Human Resources
Incentive Plans
Some examples of group incentive plans are stock options, profit sharing, and goalsharing. Group incentive plans have many advantages, including offering each employee the same incentive, rather than singling out some employees while ignoring others. In addition, group incentives reward the entire group for growth and development, when some members of the group may have contributed more, while others did not contribute as much. This means that the incentive plan, although it rewards everyone equally, is not fair, because some workers who do not produce as much do not deserve the same as those workers who overproduce. Other drawbacks to group incentive plans include devaluation of benefits, such as in stock options or profit sharing, even when groups have attained their performance levels. Group incentives are sometimes complicated to manage, as well.
Individual incentive plans have many advantages, as well. They reward the individual for their performance, and are not tied to the performance of others. In addition, they require less monitoring by supervisors, and can result in more productivity and lower costs. Their disadvantages are that they are often subjective (all employees do not receive the same rate of pay or reward), and they may create friction between management and some employees. In addition, some individual plans cost more HR hours to create and maintain.
In five years, I would like to see myself in a position rewarded with individual incentives. I believe I have much to contribute to an organization, and do more than necessary to complete tasks and assignments. Therefore, I would rather be rewarded for my own performance, rather than relying on the performance of others for my incentive rewards. Group incentives can be appropriate in many situations, but I prefer individual incentives for most incentive plans, including my own.
References
Editors. (2005). Group incentive plans. Retrieved from the Moresteam.com Web site: http://www.moresteam.com/workforce/wf801.cfm8 Feb. 2007.
Editors. (2006). Individual incentive plans. Retrieved from the Hdrm.net Web site: http://www.hrdm.net/en/individual.htm8 Feb. 2007.
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