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Incentives Plan Paper

771 words - 3 pages

Running head: INCENTIVES PLAN PAGE \* MERGEFORMAT 1
Incentives Plan PaperUniversity of PhoenixIncentives Plan PaperIncentives plans are crucial to an organization in obtaining their goals and objectives. Effective incentives plans can motivate employees, boost their morale, and keep the employees loyal, committed, and happy. This paper will show how effective incentives plans relate to the organization's goals and objectives and how these incentives plans may or may not help the organization reach its objectives. The organization that will be discussed is Salem Hospital.Effective Incentives PlansThe human resources (HR) department in the Salem Hospital is tasked with the creation and implementation of the incentives plans for hospital employees. By realizing how incentives plans relate to the organizational goals and objectives, HR can help the hospital reach its strategic goals while building employee morale and confidence. According to the BNET Business Dictionary, an incentive plan is an "employee motivation technique that offers cash, gifts, special recognition, or other awards for exceeding performance goals" (Business Definition of Incentive Plan, para. 1). This relates to the organization's objectives and goals because to motivate the Salem Hospital's employees, HR must create incentive plans that will "motivate the right people to do the right things" (Triangle Performance, LLC, 2008). Employees are one of the organization's most valuable assets; therefore, by investing in them and motivating them to perform above and beyond the normal set standards, the organization is investing in itself and helping to achieve its own goals and objectives. When organizations show appreciation to their employees, they build a foundation of trust, commitment, and loyalty from their employees.Service Excellence AwardsSalem Hospital has several awards that serve as an incentive to perform above and beyond in the workplace. The Service Excellence Award is given yearly to only a few select employees who "Consistently Exemplifies Excellence Above and Beyond" (Salem Hospital, 2010, para 5). This award, along with the Two Star, Three Star, Four Star, and Five Star Awards are given at a yearly awards ceremony. Monetary gifts are attached to the awards along with recognition from the entire Salem Hospital and its board. The Service Excellence Award is the top honor that any employee can receive and the recipients' names are put on the Service Excellence wall in the hospital.Education AssistanceAnother incentives plan for Salem Hospital is education assistance for its employees. After an employee has worked 90 days at the hospital, the employee is...

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