Use your knowledge of team reward systems to answer the following question.If your team reaches its performance and quality targets then the team will receive a monetary bonus.O Skill-based payO Team bonus planO Gain-sharingUse your knowledge of teamwork competencies to answer the following question.You are responsible for staffing a decision-making team that must be able to share information openly and honestly to perform well. Knowing this,which teamwork competency will you be most targeting in your hiring initiative for this team?O Task coordination abilitiesO Collaborative problem-solving abilitiesO Communication abilities

Note: “Since you have asked multiple questions, we will solve the first question for you. If you want any specific question to be solved then please specify the question number or post only that question.” Team reward system describes all kinds of monetary and non-monetary rewards that a business organization provides to its employees in exchange for the work done by them. This system is a way to encourage employees to perform better using rewards as motivation tools.The correct answer is Option B. Reason: A team bonus plan is a reward plan in which the employees receive a pre-determined monetary amount from their employers if they achieve certain targets or a certain level of performance. This monetary amount is not provided to them until the specific target or level of performance is achieved by them. It is an amount paid to the employees other than their salary or wages. The purpose of the bonus plans is to motivate employees to improve their performance and achieve the desired quantity or quality targets.Reasons for incorrect options: Option A: Skill-based pay is a type of model of compensation in which the skill, knowledge, and experience of the employees are considered to determine the amount of their daily wages or salary or compensation for the job duties allotted to them. It is not an additional amount which is provided only if certain targets are achieved by the employees. The increase in compensation amount also depends upon the increase in skills or knowledge. Option C: Gain-sharing plans are the type of rewards plan in which the employees receives an additional amount other than their salaries or wages depending upon their performance. However, it is different from the bonus plan as the amount to be received by the employees in this is not pre-determined and depends upon the gains or profit earned by the organization due to the improved performance of the employees.Hence, the correct answer is Option B, as the team bonus plans offer a pre-determined bonus amount to the employees if they achieve certain targets. The rest of the options which are skill-based pay and gain sharing are incorrect. Skill-based pay is a compensation model while gain sharing does not promise a predetermined bonus amount.