Compensation:
Answer the question with a word limit of 300 words each:
Q1. Some would argue that incentives are the key to retaining and attracting employees. It has been noted that there are various types of incentive plans. Discuss the advantages and disadvantages of individual incentive plans, team incentive plans, variable-pay plans, and group incentive plans. Provide examples of each plan.
Q2. We discussed in depth about four ways to improve performance ratings. Discuss in detail these four strategies. Identify the one that you think shows the most promise and defend your position.
Strategies:
a. Various appraisal formats and suggestions for improvement
b. Selecting the right raters
c. Understanding how raters process information
d.Training raters to rate more accurately (Milkovich, et.al., 2014).