Management Incentive Plan of Ex-Cell-O Corp
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FAQ
Annual incentive plan. A pay plan that rewards the accomplishment of specific results. Discretionary bonus plan. Spot awards. Profit-sharing plan. Gain-sharing plans. Team/small-group incentives. Retention bonus. Project bonus.
Pay and allowances. Regular increments in salary every year and grant of allowance act as good motivators. Profits sharing. Co-partnership/stock option. Bonus. Commission. Suggestion system. Productivity linked with wage incentives. Retirement benefits.
Tax Incentives. Financial Incentives. Subsidies. Tax rebates. Negative incentives.
The 10 Different Types of Incentive Programs.
Target the Audience. Similar to a marketing plan or a training plan, your incentive plan needs to be targeted to a specific audience. Establish SMART Goals. Offer Appealing Rewards. Align with Your Culture. Incorporate Training. Communicate, Track, Report, Communicate.
Individual Incentive Plans: Individual incentive plans may be either time-based or production-based. Group Incentive Plans: As against individual incentive plans, there are group incentive plans which induce the whole group of workers.
Types of Incentives Monetary or Financial Incentives and Non-Monetary or Non-Financial Incentives (With Advantages and Disadvantages) An 'incentive' or 'reward' can be anything that attracts an employees' attention and stimulates him to work.
Compensation incentives may include items such as raises, bonuses, profit sharing, signing bonus, and stock options. Recognition incentives include actions such as thanking employees, praising employees, presenting employees with a certificate of achievement, or announcing an accomplishment at a company meeting.