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Human Resources Group and Individual Incentive Plans Essay

Paper type: Essay Pages: 2 (252 words)

Views: 254

There have been many discussions in business regarding the relative merits or offering group or individual incentive plans. Research shows each option has its merits and drawbacks.

Group incentive plans

Advantages                                                               Disadvantages

  • Group bonuses encourage collective effort. 1) Disadvantage the hardest worker
  • Boosts worker morale 2) Can lead to individual resentment
  • Raises lowest worker production levels 3) Reduces production to average levels
  • Encourages teamwork 4) Discourages individual flair
  • Easier to calculate rewards 5) Financial disadvantage for dedication

Individual incentive plans

Advantages                                                               Disadvantages

Envisaging a position where I will become the owner of a Dance Club, my personal choice of incentive plan would be for the individual method. The reason for this is that in my view the personal and business sides of the human character respond best to a competitive situation. We set ourselves targets to better ourselves, and thus the expectation is that we will be rewarded for this.

We strive to be better than others to be the best in our chosen role, and we expect for this to be recognized. Whilst being a team player is important, being recognized for achievement is extremely important. A good example of this can be seen in sport, where soccer players play as a team, but like to be recognized and appreciated for their individual talents.

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Human Resources Group and Individual Incentive Plans. (2017, Apr 21). Retrieved from https://studymoose.com/human-resources-group-and-individual-incentive-plans-essay

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