Asked by Bryce Burns on Jun 22, 2024
Verified
Which of the following is an individual incentive plan?
A) piecework
B) production incentive plans
C) employee stock ownership plans
D) team results
E) profit-sharing plans
Individual Incentive Plan
Compensation strategy designed to reward employees based on their individual performance achievements.
Piecework
A payment method based on the amount of work completed rather than the time taken, frequently used in manufacturing and agriculture.
- Differentiate among various individual incentive schemes and their uses.
Verified Answer
JW
Julian WilhelmJun 26, 2024
Final Answer :
A
Explanation :
Piecework is an example of an individual incentive plan as it rewards employees based on the number of units produced or tasks completed individually. Production incentive plans can also be individual or team-based, but the focus is on rewarding employees for achieving production targets individually. Employee stock ownership plans, team results, and profit-sharing plans are team-based incentive plans.
Learning Objectives
- Differentiate among various individual incentive schemes and their uses.
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