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CHAPTER 12 notes.doc

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Department
Human Resources
Course
MHR 523
Professor
Rupa Banerjee
Semester
Winter

Description
CHAPTER 12PAY FOR PERFORMANCE AND FINANCIAL INCENTIVESMONEY AND MOTIVATIONVariable pay any plan that ties pay to productivity or profitability iefinancial incentives pay for performance variable compensation plansPointget workers to take company goals as their ownget treated like partners with pay like partnersKeeps base pay inflation controlledTop performers must get top pay in order to secure commitmentneed accurate performance appraisal methodsEmployees must have line of sightthe extent to which an employee can relate his or her daily work to the achievement of overall corporate goalsTypes of Incentive Plans1incentives for operations employees2incentives for senior managers and executives3incentives for salespeople4incentives for other managers and professional employees 5organization wide incentivesINCENTIVES FOR OPERATIONS EMPLOYEES ie ProductionPiecework Plansoldest planspayment based on number of items processed by each individual in a unit of time ie Hours or daysdevelopment needs job evaluation and industrial engineeringminimum wagestandard rate of productionwagerate of productionrate
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