From the course: Human Resources: Compensation and Benefits
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Incentive plans
From the course: Human Resources: Compensation and Benefits
Incentive plans
- In fact, many different incentive plans exist and people can earn rewards for excellent performance as individuals, teams, or as whole organizations. In this video, we're going to learn about alternative approaches to incentive plans at all three levels, including both short-term and long-term incentives. Let's begin by looking at incentives from the employee's point of view. They should be simple, specific, measurable, and attainable. Ask yourself, is our incentive plan simple? Can people see a clear line of sight between their performance and the rewards that they will earn? Are our incentives meaningful enough to motivate people to do what we want them to do? Are we rewarding the right kinds of behaviors? As a former sales manager once told me, his people look at incentives as you make the rules, we'll figure out how to play the game. Now, let's consider one example of an incentive plan at each level. Individual incentive plans offer the promise of pay for some objective…
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