18 Sep 3-2 Rudd
reply to the students response in 150 words and provide 1 reference
question
What are the two basic requirements of an effective incentive pay plan? Please remember to explain your reasoning.
students response
An effective incentive plan must fulfill two basic criteria. The first criterion is that the employees must believe that the incentive plan being used by the organization is based on a system that uses accurate methods and procedures to rate employee performance. If the employees perceive that the performance rating system has loopholes and does not take into consideration their actual performance, the employee will not like the incentive plan used. It is important that the employees perceive the incentive plan as being effective and a true representative of their performance. The second criterion is that the incentive plan offer incentives the employees respond to and appreciate (Fotsch & Case, 2018). The incentives have to be based on challenges the employees would be willing to put themselves into. The rewards should be designed such that they receive appreciation from the employees as well.
Reference:
Fotsch, B., & Case, J. (2018). The key to an effective incentive plan. Retrieved Sept. 16, 2019, from https://www.forbes.com/sites/fotschcase/2018/05/15/the-key-to-an-effective-incentive-plan/#2978ef6d31a7
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