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15 Cards in this Set
- Front
- Back
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Short Term Incentive Plans |
variable pay schemes that financially reward and reinforce employees for performance or other meritorious conduct within a period of one year or less of the performance or conduct |
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Spot Bonuses |
a form of recognition given to individual or teams at the discretion of management usually unannounced and therefore, unexpected they do not typically shape behaviour |
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Merit Bonuses |
part of a formal compensation program and often formula driven dependent either on indivudal, team, division or organization performance or a blend of all fourt merit bonuses are provided at the management/professional level |
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Profit Sharing |
dependent on the profitability of the organization, and not necessarily on individual performance |
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Cash Plans |
are paid out on quarterly semi-annual or annual basis |
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Deferred Plans a.k.a. Deferred Profit Sharing Plans |
bonuses are not paid out as cash but are held in trust for employees, thereby having certain tax advanatages payout comes at retirement or when the employees leaves the organization |
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Commission |
normally provided to sales people and are dependent upon sales volume |
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Piecework |
compensation based on the number of units created or processed in a given time period |
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Straight Piecework |
a set amount is paid for each piece |
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Guaranteed Piecework |
there is a guaranteed minimum wage enhanced by straight piecework for a number of pieces produced above a certain minimum |
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Gain Sharing |
takes place when productivity and performance gains are shared with employees on the basis of an agreed formula |
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Scanlon plan |
an early version of gain sharing which uses suggestions and participative committee, and where profit sharing awards are calculated using payroll costs and revenue results (this is the most common gain sharing plan, often used in unionized environments) |
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Rucker Plan |
gain sharing where benefits are determined by dividing payroll costs by sales value (total sales minim materials and supplies) |
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Improshare |
gain sharing plan that does not involve employee participation and is based on the creation of departmental production standards that are used as a basis for calculating bonuses |
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Standard Hour Plan |
based on a worker receiving a bonus for exceeding the performance standard, calculated as a percentage of his/her hourly wage, and equivalent to the degree to which the performance standard was exceeded |
