Recognizing Performance Presentation
Enacting the plan
Throughout this presentation I will be proposing ways in which the company can implement base pay, incentive pay or both in their business. W will then recommend the most appropriate initiative that the company can take.
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The base pay
Base pay is the amount of money employees are rewarded with in form of bonuses or overtime pay.
The pay can be awarded either weekly, hourly or yearly depending on the firm in question.
Base pay is important as a form of employee motivation to enable them work with more enthusiasism and encouragement.
As seen here, base pay is awarded to employees as a reward for either extra time worked or in form of bonuses.
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Implementing the base pay
Implementation of the base pay depends on some factors
The employee position, the terms of employment and the numbers of hours worked all have to be taken into consideration.
The company should have a record of all employees working schedules to determine how they are going to give the award.
To implement the base pay, it is important for the company to determine the employees total work hours. It is also important to review the terms of employment that the company had with the employee.
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Here you can see the advantages that a motivated work force has over those who are not motivated.
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Implementing the base pay
The company can also award the employees with other rewards such as retirement packages, company cars and investment options.
In addition to giving the employees the extra pay, the company can use other forms of reward such as issuing company cars and giving out retirement packages.
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The incentive plan
They are also known as performance incentive plans(PIPs).
Incentive plans are meant to motivate the employees to exceed expectations and thus enable the business to grow.
These awards are given based on the level of performance as well as the employee post.
We will now look at the incentive plan. The incentive is useful in that it acts as a price that the employees can be awarded after attaining exemplary feats in their daily jobs. It is important in that it makes the employee put in more effort into their jobs and therefore help the business prosper.
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Here is an employee with numerous benefits and awards…
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Implementing the incentive plan
The company can implement the incentive plan by acknowledging milestones made by individual workers within the company.
After outstanding employees are identified the company should figure out a way of properly rewarding them so that they feel motivated to perform even better next time.
First identify the personal achievements that each of the employees has attained in their personal fields, this will enable the company to clearly decide how they will award these employees.
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Implementing the base pay and incentive plan
Alternatively the company should use both plans to award the employees
Using both plans comes with its own shares of advantages.
It will make the working environment highly motivating for the employees as they will have something to look forward to as they work.
Alternatively as you can see here the company can implement both ideas this will help it grow as the employees will be highly motivated.
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Benefits of having base pay
The base pay is equally important in motivating employees to work harder.
Employees will be able to get an extra income on top of their usual salary.
The is also able to retain employees when they award base pays to their employees.
The general performance of employees increases when they are awarded with the base pay.
Some of the advantages of having the base pay
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Benefits of having an incentive plan
The incentive plan will promote healthy competition amongst the employees
It will enable the company retain top notch employees who have necessary skills for the jobs which they are performing.
The incentive plans also enables the employees to have clearly defined goals in a quest to be accorded with this competitive price.
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Recommendations
Having looked at all the three plans I believe that the most appropriate one to adopt will be awarding the employees using both plans.
Employees work best when they have something to look forward to. As such adopting both plans will be beneficial to the organization as they will have a team of highly motivated employees.
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References.
Thompson, B.(2017, March 27). Employee incentives program ideas. Retrieved from https://iconixx.com/blog/employee-incentive-program
In conducting this research I used the reference above.
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