Individual and Organizational Incentives
What do mean by Individual and Organizational Incentives?
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According to L.G. Magginson, “Individual incentives are the extra compensation paid to an individual for all production over a specified magnitude which stems from his exercise of more than normal skill, effort or concentration when accomplished in a predetermined way involving standard tools, facilities and materials.” Individual performance is measured to calculate incentive whereas organizational or group incentive involve cooperation among employees, management and union and purport to accomplish broader objectives such as an organization-wide reduction in lab our, material and supply costs, strengthening of employee loyalty to company, harmonious management and decreased turnover and absenteeism.
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