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Essay / Research Paper Abstract
This 3 page paper looks at the way in which incentive schemes within an organization may help with the achievement of organizational goals. Using the example of a credit union, incentives including performance related pay and employee of the month are discussed in terms of motivation in the context of organizational goals. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEincentgoal.rtf
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Unformatted sample text from the term paper:
incentive scheme. When considering an organization, such the credit union, where there are a number of different types of employee, the incentive plans need to be sufficiently flexible to cope
with the different types of employee, as well as to maintain the ability to motivate in order to be cost effective. A core consideration of a incentive plan is for
there to be a positive cost benefit analysis, where the long-term benefits outweigh the costs. In an organization which relies on its employees, and advice, making sales, and using intellectual
capital, good performance from employees were motivated more likely to lead organizational goals being achieved. There are a number of different types of incentive scheme available, one of the most
common, and one suited for credit unions, maybe that of a performance related pay bonus, which may be based an individual performance of the employee, for example merit payments may
be based on individual performance usually as a result of an appraisal, or the employees being rewarded for the performance of the organization as a whole, as seen with organizational
bonus structures. The basic set of performance related pay is to give the employee a significant and built-in interest in the way that they perform, and where the bonus scheme
is based on organizational performance, and interest in the way that the organization as a whole performance. In many profit-making commercial organizations this may be associated with profit sharing scheme,
or share purchase related schemes. While the individual may not benefit directly in the short time, there is an interest created in the well-being of the organization, with the potential
of the employee to put the interest of the company ahead of their own personal interests, which may also help to motivate as well as encourage loyalty in order to
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