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The characteristics of sound incentive wage plan are stated below:
1. Approval of Management, Workers and Trade Union: All the interested parties must accept, support and co-operate in the incentive plan. In the absence of employee support, the programme of incentive will fail.
2. Work Standard: The standard upon which wage incentive is based should be fixed through careful work measurement devices, e.g., time and motion studies, work sampling.
3. Guaranteed Base Wage: Normally the base rate is determined by job evaluation. The employee should be dropped due to the circumstances beyond his control and there must be security of income.
4. No Unwarranted Rate Cutting: The work standard or quota, in time or money per unit, must be guaranteed by management against unilateral and unwarranted rate cutting.
5. Easy Calculation of Earnings: Complexity is one of the basic drawbacks of many incentive plans. Management should try to simplify it as for as possible.
6. Grievance procedure: An incentive plan of wage payment should have effective grievance procedure to deal with complaints and dissatisfaction ventilated by employees
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Characteristics of sound business plan?
1.objective 2.clear 3.logical and simple 4.flexible 5.complete and integrated
What is the difference of monetary and non-monetary incentive?
monetary relating to moneyIndividual Incentives-incentive‐based pay plan that rewards individual performance.Bonus-Individual performance incentive in the form of a special payment made over and above the employee's salarynonmonetary not relating to moneyFlexible Hours.Holidays.Job PromotionRecognitionIndependence and Autonomy.
6 characteristics of the american economy?
The six characteristics of the American economy or little or no government, freedom of enterprise, private property, eminent domain, profit incentive and competition to keep prices low.
What is the synanym for incentive?
A good synonym for "incentive" is "motive".
What is capital incentive?
CAPITAL Incentive DMC - The best company in the Canary Islands.
What does EIP stand for relating to a bank?
Employee Incentive Plan
Use profit incentive in a sentence?
Kim's desire to be rich was her motivation for studying in school.
Which are characteristics of a good security plan?
TailorableScalableResponsive
Does plan have a long a or short a sound?
"Plan" has a short a sound, like in the word "cat."
Characteristics of sound business plan?
1.objective 2.clear 3.logical and simple 4.flexible 5.complete and integrated
What is meant by a sales incentive plan?
A sales incentive plan is a business tool used by sales managers to boost the working force to increase sales in the retail store establishment. Incentives can be cash rewards, higher commissions, upgrade in the company or a worthwhile raise.
What are characteristics of sound energy?
The main characteristics of sound are frequency, amplitude and wave length
What is the 4 characteristics of sound?
The four characteristics of sound are pitch (frequency of sound waves), volume (amplitude of sound waves), timbre (quality of sound), and duration (length of sound).
What is an example of incentive travel?
Incentive travel is travel that is given as a reward for something. This can be for excellent employee performance or as part of an airline loyalty plan, such as travel purchased with frequent flyer miles.
How do you contact the plan administrator for First National Bank of Boston thrift incentive plan?
To contact the plan administrator for the First National Bank of Boston Thrift Incentive Plan, you can check the plan documents or your account statements for contact information. Alternatively, you can visit the bank's official website or call their customer service line for assistance. If you have specific inquiries, preparing your account information beforehand can help facilitate the process.
What are three characteristics of sound?
Three characteristics of sound are pitch (frequency of vibrations), volume (amplitude of vibrations), and timbre (quality of sound).
What is the purpose of a sales incentive compensation plan?
The purpose of sales incentive compensation plans is to influence a company's sales reps. To be successful these plans must provide strong incentives with short quotas.
