Types of incentive plans

2 types or kinds or methods of incentive plans

1) Individual incentive plan

2) Group incentive plan

 1) Individual incentive plan: it may either be time based or production based. Under time based plan a standard time is fixed for doing the job. A worker is said to be efficient if he completes the job in time and he is given the reward for his efficiency.

i) The time based individual incentive plans are: Continue reading “Types of incentive plans”