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”