Asked by Cameron Simmons-Willis on May 02, 2024
Verified
InfoTech Inc., a sales and marketing company, wants to combine the advantages of different incentive-pay plans and help employees understand the organization's goals. Which plan will help the company accomplish this goal?
A) the Scanlon plan
B) a balanced scorecard
C) a dashboard
D) an employee stock ownership plan
E) a differential piece rate system
Incentive-Pay Plans
Compensation strategies designed to motivate employees by tying a portion of their pay directly to their performance or achievements.
Scanlon Plan
A type of gainsharing program that incentivizes employees to improve productivity through teamwork and sharing the cost savings.
Balanced Scorecard
A strategic planning and management system that organizations use to communicate what they are trying to accomplish, align daily work with strategy, and prioritize projects, products, and services.
- Discern the various purposes and consequences of incentive programs like the Scanlon plan, gainsharing, and employee stock ownership plans (ESOPs).
Verified Answer
VH
Vincent HughesMay 07, 2024
Final Answer :
B
Explanation :
A balanced scorecard is a performance management tool that combines financial and non-financial measures to help organizations track progress towards achieving their strategic goals. By using a balanced scorecard, InfoTech Inc. can incentivize employees based on multiple metrics such as customer satisfaction, employee satisfaction, and financial performance, while also communicating the organization's strategic objectives. This plan will help the company achieve its goal of combining the advantages of different incentive-pay plans and help employees understand the organization's goals.
Learning Objectives
- Discern the various purposes and consequences of incentive programs like the Scanlon plan, gainsharing, and employee stock ownership plans (ESOPs).