Asked by Almaz Gulilat on Jul 12, 2024
Verified
What's the first step in the three-step approach in deciding on team incentives?
A) Performance measures are decided.
B) The size of the incentive is decided.
C) A payout formula is determined.
D) A survey is conducted.
Team Incentives
Rewards or benefits given to a group of employees for achieving specific goals or performance targets.
Performance Measures
Metrics used to assess the efficiency, effectiveness, and quality of an employee's or organization's work.
Payout Formula
A predefined method or equation used to calculate the amount to be disbursed to individuals or entities, often used in financial contexts like investments or insurance.
- Comprehend the significance of performance metrics in developing and ensuring the effectiveness of incentive schemes.
- Understand the elements that lead to the effectiveness or ineffectiveness of incentive schemes.
Verified Answer
Learning Objectives
- Comprehend the significance of performance metrics in developing and ensuring the effectiveness of incentive schemes.
- Understand the elements that lead to the effectiveness or ineffectiveness of incentive schemes.
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