HRM200 Lecture Notes - Lecture 7: Outsourcing, Elderly Care, Life Insurance
13 Jun 2015
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Document Summary
Chapter 12 - pay for performance and financial incentives. Variable pay - any plan that ties pay to productivity or profitability. Piecework - a system of pay based on the number of items processed by each individual worker in a unit of time, such as items per hour or items per day. Straight piecework plan - a set payment for each piece produced or processed in a factory or shop. Guaranteed piecework plan - the minimum hourly wage plus an incentive for each piece produced above a set number of pieces per hour. Standard hour plan - a plan by which a worker is paid a basic hourly rate plus an extra percentage of his or her base rate for production exceeding the standard per hour or per day. Similar to piecework payment but is based on a percentage premium. Incentives for operations employees- team or group incentives.
