Review:
Incentive Compensation Plans
overall review score: 4.5
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score is between 0 and 5
Incentive compensation plans are structured programs used by companies to motivate employees to achieve specific goals or objectives by rewarding them financially.
Key Features
- Goal-oriented rewards
- Performance-based incentives
- Customizable plans
- Enhanced employee motivation
Pros
- Improves employee performance and productivity
- Encourages goal-setting and achievement
- Aligns employee interests with company objectives
Cons
- Complex to design and implement
- May create unhealthy competition among employees
- Requires careful monitoring and evaluation