Human Resources Group and Individual Incentive Plans Essay

There have been many discussions in business regarding the relative merits or offering group or case-by-case inducing plans. Research shows each option has its merits and drawbacks.Group incentive plansAdvantages DisadvantagesGroup bonuses encourage collective effort. 1) Disadvantage the hardest workerBoosts worker morale 2) Can aim to individual resentmentRaises lowest worker production levels 3) Reduces production to average levelsEncourages teamwork 4) Discourages individual flairEasier to calculate rewards 5) Financial disadvantage for dedicationIndividual incentive plansAdvantages DisadvantagesDirectly impacts on worker pay. 1) Tends to discourage teamworkIndividual talent recognized 2) Can cause friction in the workplaceRewards commensurate with effort 3) Creates dissimilitudeImproves chances of career advancement 4) difficult to control productionEnvisaging a position where I will become the owner of a Dance Club, my personal quality of incentive plan would be for the ind ividual method. The reason for this is that in my view the personal and business sides of the human character respond best to a competitive situation. We set ourselves targets to better ourselves, and thus the expectation is that we will be rewarded for this. We strive to be better than others to be the best in our chosen role, and we expect for this to be recognized. Whilst being a team player is important, being recognized for achievement is extremely important. A good example of this can be seen in sport, where soccer players play as a team, but like to be recognized and appreciated for their individual talents.