What do you understand by salary plus incentive plans? What are its va

1.	What do you understand by salary plus incentive plans? What are its various advantages?
Answer» Salary plus incentive plan or Combination plan- -This plan offers benefit of incentive, control and flexibility. - Designed to overcome weaknesses of straight salary and straight commission plan. Compensation = Salary + Commission + Bonus Advantages: 1) Flexible; 2) Suitable for skill-based jobs. 3) Attractive to high potential salesman If you want to encourage people to work hard, you should offer them both a reward for good work and a consequence for poor performance. The consequence is often that if you do poor work, you will get fired and lose your income and benefits. But how do you encourage (or incentivize) a person to do their best work? The answer depends on the culture of the business, the needs or preferences of the individual, and the options available.

What do you understand by salary plus incentive plans? What are its various advantages?

Answer»

Salary plus incentive plan or Combination plan-

-This plan offers benefit of incentive, control and flexibility.

- Designed to overcome weaknesses of straight salary and straight commission plan.

Compensation = Salary + Commission + Bonus

Advantages:

1) Flexible;

2) Suitable for skill-based jobs.

3) Attractive to high potential salesman

If you want to encourage people to work hard, you should offer them both a reward for good work and a consequence for poor performance. The consequence is often that if you do poor work, you will get fired and lose your income and benefits. But how do you encourage (or incentivize) a person to do their best work? The answer depends on the culture of the business, the needs or preferences of the individual, and the options available.

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