Types of Incentive Schemes
Incentive schemes exist for all types of people working in an organisation – manual, managerial, and professional employees. The most common incentive schemes are stated below:
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Pre-requisites for Successful Incentive Plans
Incentive plans will not be successful if these are well thought out and carefully executed. The success of incentive schemes in an organisation will depend on certain prerequisites. ...
Incentives
Incentives plans provide financial and non-financial rewards to employees who make substantial contributions to organizational effectiveness. – Wendell French (1997:396).
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Activities of HRM
Major HR Management Activities
1. Strategic HR Planning and Analysis
a) HR Planning : Human resource planning is the continuous process of systematic planning to achieve optimum use ...
Incentive systems
Incentive systems exist for almost every type of job from manual labor to professional, managerial, and executive work. The more common incentives are discussed in the following pages.
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Profit sharing and stock option plans (PSSOP)
Profit sharing is scheme whereby employers undertake to pay a particular portion of net profit to their employees on compliance with certain service conditions and qualifications. The ...
Pay for knowledge / Pay for skills Compensation
Pay for knowledge and pay for skill compensation systems reward employees with higher pay as an incentive for the increased knowledge or skills they acquire.
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Incentive
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An organization’s success requires an effective strategy that is attained by achieving the underlying goals and objectives. ...
The purpose of Incentives as Nontraditional Compensation
Employees who work under a financial incentive system find that their performance determines their pay in whole or in part. As a result, incentives reinforce performance on a regular ...
Eligibility and Coverage for Incentive
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Who is eligible of incentives, and other forms of nontraditional compensation? The extent of coverage is crucial because ...