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Lecture 11

ADM 2337 Lecture Notes - Lecture 11: Job Performance

Course Code
ADM 2337
Magda Donia

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Lecture 11
Inventive Rewards
Administering incentive plans
!Incentive systems are effective:
o!When incentives are based on actual differences
o!When annual incentive budgets are large enough to reward
and reinforce exceptional performance
o!When overhead costs are controllable
o!Employees have a desire for an incentive plan.
o!Employees are encouraged to participate.
o!Employees see a clear connection between the incentive
payments they receive and their job performance.
o!Employees are committed to meet the standards.
o!Standards are challenging but achievable.
o!Payout formulas are simple and understandable.
Payouts are a separate, distinct part of compensation.
Elements of a successful benefits program
!Benefits strategy
!Allowing for employee involvement
!Flexible benefits for a diverse workforce
!Administering benefits
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