LO 13-2 Describe how organizations recognize individual performance.∙ Organizations may recognize individual performance through such incentives as piecework rates, standard hour plans, merit pay, sales commissions, and bonuses for meeting individual performance objectives.∙ Piecework rates pay employees according to the amount they produce.∙ Standard hour plans pay workers extra for work done in less than a preset “standard time.”∙ Merit pay links increases in wages or salaries to ratings on performance appraisals.∙ Bonuses are similar to merit pay, because they are paid for meeting individual goals, but they are not rolled into base pay, and they usually are based on achieving a specific output rather than subjective performance ratings.∙ A sales commission is incentive pay calculated as a percentage of sales closed by a salesperson.LO 13-3 Identify ways to recognize group performance.∙ Common group incentives include gainsharing, bonuses, and team awards.∙ Gainsharing programs, such as Scanlon plans, measure increases in productivity and distribute a portion of each gain to employees.∙ Group bonuses reward the members of a group for attaining a specific goal, usually measured in terms of physical output.∙ Team awards are more likely to use a broad range of performance measures, such as cost savings, successful completion of a project, or meeting a deadline.
LO 13-2 Describe how organizations recognize individual performance.<br>∙ Organizations may recognize individual performance through such incentives as piecework rates, standard hour plans, merit pay, sales commissions, and bonuses for meeting individual performance objectives.<br>∙ Piecework rates pay employees according to the amount they produce.<br>∙ Standard hour plans pay workers extra for work done in less than a preset “standard time.”<br>∙ Merit pay links increases in wages or salaries to ratings on performance appraisals.<br>∙ Bonuses are similar to merit pay, because they are paid for meeting individual goals, but they are not rolled into base pay, and they usually are based on achieving a specific output rather than subjective performance ratings.<br>∙ A sales commission is incentive pay calculated as a percentage of sales closed by a salesperson.<br>LO 13-3 Identify ways to recognize group performance.<br>∙ Common group incentives include gainsharing, bonuses, and team awards.<br>∙ Gainsharing programs, such as Scanlon plans, measure increases in productivity and distribute a portion of each gain to employees.<br>∙ Group bonuses reward the members of a group for attaining a specific goal, usually measured in terms of physical output.<br>∙ Team awards are more likely to use a broad range of performance measures, such as cost savings, successful completion of a project, or meeting a deadline.
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