Incentive Plans Paper, Uop

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Running head: INCENTIVE PLANS PAPERIncentive Plans PaperHuman Resource Management 431December 21, 2009University of PhoenixIncentive Plans PaperIncentive pay is an important part of an organization's compensation plan. A well-designed incentive plan can help pull employees together, help point them in the right direction, and give them that extra push that every organization needs in today's competitive environment. This paper will examine incentive plans offered by Wachovia Mortgage. It will evaluate how their incentive plans help the organization to achieve its goals and objectives.Creating employee reward programs and recognizing employees, helps to motivate the employees and show them a special kind of appreciation that goes beyond receiving a paycheck. Employees' who feel their work is appreciated, will more than likely be inclined to want to help the organization reach its goals. Companies like Wachovia Mortgage usually consult with their employees in order to see what incentive programs best suit them. For example, when I used to work at Wachovia Mortgage the manager would often hold meetings in order to let the associates know about the stock gains that the company has made. After doing so, the manager would write on the whiteboard the choices of incentives and or rewards and conduct a vote. Usually these incentives/rewards consisted of things such as an associate barbecue, ice cream social, or gift giveaways. Even though these may be small gestures of appreciation, they usually win the hearts of employees.Performance Award Programs are another incentive program Wachovia Mortgage would offer. This program was designed to financially reward employees for success toward implementing the company's strategy. The program gateways and goals have been aligned to support this strategic direction of the company. They also help employees focus on the critical goals that are important to the companies continued success. When program goals are met, all eligible employees share in the programs rewards.Incentives at Wachovia Mortgage are tied to the financial performance of the company. The company has to meet predetermined financial objectives for the bonus pool to be funded. The objective for Wachovia Mortgage is to "become the most highly respected company in the world,(Wachovia , 2006). The incentive plan for Wachovia Mortgage is closely tied to the company's objective. The...

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