...Head: Incentive Plans Paper * * * * * * * * Incentive Plans Paper Myra Callahan University of Phoenix MGT/431 Human Resources Management Brad Bridges March 6th, 2011 The organization’s incentive plans relate to organizational objective because of the involvement of the financial goals for the company. Objectives define strategies or implementation steps to attain the identified goals. Unlike goals, objectives are specific, measurable, and have a defined completion date. They are more specific and outline the “who, what, when, where, and how” of reaching the goals. The development of the objectives will be to help achieve goals by dividing them into manageable components (Workforce Development, 2009). Therefore, the objectives and incentive plans go hand in hand. Incentive Plans Incentive plans are not successful when it is extremely broad and is not created for the employees or staff members. There is a saying, “all for one and one for all,” that is no longer effectively accepted into the business world. It definitely discourages those trying their best in their job performances. This certain style of increase sharing is like an entitlement. Being that some employees slack in their performances, the productive employees will reject that style of incentives. Everyone must have a clear understanding of the incentive compensation and how it connects to his or her effort. A well thought out compensation plan will push...
Words: 905 - Pages: 4
...Employee Relations: Incentive Plans Paper Katrina J. King MGT/431 - Human Resources Management University of Phoenix July 19, 2011 Dr. Cassandra Molavrh Employee Relations: Incentive Plans Paper Money motivates employees. Cold hard cash. Cash money will always and forever be the most important factor in motivating employees. However, money is not the only solution. Developing solid incentive techniques for Texas Sports Beat require the organization to take a deeper look within the organizational culture to find ways to offer and introduce the ‘Incentives Plan Program.’ “How can the organization attract and keep quality staff ensuring everyone is involved and interested?” As mentioned in the above paragraph, cash is not always the answer and in countless cases not even the best response. According to the Law of Individual Differences; People differ in abilities, needs, personality, and values. Thus people react to different incentives in different ways. Because TSB Sports, is a small organization, it cannot afford to pay salary wages to employees. The organization employs contract workers to perform specific tasks. For an example: A staff photographer would be paid hourly wages per game worked.. Usually, three to 12 games per week (home games only). Photographers are paid by the hour, no matter staff, or freelance. Photographer’s incentives are opportunities to take images of players and coaches...
Words: 799 - Pages: 4
...Incentive Plans Paper LaKesha Lightfoot MGT/431 [ May 22, 2011 ] David Van Gorder Incentive Plans Paper Incentive plans are developed to encouraged motivation. Motivation comes in various forms, but most commonly in the form of money. Individuals find motivation by both recognition and money, which is the reason employers develop incentive plans that will appeal to both groups. Within this paper, incentive plans and how they relate to organizational objectives are reviewed. Whether those plans do or do not help the organization achieve its goals and objectives is also reviewed. Incentive plans Fittings Unlimited, Incorporated (FUI) has not considered the benefits of incentive plans. Therefore, employees have become inactive and lackadaisical. As individuals work and perform their job, it becomes second nature causing excitement and interest to fade. In an industry such as hydraulics, business functions at high speed and everyday needs are three days too late, employees need encouragement to keep going. Overworked employees who are under compensated make the need for motivational strategies more prevalent. Customer service, the essential element of an organizations growth process depends heavily on the employees administering excellent customer service. Motivating those employees with commission earnings from each sale would help ensure employees are performing at optimal levels. Commission earnings would show employees the value their employer put on good...
Words: 677 - Pages: 3
...Incentive Plans Paper Danyiel Brown MGT/431 University of Phoenix March 29, 2012 Demetrius Holt Incentive Plans Paper Incentive plans are reward plans that are used to motivate employees to perform past the common values of their company and increase their productivity created by their company. . There are three types of incentive plans recognized by the experts in the HR and development field; they are enterprise, group and individual. One of the incentive plans that most organizations provide these days is merit pay. Merit pay is determined by the employee’s work performance and achievements set forth by the organization’s standards. “Merit raises can serve to motivate if employees perceive the raise to be related to the performance required to earn it” (Al-Nsour, 2012). There can be a downsize to providing employees with merit raises because over years the employees performance may decline but they will still feel that they are obligated to receive the raised whether they performed or not. There are other issues that can occur with merit pay incentives such as no rules put in place for managers to calculate work performance, not enough funds obtainable to increase the base pay for the entire staff and some employees may assume merit pay has nothing to do with their work performance and overall productivity. Merit pay sometimes does not motivate employees of an upper level because of the lack of honesty on both the managers and supervisors and the employees which...
Words: 691 - Pages: 3
...for rural business and infrastructure development. 2010. Nr. 5 (24). Research papers. CRITICAL ISSUES FOR COMPENSATION AND INCENTIVES MANAGEMENT: THEORETICAL APPROACH Ramunė Čiarnienė, Milita Vienažindienė Kaunas University of Technology, Vilnius Co-operative College For most people, pay is a primary reason for working. Indeed, compensation is at the core of any employment exchange, and it serves as a defining characteristic of any employment relationship. The study focuses on critical points of compensation and incentives management. The fundamentals of a good incentive program include the elements of vision, potential, communication and motivation and can be realized if incentive promises are fulfilled – by both employer and employee. The aim of the paper is to identify the most important attributes of compensation and incentives management. Research method is the analysis and synthesis of scientific literature, logical, comparative and graphic representation. On the base of analysis, authors of this paper present the model of incentive system for positive employee attitudes and behaviors. Keywords: compensation, employees, incentives, management. Introduction Compensation refers to all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship. Pay may be received directly in the form of cash (e.g., wages, merit increases, incentives, cost of living adjustments) or indirectly through benefits and services (e....
Words: 2728 - Pages: 11
...Multiple Choice Quiz Inclass Quiz 7/7/11 20 Individual Staffing Plan Paper Prepare a 1,050- to 1,400-word paper in which you develop a staffing plan for the organization in which you work, or one with which you are familiar. Determine how many people you need to hire and in what functional areas, such as manufacturing, operations, customer service, distribution, marketing, and accounting. Develop strategies to recruit the appropriate applicants. Include a discussion of how the strategy is legally compliant. Use the reading assignments, interviews with your HR representatives or staff persons, website articles, Electronic Reserve Readings, and HR journal articles to support your position. Use at least two text references. Format your report consistent with APA version 6 guidelines. Submit copy of Plagariarizer Checker Submit certificate of originality 7/7/11 80 Learning Team Charter Create the Learning Team Charter. To receive full points, you must submit a complete charter, not just contact info. 7/7/11 30 Week Three: Compensation and Benefits Details Due Points Objectives 3.1 Analyze the impact of various compensation methods and benefit programs on employees and organizations. 3.2 Relate salary and benefit administration strategies to organizational culture and performance. 3.3 Examine how incentive plans relate to organizational objectives. Readings Read Ch. 11–13 of Fundamentals of Human Resource Management. Read this week’s Electronic Reserve Readings...
Words: 988 - Pages: 4
...|[pic] |Syllabus | | |School of Business | | |MGT/431 Version 6 | | |Human Resource Management | | |Puerto Rico Campus | Copyright © 2009, 2008, 2006, 2004 by University of Phoenix. All rights reserved. Course Description This course focuses on the strategic role of human resource management, personnel planning and job analysis, personnel selection, performance appraisal, compensation, training, and development from the vantage point of the manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: University policies: You must be logged into the student website to view this document. Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies...
Words: 2045 - Pages: 9
...head: HEALTH CARE SYSTEM EVOLUTION PAPER Health Care System Evolution Paper University of Phoenix Sandra Walther/ HCS 310 October 20, 2009 Understanding the roller-coaster experience with the use of market forces in health care over the past ten years provides important context for discussions of likely future developments in the nature of competition (Lesser, 2007). The period began with acceptance of managed care transforming the organization of medical care delivery and proceeded to a period in which many of the changes were reversed. This paper begins with observations on competition in 1995, which is slightly past what one might call the peak of managed care’s influence. It goes on to describe the market and policy responses to the backlash against managed care and then to competition in the post-managed care era; it concludes with some perspectives on the likely evolution of competition over the next few years. Competition in 1995 was highly influenced by the critical mass that managed care had achieved by that point. According to KPMG Peat Marwick’s 1996 survey of employers, 73 percent of those obtaining coverage through employment were in managed care plans, compared with 27 percent eight years earlier. Health maintenance organizations (HMOs) were the most popular plan type, accounting for 31 percent of the market (Lesser, 2007). The benefit structure in managed care plans included far less in the way of financial incentives for patients than had been the norm...
Words: 1369 - Pages: 6
...The Managerial Compensation Responding to Earnings Manipulation Ruoyu Zhang** August 10, 2012 Abstract When the true earning in each period is private information to the agent, then the performance based pay provides the agent with incentive to misallocate the earnings to get more compensation. To address the concern of earnings manipulation problem, SEC imposed a strict disclosure regulation in 1993. An optimal managerial contract should be designed not only to provide the agent with an incentive to take actions that enhance the actual profitability of the firm, but also to minimize the agent’s incentive to falsify earnings reports. This paper uses a two-period model to demonstrate that the compensation scheme contingent on reported earnings cannot provide the agent with the incentive both to maximize earnings and to report earnings honestly. In the optimal contract, the principal must still tolerate some degree of earnings management. In addition, with the increase of the misrepresentation penalty, the principal would rather lower the incentive to make the agent work less but report earnings truthfully. I thank Professor Jean-Etienne De Bettignies and Professor Olena Ivus for valuable comments and suggestions. All errors are my own. ** MSc Candidate in Business Economics, Queen’s School of Business. Email: 11rz3@queensu.ca Table of Contents Abstract ..........................................................................................................
Words: 5611 - Pages: 23
...White Paper Motivating Employees on a Budget Keeping employees motivated and engaged is more important than ever during tough economic times. This white paper takes you through the dos and don‟ts of incentivising on a budget - how to maintain morale and maximise the return on your investment. During difficult economic conditions, the competition for custom intensifies; customers become far more discretionary in their spending and focus on getting the most out of their money. So it„s essential that employees are motivated to provide the highest levels of service that will set the company apart. Whilst it may be tempting for employers to make a quick saving by cutting the incentives budget, it‟s also a false economy. It‟s important to remember that organisations with effective incentive schemes and high employee engagement consistently and significantly outperform their competitors. Unfortunately over two-thirds of employers report that low staff morale is currently an issue and almost three-quarters realise that they face the problem of re-engaging staff in the organisation.1 Going forward, employers are recognising that employee commitment will be vital if a company‟s performance is to be sustained. A recent survey found that 64% of employers intend to increase their focus on the motivational value of reward programmes over the next 2-3 years.2 It‟s commonly agreed that incentives have a positive and lasting effect on behaviour. One study reported that 75% of employers accept...
Words: 1793 - Pages: 8
...Compensation and Benefits Strategies Recommendations for Landslide Limousines Team A HRM531 November 10, 2014 Instructor Foy Wallace, III Compensation and Benefits Strategies Introduction to the assignment for the week. Recommendations for Landslide Limousines As we put this paper together, let’s make sure we cover all the requirements: • Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective. • Recommend a compensation structure. • Recommend the position in the market. • Create a total compensation and benefits strategy. • Consider the use of performance incentives and merit pay to recognize and engage employees. • Identify laws related to the benefits and pay program. A. Cody – Comparable to other businesses in the Area (what should the client choose as a benefit package)? Austin, TX average salary for a driver with experience is 38k. Other services are hiring in new drivers with clean credentials for $15 an hour plus tips. Austin drivers make about 6% less then the national median. This data was collected from indeed.com B. Patricia – Depending on the location check the Market or Strategy to see if it will work there. Landslide Limousine must take a close look at all competitors before building...
Words: 1174 - Pages: 5
...using effective compensation practices. Respond to at least two of your fellow students’ postings. Journal Article Research and Analysis. Using a variety of research techniques, write a 3-5 page essay that summarizes the impact and affect of compensation within an organization. This essay should be based on research obtained through a minimum of three Journal articles. Week 2 Seniority and Merit Pay. Define the concept of seniority and merit pay plans, including the strengths and limitations of such plans within an organization. Discuss the job, organizational and/or other factors that should be considered when deciding between the two. Respond to at least two of your fellow students’ postings. Incentive Pay Plans. Discuss how incentive pay plans – both individual and group – motivate employees to achieve high levels of performance. Identify potential weaknesses of these plans and suggest steps that can be taken to make these plans highly effective. Then, choose one industry that either an individual or group incentive pay plan would work best providing support for your reasoning (using personal examples to illustrate your point if possible). Explain your answer. Respond to at least two of...
Words: 1284 - Pages: 6
...51004 An Empirical Study on the Effects of Equity Incentive of the Listed Corporations in the SME Board of China —An Empirical Analysis Based on the View of Earnings Management Lixin Xu, Wenqin Cui School of Management, University of Science and Technology of China, Hefei, China Email: cuiwenqin27@163.com Received October 29, 2013; revised November 29, 2013; accepted December 6, 2013 Copyright © 2014 Lixin Xu, Wenqin Cui. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. In accordance of the Creative Commons Attribution License all Copyrights © 2014 are reserved for SCIRP and the owner of the intellectual property Lixin Xu, Wenqin Cui. All Copyright © 2014 are guarded by law and by SCIRP as a guardian. ABSTRACT Currently, most researches are focusing on Shanghai & Shenzhen exchange, and few researches have been done on the SME board. Besides, while studying the effect of equity incentive, most of the researchers have ignored the earnings management triggered by stock ownership incentive. This paper takes the SME board companies which have implemented stock ownership incentive as the research object. We have used earnings management to modify the company performance and carried out an empirical research to study the effect of stock ownership incentive. Our result shows that without earnings management...
Words: 4985 - Pages: 20
...Microfinance & Education (A Research Study) Poverty, and the alleviation thereof, has been a discussion that has spanned centuries, specifically in the Unites States of America (USA). Now while those discussions have taken shape in various itineration’s (ie: political platforms, debates on entitlement structure, or simply encouraging individuals to help those less fortunate), everyone seems to agree that its ultimate remediation is beneficial to society; however, in terms of the actual path of forward, we open up a gambit of opinions and approaches. While the disagreement is real, we can take solace in the fact that there appears to be significant consensus on the actuals drivers that play a significant role in empowering the poor, being Capital, Knowledge, and Opportunity. In discussing poverty, it’s important to note that, contrary to common belief, poverty is an epidemic not specifically reserved for developing nations, and continues to be a major problem in the US. The below graph, derived from the US Census Bureau highlights the level of poverty, per race within the US in 2011. Some interesting observations include the incredibly high poverty rates among African American and Hispanics, and the obvious intra-race poverty disparity. Regardless of ones opinion on poverty and the mechanism to alleviate it, it’s worth noting that poverty possesses a heavy cost not only on its victims, but on society as a whole. There is significant statistical correlation between high...
Words: 2571 - Pages: 11
...Incentive Plans Travis Green MGT 431 Human Resources Management May 26, 2012 Incentive Plans Providing job satisfaction and incentives for employees should be a priority for employers because incentive pay is often related to job satisfaction. Job satisfaction helps retain valuable employees and contributes to a companies continued success. According to Noe, et al, 2007, “An effective performance plan should be linked to an organizations goal and employees should believe they can meet performance standards.” (Noe, Hollenbeck, Gerhart, & Wright, 2007). This paper will examine incentive plans at EMCOR Mechanical Services and how these plans do or do not help the organization achieve its goals and objectives. At EMCOR Mechanical Services, the organizational objectives are to “go above and beyond promoting a profitable and sustainable business that meets the customers’ expectations, while maximizing opportunities.” The organization also places focus on career satisfaction, integrating employee’s values, integrity, teamwork, effective communication, and empowerment to make the job fun. As a nationwide organization, that continues to grow in a down economy, many employees are committed to the organization. These employees care about the quality of work they produce and are more productive because the company seems to care about them. Salary, flexibility, growth, interpersonal relationships, and a since of value should be taken into consideration when planning...
Words: 832 - Pages: 4
