Many companies and organizations provide incentives for Quality. For example, a

Question

Many companies and organizations provide incentives for Quality. For example, a company might provide additional time off, or points which can be accrued towards cash rewards and prizes. Employees can receive these incentives when they complete a project to a high standard, or receive positive feedback from a client or customer when services are offered at high levels of quality. Do you think these incentives are a positive managerial tool? Do they work? Why or why not? Could there be a consequence to using an incentivized approach?

Explanation / Answer

Yes, these incentives are a positive managerial tool because they attract employees. These can be explained below.

1.Rewards and incentives in the workplace have benefits for both employees and employers.

2.When recognized for stellar performance and productivity, employees have increased morale, job satisfaction and involvement in organizational functions.

3.As a result, employers experience greater efficiency and an increase in sales and productivity. Through workplace rewards and incentives, employers and workers enjoy a positive and productive work environment.

Why Incentive Plans Needed:

1.Incentive plans are formalized approaches to offering recognition and reward to employees for meeting pre-established goals or objectives.

2.Incentives may include cash bonuses, profit sharing, additional paid vacation time or any range of prizes such as gift cards, corporate merchandise or other products or services.

3.To be effective, incentives must be clearly defined and considered a viable, valuable reward for the associated workload.

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