Before this assignment, please make sure to review the notes from this week’s “Reading Materials” folder, as well as the following:...

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INCENTIVE PLANS AND TRADITIONAL PAY METHODS
Individual and Group Incentives Plan
Individual incentive plan is an initiative through which an individual employee is paid incentive on the basis of his individual performance. The employers initiate the incentive plans for those individual employees who performs more than the standard set for them. Individual incentive plans are exaggerated on both the time basis and the production basis. For instance cash bonus is considered as an individual incentive plan under which an employee get the incentive in the form of cash which comprises of an additional amount excluding the salary, which they are rewarded for their explicit performance (Grillos, T, 2017). Group incentive plan are the initiative formulated by the company to reward the group of employees who carries on the explicit and extraordinary for the organization. In the group incentive program whole team effort is counted. For instance the incentives included in the group incentive programs have several varieties one of the most frequently used one is time- off awards in which the group who have been selected for the incentive program get some special day off or vacation from the company’s side (Gerhart, 2017).
Three categories of Incentive Pay Plans
The incentive pay plans are initiated in...