Discuss the importance of a well-developed compensation plan

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W. Edwards demanding often referred to as the leading quality guru in the United States, as well as psychologist Alfie Kohn support the idea that incentive pay is not a motivator for individuals to do a good job. Yet economists argue that incentive compensation does work as well as economist George Baker notes in his 1993 article in the Harvard Business Review titled "Rethinking Rewards," "The problem is not that incentives can't work but that they work too well." What does Baker mean? Discuss the importance of a well-developed compensation plan in attracting as well as retaining good employees as well as how to keep those plans from "working too well."

Reference no: EM137609

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