This article throws light upon the six main types of incentive wage plans for workers. The types are: 1. Halsay's Plan 2. Rowan Plan 3. Taylor's Differential Piece Rate System 4. Gant’s Plan 5. Merrick’s Multiple Piece Rate System 6. Beadux Plan. Type # 1. Halsay's Plan: It was formulated in 1891 by Mr. F.A, Halsay of America. The plan [...]
After reading this article you will learn about:- 1. Introduction to Wage Incentive Plans 2. Requirements of Wage Incentive Plans 3. Objectives 4. Types 5. Drawbacks. Introduction to Wage Incentive Plans: Wage incentive plans reward an employee for his good job-performance. The various aspects of job-performance are: (i) Product Quantity; (ii) Product quality; (iii) Utilisation of materials, plant, tools and [...]
This article throws light upon the top thirteen essentials of a sound wage plan for workers. Some of the essentials are: 1. Equitable to All 2. Fair and Adequate Compensation 3. Simplicity, Certainty and Flexibility 4. Incentive Wages 5. Merit Rating 6. Minimum Guaranteed Earnings Base Rate 7. Easy Collective Bargaining 8. Wage Control 9. Significance of Economic Reward 10. [...]