BU354 Chapter Notes - Chapter 12: Piece Work, Industrial Engineering, Tax Deduction
Document Summary
Chapter 12: pay or performance and financial incentives. Fixed: compensation that"s independent of performance level of individual, group, or organization includes base pay and other forms of consistent compensation (allowances) that satisfy need for income stability. Treat workers like partners and get them to think of business as their own. Individual incentive programs: income over base salary to individual employees who meet specific individual performance standard informal incentives for accomplishments not readily measured by standard. Group incentive programs: provide payments over base salary to all team members when group/team collectively meets specified standard for performance, productivity, or other work- related behaviour. Organization-wide incentive programs: monetary incentives to all employees of organization e. g. profit sharing plans provide employees with share of organization"s profits; gainsharing programs reward employees for improvements in organizational productivity. Non-monetary recognition programs: motivate employees through praise and expressions of appreciation for work.
