Contribution

Types of Wage Incentive Plans Wage fillip invents whitethorn be classified into two broad categories as follows: Individual inducing be afters, and Group incentive blueprints. Individual Incentive Plans at a lower place widowed incentive plans, lettuce are related directly to the slaying of the respective(prenominal) worker. In case of sort incentive schemes, earnings of a group are related to the performance of the group as a whole. Individual incentives may be base on age or turnout. Under time found plans, a monetary tired time is determined and bonus is presumptuousness if a worker completes the job in slight than type time. Under return based plans, a standard of output is determined and workers producing to a greater extent(prenominal) than the standard output are given bonus. dissimilar types of individual incentive plans are given in interest diagrams: 1. Individual Incentives Time Based 1. Halsey or Weir Plan This p lan was develop by F.A. Halsey and was first introduced in the Weir Engineering Works, England. Under this plan, a standard time is fixed on the prat of outgoing performance records. A worker who completes his job at bottom or more than the standard time is stipendiary a guaranteed time wage. A bonus (usually 50 per cent) of the time protected is paid to a worker who completes his job in less than the standard time. The bonus is taked o the basis of time rate. Merits The plan is simple to understand. A worker can easily shoot for his earnings. Both the employee: and the workers derive equal benefit of time saved. A guaranteed minimum wage to every worker provides a dwell of security. The plan encourages the workers to be efficient because bonus is based on time saved. Demerits Standards based on past performance may not be scientific and fair. Workers land only one-half of the benefit of their efficiency. If the workers rush through the job to save more time, the quality of production may suffer.! Wastage and spoilage may also increase. Much clerical work is involved because records of...If you want to get a full essay, order it on our website: BestEssayCheap.com

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