After reading this article you will learn about:- 1. Definition of Profit Sharing 2. Objectives of Profit Sharing 3. Methods 4. Advantages 5. Limitations. Definition of Profit Sharing: Profit sharing schemes may effectively supplement other incentive plans. Profit sharing is a scheme to augment the compensation of workers through the sharing of profits of the company. Profit sharing may be [...]
After reading this article you will learn about the incentive schemes for indirect workers:- 1. Incentive Scheme for Labourers, Crane Operators, Set-Up Men, Maintenance Men 2. Incentive Scheme for Supervisory Staff 3. Incentive Scheme for Managerial Staff. Incentive Scheme for Labourers, Crane Operators, Set-Up Men, Maintenance Men, etc. (a) They can be given the same or half the incentive what [...]
After reading this article you will learn about:- 1. Definition of Merit Rating 2. Objectives of Merit Rating 3. Methods 4. Advantages 5. Disadvantages. Definition of Merit Rating: Merit Rating assesses the merit of the person doing the job. Merit rating determines the extent to which an employee meets job requirements. Job evaluation and Merit Rating are two complementary aspects [...]