BUS434 Wk 4 dis 2
BUS434 Wk 4 dis 2
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Date Created: 11/14/15
BUS434 Wk 4 dis 2 Performance Incentives Compare and contrast when it would be preferable to motivate employee performance through shortterm incentives versus longterm incentives and Viceversa Respond to at least two of your classmates39 postings Compare and contrast when it would be preferable to motivate employee performance through shortterm incentives versus longterm incentives and viceversa Incentives plans quotare dynamic motivational perks geared to optimize employees39 performance through the expectation of a reward They may take the form of gifts time off with pay trips or cash awardsquot Focus on incentive plans 2007Two different types of incentive plans are long term incentives and short term incentives When it is preferable to motivate employees through shortterm incentives There are several different reasons why an organization would want to offer short term incentive to their employees Short term incentives are helpful when an organization is looking to make quick changes to improve performance needs that may not be needed for a long period of time 0 Needing additional employees Some organizations may have trouble hiring individuals when the market is saturated Because of this they may have hiring bonuses usually in the form of quotcashquot that gets added to their paychecks Usually this requires the employee to complete the hiring and training process and agree to work a certain length of time 0 Needing employees to work quotovertimequot At times companies need additional quotstaffed hoursquot in order to meet the demands of customers and clients When customers mandate employees to work these extra hours it can cause low morale or may even cause attrition To avoid this some organizations offer employees incentives to working extra house in order to get volunteers This may be extra time off or gifts such as gift cards 0 Meeting a goal At times organizations may have a hard time meeting goals or key performance indicators that have been put in place Because of this they may put an incentive plan in place to motivate employees to reach that goal For example the employees that reach the goal by the end of the month will receive a 100 bonus on their paycheck When it is preferable to motivate employees through longterm incentives Long term incentive plans are used to improve employees long term performance and encourage employees to remain loyal to an organization Here are some examples of long term incentive plans 0 401K plans If an organization has a solid retirement plan for their employees it is a huge incentive Most organizations match employees39 contributions up to a percentage of their paycheck Increases in vacation time In most organizations employees start accruing vacation time from six months to one year after their hire date The longer you are With the company the more time that you accrue annually This encourages employees to stay With an organization 0 Stock Options Some organizations offer employees stock after they have been With the company for a certain amount of time The employee pays a percentage of each share39s value With the company paying the balance The amount of shares that an employee receives increases With the length of time they stay With an organization As I mentioned it is preferable to offer shortterm incentive plans in order to increase performance and meet company goals Long term incentives are also used to increase performance but in a different way Long term incentives are more for employee satisfaction and to help build employee morale Which increases performance Long term incentives also help keep employees loyal to a company When employees stay With an organization it decreases the organizations training cost Focus on incentive plans 2007 Telemarketing 1012 52 Retrieved from http searchproquestcomdocvieW208 153966 accountid325 21
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