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Bus 384: Chapter 11

TermDefinition
Piece rates a compensation system in which employees are paid per unit produced
merit pay an increase in base pay normally given once a year
credibility gap when EE do not believe the pay-for-performance programs are fair or that they truly reward performance
profit sharing most common corporate wide pay-for-performance plan
ESOP Employee stock ownership plan: a corporate wide pay-for=performance plan that rewards employees with company stock either as an outright grant or at a favorable price that may be below market value
Rucker plan a gainsharing program where worker-management committees to solicit and screen ideas
Scanlon plan gain sharing program where a committee of employees, union leaders, and top managers generate and evaluate cost saving ideas
Non financial rewards public/nonpublic praise, honorary titles, expanded job responsibilities, paid/unpaid sabbatical leaves, mentoring programs, and 1oo% tuition reimbursements
free-riders those who contribute little to the team either because of low effort or limited ability
problems managing PFP -do only what you get paid for syndrome -unethical behavior -neg effects on spirit of cooperation -lack of control -dificulties in measure perf -psych contracts -credibility gap -job dissatisfaction & stress -potential reduction of intrinsic drive
Type of PFP plans Individual based, team-based, plantwide, corporate
Individual Based Plan -contribution of individual can be isolated -autonomy -successful perf does not depend on cooperation & competition should be encouraged
Team-Based Plans -work tasks are so intertwined, can't tell who did what -organization support team-based incentives -firm objective is to foster entrepreneurship in self-managed work groups
Plantwide Plans -firm is small to midsize -technology does not limit efficiency improvements -clear records of historical performance -stable product market
Corporate plans -firm size is large -different parts of business are independent -relatively unstable/cyclical product market -other incentives are present
Created by: mbarnum3