Essay: Group Incentive Plans

24 Oct

Essay: Group Incentive Plans

Sample Essay

The group incentive plans focus on rewarding the group financially and not individuals of the group to foster team work, good relationships and collaboration at workplace. Gain-sharing is an incentive whereby management wishes to increase participation and incorporate views of employees in running affairs of an organization.

In this case, the organization encourages employees to participate in making suggestions and decisions on how to improve the way the company or work group operates, and as the growth is realized through improved performance employees  receive a share of the greater earnings. Additionally, the organization can share and inform the employees what they are going to earn by at least publishing pay ranges. If the incentive pay plans are approached as stipulated then money can account up to 46.82% as a motivating factor for employees (Wiley 1995).

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