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paid time-off to volunteer for charity

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What incentive most likely motivate junior engineers who have recently graduated from university?

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Variable pay

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Term plan that refers to any plan that ties pay to productivity or to some other measure of the firm's profitability is called:

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Performance appraisals

answer

Accurate ______ are a precondition for effective variable pay plans

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Spot bonus

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Amy received $2000 from her employer last week in order to recognize the extra hours that she had worked in past month. Amy received:

question

profit-sharing plan

answer

Type of incentive plan that generally is organization-wide and that provides employees with a share of the organization's profit

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Gain-sharing program

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Type of incentive plan that is an organization-wide plan designed to reward employees for improvements in organizational productivity.

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Piecework plan

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most common and Oldest type of incentive plan is the system of pay based on the number of items processed by each individual worker in time. Known as:

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Straight piecework plan

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Under this, each worker receives a set payment for each piece produced in a factory. It is known as:

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Guaranteed piecework plan

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Under this, each worker receives min-hourly wage plus incentive for each piece produced. this is:

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Standard hour plan

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Worker is rewarded by a percent premium that equals percent by which his/her performance is above standard, this is known as:

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team or group incentive plan

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production standard is set for specific work group, and its members are paid incentives if the group exceeds the production standard.

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Each worker's rewards are no longer based just on his/her own efforts

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Cheif Disadvantage of group plans:

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Bonus/incentive

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Most employers pay their managers and executives some type of:

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Annual bonus

answer

Short-term incentive plan that is designed to motivate the short-term performance of managers and is tied to company profitability is called:

question

Salary grade

answer

Not to consider when implementing short term incentive plan for senior manager

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Key position, salary level, salary grade

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Following criteria to become eligible for a short-term incentive program

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salary-level cutoff point

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When all employees earning over a threshold amount are automatically eligible for consideration for short-term incentives, this is called criterion of:

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Salary grade

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Refinement of the salary cutoff approach to short-term incentive eligibility, assuming that all managers should be eligible for short-term incentives:

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individual award

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Target bonus is set for each eligible position and adjustments are made for greater/less then targeted performance:

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profit sharing

answer

Plan that offers each person a bonus based on company's results regardless of individual's effort

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bonus

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With true individual incentive, it is manager's individual effort and performance that are rewarded with:

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multiplier method

answer

Way to get around paying too much to individuals in split-award, whose performance is not great:

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Capital accumulation programs

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Long-term incentives most often reserved for senior executives are called

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Retained earning plan

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NOT part of long-term incentive plans extended to employees

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Performance plans

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Long-term incentive plans whose payment or value is contingent on financial performance measured against objectives set at the start of a multi-year period are called:

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Corporate strategy

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Executive compensation is more likely to be effective if it is appropriately linked to:

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industry

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Sales compensation relied heavily on incentives(sales commision) although this varies by:

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salary and commissions

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Most prevalent approach to compensating salespeople:

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commission plan

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Paying salespeople according to a plan that compensates them in direct proportion of their sales is:

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white-collar employees

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term "merit pay" most often used with respect to:

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Merit pay

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Amy received a salary increase based on her individual performance over the past year. Amy received the following type of compensation:

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only pay tied directly to performance can motivate improved performance

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NOT a backfire of merit pay

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Paid in one lump sum once a year

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One adaption of merit pay plans is merit raises that are:

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merit raise is based on individual performance, although the overall level of company profits may affect the total sum for merit raises

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Traditional merit pay plans have the following characteristics:

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Professional employees

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Employees whose work involves the application of learned knowledge to the solution of the employer's problems are referred to as:

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Salary and fringe benefit programs

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NOT in incentive plans in which virtually all employees can participate

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deferrer profit-sharing plan

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When predetermined portion of profits is placed in each employee's account under the supervision of a trustee is called:

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employee stock ownership program

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incentive plan that Corporation contributes shares of its own stock to a trust, and distributes the stock to employees on retirement or separation from service is:

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Guaranteed minimum payouts

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NOT Basic feature of Scanlon plan

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Identity

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One feature of Scanlon plan; company's mission or purpose must be clearly stated, employees must understand how business operates in terms of customers, prices and costs

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employees

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Scanlon plan has been successful at reducing costs and fostering a sense of sharing and cooperation among

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Gainsharing plan

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Engages may/all employees in a common effort to acheive a company's productivity objectives by sharing the resulting cost savings among employees and the company is:

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line of sight

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There are several specific common-sense considerations in establishing any incentive plan. Of primary importance is:

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lack of recognition and praise

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Recent research indicates that primary cause of high employee turnover is:

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High performers

answer

Recognition is important for ______, who are driven by internal motivation.

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