Recommend a plan for an organization which is unable to achieve targets in time. What is Halsey plan?
Which incentive scheme would you recommend for an organization which is unable to achieve targets in time?
Organizations success depends on the employee's contribution towards his/her work dedicatedly & sincerely. Group incentive scheme is beneficial for both the Management as well as employees. Every employee is taken into consideration while designing such a scheme. It also saves a lot of time of the management. The group training cost is also reduced. The work load is reduced as it is equally distributed among the team members. Hence, the employees don’t get stressed & can concentrate on their work.
What is Halsey plan?
In the Halsey plan, 'Time' is used as the measure of the output and bonus is paid on the time saved. i.e. The standard time set for a job & the actual time required to perform it. It is also known as 'gain-sharing scheme' as both the employers & the employees share the gains resulting from the saved time. In this system, a standard time is fixed for the completion of the job & the rate per hour is then determined.