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In looking at setting up a pay for performance compensation system, a firm can choose from...

In looking at setting up a pay for performance compensation system, a firm can choose from several types of plans. Please discuss those plans that have the individual as the focus

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Pay for performance plan signal a movement away from entitelement, it vary with some measures of individual, team and organizational. Following are the various types of plan for pay for performance compensation system----------

1. special recognition plan

2. stock option plan

3. Individual incdntive plan

4. cash profit sharing

5. Gainsharing plans

6. Team awards

Individual incentive plans----------Incentive plans are part of an employees compensation or pay. the incentive plan gives an employee the opportunity to increase his annual pay based upon either company performance or individual performance. incentive plan are way for company to keep employees motivated to perform to the best of their abilities , and thus increasing company performance.

Individual spot award------An IMMEDIATE RECOGNITION TO REWARD AN EMPLOYEES FOR EXCEPTIONAL PERFORMANCE BEYOND THE PRESCRIBED EXPECTATION OF THE EMPLOYEES JOB. SPOT AWARD ARE GIVEN AFTER THE EVENT HAS BEEN COMPLETED.USUALLY WITHOUT A PREDETERMINED GOALS OR SET PERFORMANCE LEVEL AND PAID AS A ONE TIME BONUS.

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