Asked by Erinn Whitlock on May 01, 2024
Verified
What is the method where a combination of performance measures directed toward the company's long- and short-term goals are used as the basis for awarding incentive pay?
A) merit pay
B) profit sharing
C) gainsharing
D) balanced scorecard
E) Scanlon plan
Incentive Pay
A form of compensation designed to reward employees for achieving specific performance targets, thereby motivating them to increase productivity.
Performance Measures
Metrics or indicators used to assess the efficiency, effectiveness, or outcomes of an activity, process, team, or organization.
Long-Term Goals
Objectives or targets that an individual or organization aims to achieve over an extended period, typically requiring considerable planning and effort.
- Apprehend the distinct types of incentive pay arrangements and the objectives they seek to fulfill.
- Understand the concept and implications of the balanced scorecard method in incentive pay.
Verified Answer
Learning Objectives
- Apprehend the distinct types of incentive pay arrangements and the objectives they seek to fulfill.
- Understand the concept and implications of the balanced scorecard method in incentive pay.
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