Answered: What are the key advantages and…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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What are the key advantages and disadvantages of Incentive plans?

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Step 1

Advantages of an incentive pay system: -

1. With the help of an incentive system, an employee can differentiate between good and bad performance at a workplace and thus can improve their own performance.

2. Employees can compete with each other for the incentive pay.

3. It can help to retain the employees for a longer period.

4. Employees can clearly identify their personal goals.

5. Organizations can squeeze out the best performance of the employees through this scheme.

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