A pay formula for the '90s

Article Abstract:

The employee compensation formula for the 1990s includes job security, fringe benefits, and wages. The high rates of unemployment in the 1980s, and changing job skills requirements for the next decade have made job security a primary concern among workers. Employee compensation packages in the 1990s will have to contain job security measures to attract and retain the best employees. The fringe benefits packages of the 1990s will typically include medical and other insurance coverage, but many also will contain other perks such as health and country club memberships, and company cars. Wages and wage adjustments in the 1990s will be reflected by performance appraisals, accountability measurement, and anniversary dates.

Methods, Forecasts and trends, Compensation management, Wages, Wages and salaries, Employee benefits, Job security

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Manage group incentive systems

Article Abstract:

The effectiveness of group incentive plans that include gain and profit sharing programs depends on the how the formula is designed, how the plan is installed, and how the plan is managed. Group incentive plans sometimes end up paying out extra money for results that could have been obtained without the programs, or seem to be working but not as effectively as they could. The factors that can hinder the success of group incentive plans include infrequent payouts, plan changes that are misunderstood or mistrusted, and inadequate communications.

Analysis, Management, Incentives (Business), Profit sharing, Gain sharing

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