10 Questions
What type of compensation system is based on the number of items produced?
Piecework system
Which of the following is a type of cashless bonus?
Movie tickets
What is the primary purpose of commission plans?
To reward salespeople based on their sales performance
Which type of compensation plan gives employees the right to purchase company stock at a specific price?
Stock options
What is NOT included in the total compensation package, according to the text?
Retirement systems
Which type of compensation plan rewards employees based on the company's profits?
Profit-sharing plans
What is the purpose of gain-sharing plans?
To incentivize employees to meet specific goals
Which of the following is a type of fringe benefit mentioned in the text?
Retirement systems
What is the primary advantage of a piecework system?
It encourages employees to work efficiently and productively
What is the primary difference between bonus plans and profit-sharing plans?
Bonus plans are based on individual performance, while profit-sharing plans are based on company profits
Explore the drawbacks of incentivizing workers based on improving past performance and the associated risks of setting new goals. Learn why rewarding individual team players is important and how outstanding contributions should be acknowledged.
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