An employee incentive program can help organizations improve their productivity, reduce their production costs and reduce employee retention. It can also build employee engagement and encourage teamwork. In addition, it can boost the morale of their workers. Describe and discuss TWO (2) types of pay (incentive) for individual performance and TWO (2) types of pay (incentive) for group performance.
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An employee incentive program can help organizations improve their productivity, reduce their production costs and reduce employee retention. It can also build employee engagement and encourage teamwork. In addition, it can boost the morale of their workers. Describe and discuss TWO (2) types of pay (incentive) for individual performance and TWO (2) types of pay (incentive) for group performance.
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- Critically evaluate the advantages and disadvantages of the various techniques of performance appraisal. Discuss the role of feedback in employee performance. What is the difference between intrinsic and extrinsic rewards?Identify the major bases of reward distribution. How does money influence employee motivation? Discuss the relative merits of individual and group incentive programs. Describe the benefits and drawbacks of several of the new approaches to reward systems. Which ones do you feel would be most effective in work organizations?Compare and contrast the advantages and disadvantages of pay-for-performance and competency-based pay. What strategy would you recommend for your organization, and why?
- In terms of compensation, how do employees view fairness? Cite 3 ways and give concrete, specific examples for each.Do contingent pay plans help improve employee motivation and performance? Why or Why not?Employee retention for talented and potential employees is critical for organizational performance. Choose at least two (2) theories of reward management and explain its application in retain employees
- Give a brief summary of each topic and subtopic below: 1. Organizational Reward Systems Base Pay Approach Pay for Performance New Pay TechniquesDiscuss a total rewards plan for a chosen organization and how the total rewards plan impacts quality employee selection and retention. Consider the type of discretionary benefits the organization offers. Do you think the benefit plan your organization offers is well designed and meets the needs of the employees?Is it true that Person-focused pay plans are least preferable compared with individual incentive pay programs?
- Identify appropriate total rewards strategies to increase employee retention, and explain how these strategies support the goals of the organizationGive at least three (3) examples of internal and external factors to consider when developing a rewarding compensation plan and identify the advantage and disadvantage of each factorWe've discussed Total Rewards approach to attracting and retaining employees. Assume that you are an External Consultant and were hired to evaluate a small business start-up (or business of interest to you) on how they should structure their Total Rewards program. Based on what you have learned about legally required vs. strategic (voluntary) rewards and provide an initial proposal for what this organization needs to do to be compliant with the law and reasonably attract workers.You must identify the jobs/nature of the work for which you are hiring and seeking to base compensation decisions upon. You must state whether they would be low vs. highly skilled workers and define the work to be performed in preparing your proposal . In your response, you should be able to provide an overall plan with recommendations (e.g., You don't have to state what the wages would be but you should be able to recommend to an employer how they could determine it - minimum wage, premium above minimum wage,…