OMM 618 Week 4 Assignment

Apr 17th, 2015
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Ashford University
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Incentive PlansWeek 4 AssignmentAshford UniversityIncentive Plans:Organizations use incentive plans to motivate their workforce and keep them committed to bring efficiency and effectiveness in their assigned tasks. It is far more important for companies to attract and retain skilled and productive people. Competitive incentive plans are of critical importance in this regard. There are number of incentive plans that companies can use to motivate, attract and retain employees. Annual bonus, spot rewards, individual initiatives, long term incentives and merit pay are some popular types of incentives (Aquila, 2007) used by companies to keep their employees motivated and reward their efforts. When employees are motivated, they devote their potential efforts to bring efficiency and productivity in their work which in turn prove to be use full for company. Annual Bonuses:Annual bonus is a popular type of incentive plans used by companies in common. As its name implies, annual bonus is given to employees at the end of the years. It is an additional payment received by employee on the top of his regular salary. Amount of bonus is different in different countries. Management personnel decide about amount of bonus and who will get what. Annual bonus as an incentive plan has some advantaged and disadvantages (Aquila, 2007). Advantages:Incentive and Motivation:Annual bonus is a source of motivation for employees and can be used as an incentive especially in fields w

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