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 three categories under which plans are classified in an organisation. The categories are: 1. The Time Dimension in Planning 2. The Use Dimension in Planning 3. The Scope or Breadth Dimension in Planning. Category # 1. Time Dimension in Planning: a. The Time Dimension in Planning: Time enters as an important variable in the [...]
Plans can be classified in following categories: 1. Standing or Repeated Use Plans 2. Single-Use Plans 3. Enterprise Plans 4. Time Plans. Type # 1. Standing or Repeated-Use Plans: These plans are used again and again and repetitive in nature. These are formulated by managers at different levels meant for repeated use as and when the situation demands. Such plans [...]