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After studying this chapter, you should be able to: 1. Discuss the main incentives for individual employees. 2. Discuss the pros and cons of incentives for salespeople. 3. Name and define the most popular organizationwide variable pay plans. 4. Describe the main incentives for managers and executives. 5. Outline the steps in developing effective incentive plans. | Pay for Performance and Financial Incentives Chapter 12 Part 4 | Compensation After studying this chapter, you should be able to: Discuss the main incentives for individual employees. Discuss the pros and cons of incentives for salespeople. Name and define the most popular organizationwide variable pay plans. Describe the main incentives for managers and executives. Outline the steps in developing effective incentive plans. 12– © 2008 Prentice Hall, Inc. All rights reserved. Motivation, Performance, and Pay Incentives Financial rewards paid to workers whose production exceeds a predetermined standard. Frederick Taylor Popularized scientific management and the use of financial incentives in the late 1800s. Systematic soldiering Fair day’s work 12– © 2008 Prentice Hall, Inc. All rights reserved. Employee Incentive Plans Individual Employee Incentive and Recognition Programs Sales Compensation Programs Organizationwide Incentive Programs Executive Incentive Compensation Programs Team/Group-based Variable Pay Programs Pay-for-Performance Plans 12– © 2008 Prentice Hall, Inc. All rights reserved. Incentives for Salespeople Salary Plan Straight salaries Best for: prospecting (finding new clients), account servicing, training customer’s salesforce, or participating in national and local trade shows. Commission Plan Pay is a percentage of sales results. Keeps sales costs proportionate to sales revenues. May cause a neglect of nonselling duties. Can create wide variation in salesperson’s income. Likelihood of sales success may be linked to external factors rather than to salesperson’s performance. Can increase turnover of salespeople. 12– © 2008 Prentice Hall, Inc. All rights reserved. Incentives for Salespeople (cont’d) Combination Plan Pay is a combination of salary and commissions, usually with a sizable salary component. Plan gives salespeople a floor (safety net) to their earnings. Salary component covers company-specified service activities. Plans tend | Pay for Performance and Financial Incentives Chapter 12 Part 4 | Compensation After studying this chapter, you should be able to: Discuss the main incentives for individual employees. Discuss the pros and cons of incentives for salespeople. Name and define the most popular organizationwide variable pay plans. Describe the main incentives for managers and executives. Outline the steps in developing effective incentive plans. 12– © 2008 Prentice Hall, Inc. All rights reserved. Motivation, Performance, and Pay Incentives Financial rewards paid to workers whose production exceeds a predetermined standard. Frederick Taylor Popularized scientific management and the use of financial incentives in the late 1800s. Systematic soldiering Fair day’s work 12– © 2008 Prentice Hall, Inc. All rights reserved. Employee Incentive Plans Individual Employee Incentive and Recognition Programs Sales Compensation Programs Organizationwide Incentive Programs Executive Incentive Compensation Programs
