This website uses cookies to ensure you have the best experience. Learn more

Incentives Essay

570 words - 3 pages

To decide on a company’s incentive plan, the organization has to have a strategic reason identified. It usually depends on the size of the organization that gives key reasons for establishing incentive plans. The reasons for incentive could include; attracting employees or keeping current ones, reducing absenteeism, or lateness. The organizational objectives should coincide with the incentive to make the company’s better.
Citizens has had a problem with employee’s coming in late and have established a disciplinary policy, but also has established a reward incentive for the employees who are always on time. The company gives time off quarterly to one employee per department; they will receive a half day off. The half day off is restricted during the busiest days, but has to be done on other occasions with a supervisor’s approval. ...view middle of the document...

The employees strive to get that extra day off and get paid for it, this has kept employees from taking too many days off.
The incentive plan that is used by Citizens keeps employees coming to work by given these rewards. The time off given to employees is used by employees for extra day vacation days or to leave on early on Fridays. It gives employees a reason to stay with company and keeps the organizational objectives by keeping absenteeism low and employees coming on time. It keeps the employees productivity and morale up and it gives them something to strive for.
Althoughincentives are helpful in by reaching organizational goals, care must be taken to make a plan with specific objectives. Taking an inventory of organizations current benefits and incentives plan with a comparison to any local industry standards is required. Getting the incentive plan in writing and proper feedback will clarify the measurability and effectiveness of a plan (Renk, 2010).
Incentive plans work as long as they meet goals and objectives of the company. The incentive plans do not work when incentives are geared to specific departments who are not the same as others. Giving different department’s different incentives may promote favoritism and jealousy. The employees must believe they are valuable and are treated fairly and that they deserve the same as other departments. Not establishing proper incentives and policies could promote confusion and make the company not achieve goals and objectives (Renk, 2010).
References
Karen Renk (2010 March)"The power of incentive programs: the right incentive program can motivate ordinary people to do extraordinary things". HR Magazine. FindArticles.com. 01 Mar, 2010. http://findarticles.com/p/articles/mi_m3495/is_9_49/ai_n6206614/
Cascio W, (2006) Managing Human Resources; Productivity and the quality of life Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc, 1221 Avenues of the Americas, New York, NY, 100200. Copy right.

Other Papers Like Incentives

Aligning Incentives in Supply Chains Essay

904 words - 4 pages ALIGNING INCENTIVES IN SUPPLY CHAINS AGENDA  OVERVIEW OF ARTICLE MODEL OF ANALASYS (CLASS DISCUSSION) CONCLUSION    QUESTION / ANSWER PERIOD CISCO  (Mad Monday April 16, 2001) The world’s largest network equipment maker shocked investors when it warned them they would soon be scrapping $2.5 billion of raw surplus (almost 50% of quarterly sales) - which is one of the largest inventory write-offs in US history

Pay for Performance, Financial Incentives, and Hr

977 words - 4 pages harder to achieve larger raises in the future. 3. Poor performers will receive no increase, which is intended to persuade them to improve their performance or leave. (Bacal 38-50) In addition, there is also other ways of encouraging employees in other ways such as employee incentives. Employee incentive plans go by many names. Successful company incentive programs will accomplish exactly what you want them to do if you plan them properly. In

The Ford Motor Company Wage Increase Of 1914 And The Theory Of Incentives And Efficiency Wages

1252 words - 6 pages doubling these wages can only be justified if, in some other way, it generates an equal or superior amount of value (either through a better product, lower costs, or both). According to the theory of incentives and efficiency wages, this is indeed the case, and Henry Ford even asserted that this decision was one of the best-cost cutting judgements they ever made (Raff and Summers 1987). This paper will outline the history of Ford Motor’s 1914

Given the Large Number of Successful Proprietary Claims, There Are Very Few Incentives for Parties Dealing with Land to Formalise Their Transactions

2198 words - 9 pages "Given the large number of successful proprietary claims, there are very few incentives for parties dealing with land to formalise their transactions" Introduction The doctrine of proprietary estoppel is often the subject of much debate and discussion by academics and judges, both of whom are still uncertain as to its true configuration. Sir Christopher Staughton, in Griss v Trust Laboratories Ltd & Patrick Cattle, contradictorily said

Incentive Strategies

414 words - 2 pages incentive program, the efficiency of work flow will be severely hampered and it will be very had to expect the employees to be innovative in their work performance. And in case the managers and executives lack motivations and are denied incentives, a CEO cannot expect them to motivate their subordinates, consequently leading to the reduced performance of the employees. My research paper is going to address all the above issues. The related

Compensation

653 words - 3 pages , changes in the overall cost of living or changes in experience or skill. Merit increases are given as increments to the base pay in recognition of past work behaviour. An assessment of past performance is usually made with or without a formal performance evaluation. In contrast to merit pay, cost-of living adjustment is given to everyone, regardless to their performance. INCENTIVES Incentives may be long- term as well as short-term

Strategies Shortage & Surplus of Premier Bank of Bangladesh

543 words - 3 pages Strategies for managing shortage of manpower Every bank follows some strategy. As a prominent bank of Bangladesh Premier Bank also follow some strategies. A strategy for managing shortage of manpower is one of them. Premier Bank maintains some shortage of manpower by doing some work. Those are given below: Offer incentives to postpone retirement: Skill person are always needed everywhere. In the situation of postponed retirement cases

Non Monetary Reward

1995 words - 8 pages Home Log In Sign Up The Use of Nonmonetary Incentives as a Motivational Tool in Sportsmore by Tshepang Tshube 871 Download (.pdf) 4-The_use_of_Nonmonetary_Incentives_as_a_Motivational_Tool_in_Sports.pdf 211 KB THE USE OF NONMONETARY INCENTIVES AS A MOTIVATIONAL TOOL IN SPORTS  664 argued that an athlete’s motivation is very critical, but what is more critical is the understanding of what exactlymotivates

Incentive Plan Paper

799 words - 4 pages techniques for Texas Sports Beat require the organization to take a deeper look within the organizational culture to find ways to offer and introduce the ‘Incentives Plan Program.’ “How can the organization attract and keep quality staff ensuring everyone is involved and interested?” As mentioned in the above paragraph, cash is not always the answer and in countless cases not even the best response. According to the Law of Individual

Motivation

1810 words - 8 pages getting the most out of their money. So it„s essential that employees are motivated to provide the highest levels of service that will set the company apart. Whilst it may be tempting for employers to make a quick saving by cutting the incentives budget, it‟s also a false economy. It‟s important to remember that organisations with effective incentive schemes and high employee engagement consistently and significantly outperform their competitors

Aspects of a Job Offer

552 words - 3 pages factor when choosing a job is incentives. Incentives is extra cash on top of your salary. Some companies provide pay raises based upon work performance and longetivity with the company. Examples of work incentives are gym memberships, flexible hours, and merchandise discounts. With a high salary you wouldn’t need all these incentives. These work incentives are just an attraction by companies to lure you into their job offers.All in all, there are

Related Essays

Compensation Incentives Essay

3610 words - 15 pages Compensation Incentives Theory and Practice Compensation is the direct financial consideration offered by employer to employee in return for work done or service offered by employee during the period of employment. Incentives are ‘extra’ benefits given to employee in recognition of high quality performance. Incentives also ensure employee-loyalty to organization. In a way, incentives inspire employees to put in ‘extra’ effort in ‘work

Incentives And Productivity Essay

1228 words - 5 pages Incentives and Productivity Karen N. Chavis BUS 642 Instructor: Ruizhen Hardin October 15, 2012 Incentives and Productivity Background and Introduction Over the past several years, I have been employed by two companies that specialize in healthcare revenue cycle management. My particular job function focuses on eligibility for benefits. On a small-scale level, I work with patients who are uninsured to determine what type of benefits

Incentives Channel Of Dis Essay

8849 words - 36 pages J. of the Acad. Mark. Sci. (2014) 42:361–379 DOI 10.1007/s11747-013-0364-3 ORIGINAL EMPIRICAL RESEARCH When do incentives work in channels of distribution? David I. Gilliland & Stephen K. Kim Received: 31 December 2012 / Accepted: 1 November 2013 / Published online: 7 December 2013 # Academy of Marketing Science 2013 D. I. Gilliland Aston University, Birmingham, UK B47ET incentive offers because monetary rewards offset the

Google & Employee Incentives Essay

3123 words - 13 pages . What We Can Learn As Employee Incentives In It Companies: What Can We Learn From Google? illustrates, incentive policies and the general atmosphere at a company must take into account the different motivations behind each individual, especially with respect to IT professionals. In fact, an employee survey called Googleist showed that salary was more important than any other part of their pay, including bonuses and equity. Although this