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Incentive Compensation Systems .docx

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York University
SOCI 2030
Secil Erdogan- Ertorer

Incentive Compensation Systems p376 Pay for Knowledge  some organizations now emphasize paying for knowledge  skills-based pay is a concept that pays workers according to the number skills mastered, relevant to the job  eg. Westbridge PET containers, a company specializing in foods and personal care introduced a pay for knowledge system  when employees become qualified for another job at Westbridge, they are rewarded financially  workers who are interested can train for all positions in the plant  the company is also satisfied because the system provides a flexible workforce, high employee retention and competitiveness, and higher morale Bonus Pay  provides one-time payments to employees  rewards based on the accomplishment of a specific performance target typically don't increase base salaries or wages  popular in the executive level, but are now being use more extensively  eg Corning, a glass and ceramics company rewarding individual achievements with on the spot bonuses of 3-6% of one's pay Profit Sharing  distributes net p
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