Strategic Managment Assignment Essays

Strategic Managment Assignment Essays Strategic Managment Assignment Essay Strategic Managment Assignment Essay IS AN INCENTIVE PROGRAM APPROPRIATE? EXPLAIN YOUR POSITION? Answer: looking at the current scenario, incentive program is very appropriate. This is because, it help the employer to identify the various factors like motivation, skills, recognition, etc. for an employee. Incentive program can also be used to counter failure in the organizations i. e. failure in meeting targets, poor behavior, or performance 2) IF SO, SHOULD THERE BE ONE, TWO OR SEVERAL PLANS? Answer: There should be several incentives programs like point program, employee incentives (which can be used to increase employee moral), sales incentives (which can be used to drive sales and reduce costs and increase profits). The other kinds of incentives can be group incentives. This is because here, they have to work in groups. 3) WHO SHOULD BE INCLUDED? Answer: For the incentive program, all the groups and individuals (employees, line managers and low line workers) should be included. 4) WHAT SHOULD BE THE BASIS FOR INCENTIVE PAYMENT? Answer:   performance  appraisal, managers judgment, etc. ) WHAT KIND OF INCENTIVES SHOULD BE INCLUDED? Answer: The various incentives that should be included here are gain sharing and profit sharing incentives. The other incentives can be like cash rewards, percentage increase in base pay, and other non-cash prizes. EXERCISE 11. 1 1) WHAT WERE THE KEY VARIABLES YOU CONSIDER IN YOUR SELECTION OF AN INDIVIDUAL OR GROUP BASED PFP SYSTEM? Answer: The various variables that should be considered are as follows: a)workers values outcomes(money, prizes) b) Outcome is valued relative to other rewards. c) Desired performance must be measurable. d) Workers must be able to control rate of output or quality. ) Workers must be capable of increasing output or quality. f) Workers must believe that capability to increase exists. g) Workers must believe that increased output will result in receiving a reward. h) Size of reward must be sufficient to stimulate increased effort. i) Performance measures must be compatible with strategic goals for short and long term. 3) WHAT CIRCUMSTANCES WOULD LEAD YOU TO CONCLUDE THAT A PFP SYSTEM WOULD NOT BE IN THE BEST INTEREST OF THE ORGANIZATION? Answer: The various circumstances that would lead to failure of a PFP system would be as follows: a) Poor perceived connection between performance and pay ) The level of performance-based pay is too low relative to base pay. The cost of more highly moti vating programs may be prohibitive. c) Lack of objective, countable results for most jobs, requiring the use of performance ratings. d) Faulty performance appraisal system, with poor cooperation for managers, leniency bias in the appraisal, and resistance to change. e) Union resistance to such system and to change in general. f) Poor connection between PFP outcomes and corporate performance measures.