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Money may not be the best motivator, but compensation plans and incentives can be effective. When financial incentives are properly developed and administered, they are advantageous for both individuals and organizations.
(1) Research and gather information about each of the following:
Bonus payEmployee Stock Ownership (ESOP)Gain-sharingProfit-sharingPay for performance (merit pay)Skills-based pay (pay for knowledge)
(2) Choose an effective method of reporting your findings in a concise, clear and business-like manner.
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