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Incentive Plans (Human Resources Management College Course) - Research Paper Example
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Incentives like bonuses, commissions and pay hikes are some of the examples of motivators in monetary terms. Recognition is an example of non monetary benefit (Noe, Hollenbeck, Gerhart & Wright, 2007).
The automotive industry is a highly competitive industry and selling cars to customers is a difficult task. Customers target those products which provide them with quality at a minimum cost, so the company tries to provide the customers with products of best quality and best cost. In the same manner each company wants to be profitable and attain a sustainable growth. The best strategy adopted by the companies is to use the motivational strategy, like incentive plans providing the workers with rewards in order to attain the company goals and objectives (Noe, 2006).
In exchange for longer working hours and top performances even without the job security the employees demand the company to provide them with comfortable working conditions, more control over their work, several training and development activities and so on. In the same manner Toyota also offers its employees steady amount of work and tries to make the efficient use of the best workers and the company also offers the employees bonuses to attain the referral work. Along with this the company also offers monetary benefits to the workers for attaining the targets and making the company reach its goals (Noe, Hollenbeck, Gerhart & Wright, 2007).
The bonuses help the workers for representing Toyota with higher quality, integrity and also the workmanship. Providing incentives based on the achievement of the target is attached to the objectives of the organization. The company provides the employees with incentives in attaining a fixed level of sales and does so through a system whereby by attaining that level the employees are further incentivized for the higher sales objectives (or sales targets), in other words working towards greater profitability. The ...