Authoritative eBook answers to today's business problems

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#09-08

Complete Guide To Today's
Wage Incentive Plans 

SYNOPSIS

By definition, an incentive is a "reward for extra effort." If the reward happens to be, more pay for more work, then we call it a wage incentive. There are many wage incentive plans suitable for direct labor personnel, supervisory personnel, office personnel, as well as plans for groups of employees. Profit sharing is a form of wage incentive. Then there's the forward thinking Merit Pay plan that pays for more that just production. Regardless of the wage incentive, to be successful, any incentive plan should be designed around a company's needs.

As empowerment suggests, production is not the only thing needed from workers since workers have psychic wants and those needs that go far beyond just money. This Wage Incentive's eBook contains a potpourri of incentive plans that you can review and tailor to your company's wants and needs.

This eBook provides the wisdom, ideas, suggestions and tools to bring you up-to-date on today's most successful approaches to wage incentives.

TABLE OF CONTENTS

A.     A REWARD FOR EXTRA EFFORT?

1.     Benefits of Wage Incentive Plans
2.     Some Problems With Wage Incentive Plans
3.     Eleven Factors Of A Good Incentive Plan

B.     TYPES OF WAGE INCENTIVE PLANS

1.     Straight Piecework
2.     Standard Minute/Hour Plan
3.     Taylor Differential (Jump Base) Plan
4.     Bonus Sharing Plans
5.     Measured Day Work Plan

C.     COST-AVOIDANCE OR GAIN SHARING PLANS

D.     SCANLON PLAN

1.     Background of the Scanlon Plan
2.     What Is The Scanlon Plan?
3.     Who Are All Workers?
4.     How Are Bonuses Paid?
5.     Base Year Selection Crucial!
6.     The Basic Formula
7.     Requirements For Bonus Distribution
8.     How Productivity Ratio Works
9.     How Are Bonuses Distributed?
10.   How Employees Receive Bonus
11.     What Happens To A Deficit Pool?
12.     Mechanics of the Scanlon Plan
13.     What Are Some Employee Suggestions?
14.     Plan Committees Compared To Others
15.     Additional Company Benefits
16.     Success Determining Factors For The Plan
17.     Lifespan
18.     Important Theory On Why The Scanlon Plan Works

E.     NUNN-BUSH PLAN

F.     RUCKER SHARE-OF-PRODUCTION PLAN

G.     MERIT PAY

1.     How To Determine If A Merit Pay Plan Is For Your Company
2.     Reducing The Risk Of Trying
3.     Is Production The Only Thing We Want From Workers?
4.     Adding In Factors Other Than Production
5.     Base Rates Need Not Be Static
6.     Gross Pay Could Vary With Proper Performance Reviews
7.     A Merit Plan Could Be Exactly What Employees Want and Need

H.     INCENTIVE PLAN INSTALLATION


I.     MAINTAINING AN INCENTIVE SYSTEM

1.     Earnings Audit
2.     Perform Audits on a Regularly Scheduled Basis

J.     GUIDELINES FOR INSTALLATION AND ADMINISTRATION OF THE WAGE INCENTIVE PLAN


K.     REASONS FOR INCENTIVE PLAN FAILURES


L.     INDIVIDUAL VERSUS GROUP INCENTIVES

1.     Performance
2.     Earnings
3.     Quality
4.     Morale
5.     Cooperation
6.     Supervision
7.     Planning
8.     Training
9.     Indirect Labor

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