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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
Home » Glossary » What is Employee Incentive Plan
What is Employee Incentive Plan   

What is Employee Incentive Plan


Employee Incentive Plan is a special managerial mechanism used by organizations to promote or encourage specific actions, accomplishments and behaviors among their employees. These plans are also widely known as employee bonus plans or pay-for-performance programs. They are utilized to point the performance aspects which create the most of worth for an organization by arranging a system of tangible/intangible performance-connected rewards that are called to motivate employees. However, employee incentive plans cannot resolve many problems: they cannot compensate defects in management, they cannot compensate lack of leadership, and they cannot cause the wishful result to happen itself. 

Employee Incentive Plan includes the following items: 

  • What positions are involved into the plan (who can be rewarded);
  • What results are desired, why, and how the performers will be rewarded for them;
  • If the reward is monetary, then what amount will be paid as incentive (how the incentive will be calculated);
  • How the performance will be monitored and appraised;
  • How the employee incentive will be delivered;

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