Monday, June 3, 2019
Monetary incentive programs
Motivation is a main component for employees to want to keep striving to succeed at their job.
Out of the three companies that she chose to discuss, I believe the most impressive incentive plan would go to Hilcorp. The pro that I can see with this over the top strategy is it is highly motivating and will keep the employees fighting to be the top. However, a big con to this type of strategy is that it won’t be able to last forever. Motivation will drop when those big ticket rewards are no longer available.
According to an article on Workforce about the pros and cons of monetary incentive programs some incentive programs may create competitiveness that some companies may not do well with and that being motivated by being excited by their jobs should be incentive enough.
Thompson, A. Crafting & Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases. [Purdue University Global Bookshelf]. Retrieved from http://www.freemanagementresources.com
Hayes, S. Workforce. Pros and Cons of Pay for Performance. Retrieved from
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