What do you mean by individual and group incentives, HR Management

Q. What do you mean by Individual and group incentives?

According to the L.G. Magginson, "Individual incentives are the extra compensation paid to an individual for all production over a specified magnitude which stems from his exercise of more than normal skill, effort or concentration when accomplished in a predetermined way involving standard tolls, facilities and materials. In those assignments where there is no interrelation or we can separate the work then individual incentives are preferred. While paying individual incentives certain standards are established that many include: past performance, bargaining b/w union and the employer time study, standard data, predetermined elemental times and work sampling. Post performance is considered an inadequate method because it is not based on scientific analysis. Money piece rate can be determined by negotiations b/w union and management representative as the basis study. Stop watch time study forms a major method for establishing work standards. Standard are based upon numerous studies of similar work indicating certain pattern and uniformly of times for individual work elements embodied in a table. The job can be timed by referring to this table incorporating the standard data. Predetermined elemental times relate to the standard data involving general type of work elements called ‘therbligs' work sampling is a recent work measurement technique involving several observations of a worker randomly throughout the working hour. By the adequate random sampling of his activities, it is possible to estimate the percentage of time spent on each element of the work. Performance of the worker is levelled or rated and the actual number of units produced during the study period is counted to a standard.

Posted Date: 6/21/2013 7:58:03 AM | Location : United States

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