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FONTS
Anan Yin: 10121836
Bolette Wredstroem: 10119024
Dea Svanholm: 10119165
Hui Ping Tay: 10120973
Kathryn Hajjar: 10017537
Vladimir Bogdashkin: 06043650
Annual bonus
Eligibility
*Key position - measuring impact on profit
*Salary-level - specific cut-off
*Salary grade - grade cut- off
How much to pay out (fund size)
*Non-Deductible formula
*Deductible formula
Determining Individual rewards
1. Stock options
2. Plans using Share "Units"
*Performance share unit plan
*Restricted share unit plan
*Deferred share unit plan
Ken Gibson
Senior Vice President of Vision Link Advisory Group
Payment for each piece produced or processed in a factory or shop.
The minimum hourly wage
An hour incentive for each piece produced.
Basic hourly rate
The number of items processed by each individual worker in a unit of time.
Extra percentage of his or her base rates for production exceeding the standard per hour or per day.
Salary
PROS:
CONS:
+Easy to calculate
+Easy understood by employees
-Unsavory reputation among many employees
-Stated monetary
-Resistance when the production standards are changed.
COMMISSION
CONS:
Traditionalists (1982-1945):
Boomers (1946-1964):
Generation X (1965-1980):
Generation Y (1981-2000)=millennium generation:
PROS:
COMBINATIONS
PROS:
CONS:
Harvard Business Review
EXAMPLE
Salary, Commissions, Combinations, Multi-tiered
1. Introduction (Dea)
2. Incentives for operation employees (Anan)
3. Incentives for senior managers and executives (Bolette)
4. Incentives for sales people (Vladimir)
5. Incentives for other managers and professionals (Kathryn)
6. Employee recognition programs (Hui Ping)
7. Summary (Hui Ping)
8. Quiz (Kathryn)
Concern: employees only work to meet minimum requirements
Two basic forms:
Fixed pay
Variable pay
Preconditions: measurable and in line of sight
Merit pay: salary increase awarded to an employee based on his or her individual performance
NHL players rewarded financially for achieving certain statistics (# of goals, assists, +/- rating, etc)
These achievements can lead to merit pay in the players’ next contract, in the form of a raise
*Praise employee for their achievement and effort
throughout one’s career
*Emerging as a critical component of incentive plans
Cost effective
-Certificate, personalized gift packs, logo merchandises such as t-shirt or coffee mug
Improves attitudes, workload and productivity
Communication tool
- sends clear message to employees.
Different individual is motivated by different things
Tailor incentive program to different categories of employees
Emerging emphasis on employee recognition
Managers may feel vulnerable