which of the following is the most widely used individual incentive plan? course hero

by Mr. Samson Kihn DDS 7 min read

What are the different types of incentive plans?

Today, the individual incentive plan takes several forms: piecework, production bonus and commissions. These methods seek to achieve the incentive goal of compensation. One or more of these methods may be there in your workplace as well.

When are noncash incentives most effective as motivators?

Noncash incentive rewards are most effective as motivators when the award: is combined with a meaningful employee recognition program Compensation specialists recognize all the following generations of employees except: Synthesizers The most widely used sales incentive program is the ____________________ plan. combined salary and commission

What are the best performance measures for incentive systems?

When setting performance measures for incentive systems, we can say that the best measures are: quantitative, simple to understand, and show a clear relationship to improved performance. According to Sammer, which of the following is NOT a characteristic of a successful incentive plan?

What makes an incentive scheme effective?

For incentive schemes to work, they must be well designed and administered. It has been observed that incentive plans are likely to be more effective under certain circumstances these are when: a. The task is liked b. The task is not boring

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

The two most commonly used team incentive performance standards are: Productivity and Quality. _____________ have (has) advantages of having minimal impact on the company's financial standards. The best variable pay plan for employees when company financial performance is poor is _______________.

Under which three conditions are individual incentive plans most appropriate?

They are most appropriate when: Performance can be measured objectively. Employees have control over the outcomes. Plan does not create unhealthy competition.

What is an example of an individual incentive plan?

Individual incentive plans reward employees for the strong contributions they personally make. A few examples of individual incentives employers use to reward high achievers include: Comp time. Cash bonuses.

What are the types of individual incentive plans?

The six common types of incentive plan are cash bonuses, profit-share, shares of stock, retention bonuses, training and non-financial recognition.

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.

Which of the following is an organization level incentive plan that is intended?

Which of the following is an organization-level incentive plan that is intended to motivate employees to align their activities with the organization's goals? group incentive structure in an effort to increase the overall benefit to the organization.

What is a gainsharing plan?

Gainsharing (sometimes referred to as Gain sharing, Gainshare, and Gain share): Gainsharing is best described as a system of management in which an organization seeks higher levels of performance through the involvement and participation of its people. As performance improves, employees share financially in the gain.

Which incentive plan would enable employees to think like owners taking a broad view of what they need to do in order to make the organization more effective?

Which incentive plan would enable its employees to think like owners, taking a broad view of what they need to do in order to make the organization more effective? Employee stock ownership plans (ESOPs) are attractive to employers.

What is incentive payout?

Incentive payouts are fixed costs linked to the achievement of results.

What age group is the 'Balanced Lifestyle'?

This group is between the ages of 25 and 41 and values a balanced lifestyle of work and play.

Why do compensation committees justify large executive compensation packages?

Compensation committees justify large executive compensation packages for all of the following reasons except: the pay gap between the CEO and employees builds credibility. A major concern of executive compensation involves: the amount of compensation. Group incentive plans do all of the following except:

Why should payout formulas be detailed?

Payout formulas should be technically detailed, quantitative and extremely thorough to prove that management took significant effort to create the plan

What age are people less likely to spend money on themselves?

These individuals are over the age of 60 and are less likely to spend money on themselves.