?

The two most commonly used team incentive performance standards are: Productivity and Quality.

What type of pay plan is being used when workers are paid a sum for each unit they produce?

The correct answer is D) piecework. In a piece-wage system, compensation is paid for each good produced.

Why do both sides encourage members to cooperate?

They both encourage members to cooperate so that they can achieve their goals.

Is there a direct link between how much work employees do and the amount they earn?

There is a direct link between how much work employees do and the amount they earn.

When making any changes to an organization's pay structure, does the human resource department need to communicate the same to the?

When making any changes to an organization's pay structure, the human resource department does not need to communicate the same to the employees .

What do employees want from an incentive scheme?

In addition to an incentive scheme, employees also want interesting work, flexibility, and a sense of belonging to the work group.

What is profit sharing?

Profit sharing is an incentive pay structure under which employees obtain the rights to buy a certain number of shares of stock at a specified price. The scorecards of a company that is emphasizing low costs and prices would be different from the scorecards of a company emphasizing innovative use of new technology.

What happens when incentive pay is extremely rewarding?

If incentive pay is extremely rewarding, employees may focus on only the performance measures rewarded under the plan.

Why do they encourage members to cooperate?

They encourage members to cooperate so that they can achieve their goals.

Do employers encourage employees to learn new skills?

They do not encourage employees to learn new skills or cooperate with others.