MHR 523 Chapter Notes - Chapter 12: Piece Work

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Chapter 12: pay for performance and financial incentives. variable pay: any plan that ties pay to productivity or profitability. more than 80% of canadian employees have one or more variable pay plans. Line of sight: extent to which an employee can relate his/her daily work to the achievement of overall corporate goals. Standard hour plan: premium that equals the percentage by which workers" performance exceeds the standard. Team/group incentives: all are paid wage of highest producer, all are paid wage of lowest producer, all are paid average wage of all production. Salary grade: how much to pay out (fund size, determining individual awards: many different approaches. one approach: split-award method 2 bonuses; one based on individual performance, one on company performance. Long-term incentives: stock options: right to purchase a specific number of shares of company stock at a specific price during a period of time, plans providing share units : paid if financial targets are achieved.

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