Boost productivity with employee contests

Article Abstract:

Financial incentive programs are discussed as an effective way to increase production, while satisfying employees' needs for recognition and better compensation. When pay is linked to individual performance, employee morale and motivation are generally high and employee turnover is lower than average. Advantages and disadvantages to employee bonus programs based on productivity are examined. Among the disadvantages to such incentive programs are: (1) such programs fail to differentiate people and their positions, (2) often, companies cannot afford to make the incentives worth the extra effort of achieving them, (3) average employees may leave the company, unless they can also be rewarded as are the above-average achievers, (4) pay differences can cause co-worker conflicts, and (5) union leaders may be unwilling to negotiate incentive pay plans.

Methods, Innovations, Human resource management, Employee incentives, Compensation management, Goal setting

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A guide to more productive team incentive programs

Article Abstract:

For a company to increase productivity, and to sustain such increases, a proper reward plan must be implemented, and while in the past a simple sales commission might have been the answer, today's interdependent organizations need group rewards. The options discussed include: profit sharing; and Scanlon, Rucker, and Improshare plans. The Scanlon system is the most common, but it can develop disincentives as its three to five year base period makes it difficult to sustain high bonuses. Management must modify these old compensation systems systems to create new ones that are both productive and sustainable.

Planning, Employee benefits

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The Team that Works Together Earns Together

Article Abstract:

Group Incentive Plans (GIP) are beginning to be accepted as a viable alternative to individual Merit Pay Programs (MPPs). GIPs may be divided into three general types: profit sharing, group goal attainment and production improvement. In general GIPs can offer greater incentives to employees as they are more closely tied to productivity than are MPPs. It is possible to combine the two incentive methods to suit the style of the individual company. The GIP is worth considering as a positive link to increased productivity.

Evaluation, Work groups, Teamwork (Workplace)

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