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Types of Wage incentive Plans: 1) Plans for Blue-Collar Workers: I. Short-Term Plans:
Effectiveness depends on employee-management confidence; relations with trade union; quality of communication and supervision; etc. Introduction of the plan by encouraging employee participation and trade union negotiations. Avoidance of unfair actions and proper machinery for settlement of grievances. Careful setting up of productivity standards to avoid goals that are too unrealistic or too easy to achieve.
Profit-Sharing:
Stepping stone to industrial democracy. An arrangement by which employees receive a share, of the profits fixed in advance. Involves the determination of an organizations profits at the end of the fiscal year and the distribution of a percentage of the profits to workers as their share. The percentage to be shared by the workers often predetermined at the beginning of the work period and communicated to the workers for their awareness. The amount to be distributed depends on the profits earned by the enterprise.
Scanlon Plan:
Developed in 1937 by Joseph Scanlon. Designed to involve the workers in making suggestions for reducing the cost of operation, improving working methods, and sharing in the gains of increased productivity. Financial incentives installed to cut down cost and increase efficiency. Departmental and plan screening committees set up to evaluate employee and management cost-cutting suggestions. All the workers, supervisors and managers make cost cutting suggestions to be evaluated by the committees.
2)
Combination Method:
Assured minimum earnings. Bonus given for carrying out some specified activities.
3)
Non-Monetary Incentives
Many factors unrelated to money can also serve as motivators. Such incentives limited to managers creativity and ability to assess the desires of the individual employees. Need for power and social recognition are particularly satisfied by such incentives.
Examples:
Job assignments that relate to socially attractive individuals/groups. Availability of paneled office, carpeted floor, wall paintings, large desk, private bathroom, impressive job title, own visiting card, own secretary and telephone, reserved parking place, etc.
Non-Monetary Incentives
Leadership and administrative responsibilities. Job enlargement. Verbal praises and publicized awards. Awards to recognize seniority. Awards on best safety performance records. Participation extended on more complex and important job assignments.