Incentive Plans - 1 Incentive Plans Incentive Plans Holly...

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Unformatted text preview: 1 Incentive Plans Incentive Plans Holly Cooper OMM618 Dr. Sheila Schmitz. January 17, 2011 2 Incentive Plans If an employer wants to peek up performances, offer incentive plans. Some employers suggest that if you want employee to become committed to reach the companys expectations incentives should be rewarded to them. (Gerhart, 2007) Incentives show appreciation to the employees for their high performances. There are two types of incentives, Non-monetary motivators and monetary motivators. They both have advantages and disadvantages. "Companies use a variety of techniques to motivate employees. Keeping motivated employees is the best way for companies to maximize work efforts, increase productivity, and accelerate profits. Large companies may use a mixture of monetary and non-monetary motivators. Bonuses, pay increases, and commissions are all examples of monetary motivators. An example of a non-monetary motivator would be recognition" (Phoenix, 2010). Any employee would like the opportunity to be recognized in some why to let them know that their work is appreciated. Monetary motivators are used to put in what the employer wants to get out. There are many advantages and disadvantages. Some advantages to these incentives would be that the employee is happy. Who wouldnt be excited about a bonus or a pay raise? that the employee is happy....
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This note was uploaded on 04/11/2011 for the course OMM 618 taught by Professor Staff during the Spring '11 term at Ashford University.

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Incentive Plans - 1 Incentive Plans Incentive Plans Holly...

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