Different pay-for-performance situation

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Reference no: EM134041478

Question

Read each description of a different pay-for-performance (PFP) situation. Then, select the PFP plan name that most accurately fits the description given. Seamus works as a customer service representative at a local branch of a national bank. One afternoon, he effectively dealt with a situation in which a client's funds had erroneously been transferred to her savings account instead of her checking account, causing her to bounce a mortgage payment check. Dalton, Alexander, and Charlie work at a sneaker manufacturing plant. Their manager has informed them that they will be eligible for a performance pay-out if they can reduce shoe leather waste by 15% from last year's standard. Management's goal is that employee teams are encouraged to think of new processes or novel steps in the manufacturing process that will lead to the reduction of scrap leather.

1. Merit pay

2. Merit bonus

3. Spot award

4. Individual incentive plan

5. Gain-sharing plan

6. Profit-sharing plan

7. Team-based incentive

8. Employee stock ownership plan

Reference no: EM134041478

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