Question

What do you think is the most successful characteristic of a successful incentive plan?

Answer 1

I believe that the most successful characteristic we can use to determine the success of an incentive plan is the factor of desirability. The most straightforward understanding of motivation tells us that individuals would only accept a reward that they deem to be desirable. Getting individuals to perform would require the incentive and reward plan to reflect their requirements as well as being one that the company can afford. The aspect of success is, therefore, the balance between acceptability by the company and desirability by the employees. We need to consider the incentive plan based on the demographics of our employees since not all employees at all levels would have the same Requirments, like, for example, a fresh recruit that is young would prefer to get more bonuses or the opportunity to learn and be recognized while a senior employee might prefer a raise instead. There are other factors such as attainability, trackable progress and work-based criteria yet, the considerations that desirability brings to this equation are noninterchangeable.

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