Business Finance
There are a range of incentive plans for individuals and groups or teams. Think like an HR director who is responding to a work situation with a pay solution. Consider different types of pay plans along with their advantages and disadvantages.
Complete the following:
- Select one individual plan, one team plan, and one long-term incentive plan.
- Describe a situation in which each of these plans would be most appropriate, and justify why it is appropriate. In your descriptions, include the type of company and type of work as well as the position or positions that would be affected by your plan.
For example, if you selected a team-based plan, you might describe a department in a retail store that has a history of employees not covering for each other during the holiday rush period. You may use actual examples and reference a company as you have witnessed it, or you may describe a generic situation. In your descriptions, include how you think your chosen incentive plan will affect behavior and achieve intended results.
Your assessment should be no longer than two pages. Drafting a table that compares and contrasts the scenarios as a summary is appropriate but also requires a narrative describing the situations. Be sure to use proper APA (6th edition) style and formatting.
