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In your text, you read about a number of incentive plans for individuals and groups or teams.
In your text, you read about a number of incentive plans for individuals and groups or teams. The goal of this assignment is for you to think like an HR director who is responding to a work situation with a pay solution. Exhibit 10.11 (Types of Variable-Pay Plans: Advantages and Disadvantages) provides a summary chart of the types of pay plans along with their advantages and disadvantages. Start by thoroughly reviewing this table.
Select one individual plan, one team plan, and one long-term incentive plan. Describe a situation in which these plans would be most appropriate. In your answers, include the type of company and type of work as well as the position or positions that would be affected by your plan.
For example, if you selected a team-based plan, you may describe a department in a retail store that has a history of employees not covering for each other during the holiday rush period. You may use actual examples and reference a company as you have witnessed it or you may describe a generic situation. In your answer, include how you think your chosen incentive plan will affect behavior and achieve intended results.
Your answer should be no longer than two pages.
Drafting a table that compares and contrasts the scenarios as a summary is appropriate, but also requires a narrative describing the situations.CompensationTypes of Variable-Pay Plans, advantages and DisadvantagesVariable-Pay PlansBonus Plans AdvantagesEncourages individuals to DisadvantagesMay affect the output quality work hard. as...