Give an example of Group Incentive Plans?
Give an example of Group Incentive Plans?
Group incentive plans are designed to motivate and encourage group members to achieve an exceptional level of professional achievement. Group incentives schemes accolade the employees for their mutual performance, rather than rewarding each employee individually. Sometimes the situation came when the performance of an individual is not measurable. More than one person is required for completing a task. The work an individual might be dependent on others. Thus, under such circumstances, the intensive is offered to the group members.
The Priest man's plan is one of the most important types of group incentive plans. Under this scheme, an organization fixed a standard production, if the team achieves the more than the standard production then the profit is shared on the basis of the amount which the organization has achieved more than the standard level.
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