B Com Exam > B Com Videos > Cost Management > Labour Cost Incentive Plans (Halsey and Rowan) - Cost Management
Labour Cost Incentive Plans (Halsey and Rowan) - Cost Management Video Lecture | Cost Management - B Com
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FAQs on Labour Cost Incentive Plans (Halsey and Rowan) - Cost Management Video Lecture - Cost Management - B Com
| 1. What are Labour Cost Incentive Plans? |  |
Ans. Labour Cost Incentive Plans are compensation schemes that aim to motivate employees to increase their productivity and reduce labor costs. These plans provide financial incentives to employees based on their performance and efficiency in completing tasks.
| 2. What are the Halsey and Rowan plans? | |
Ans. The Halsey and Rowan plans are two types of Labour Cost Incentive Plans. The Halsey plan guarantees a certain hourly wage rate for completing a task, and any time saved is split between the employee and the employer. The Rowan plan, on the other hand, sets a target time for completing a task, and if employees finish it earlier, they receive a percentage of the time saved as a bonus.
| 3. How do Halsey and Rowan plans motivate employees? | |
Ans. Both Halsey and Rowan plans motivate employees by providing them with financial incentives to work efficiently and complete tasks in less time. These plans encourage employees to increase their productivity to earn additional compensation, which can lead to higher job satisfaction and improved performance.
| 4. What are the advantages of Labour Cost Incentive Plans? | |
Ans. There are several advantages of Labour Cost Incentive Plans. Firstly, they provide a clear and measurable way to link employee performance to rewards. Secondly, these plans can help in reducing labor costs by encouraging employees to work more efficiently. Thirdly, they can improve employee morale and job satisfaction by offering financial incentives for achieving targets. Lastly, Labour Cost Incentive Plans can foster a culture of continuous improvement and productivity within the organization.
| 5. Are there any limitations to using Labour Cost Incentive Plans? | |
Ans. Yes, there are limitations to using Labour Cost Incentive Plans. Firstly, these plans may focus solely on productivity and neglect other important aspects of job performance, such as quality or customer satisfaction. Secondly, employees may feel pressured to rush their work, leading to potential quality issues. Thirdly, implementing these plans requires careful monitoring and measurement to ensure fairness and accuracy in determining incentives. Lastly, some employees may not be motivated by financial rewards and may require alternative forms of recognition and motivation.
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Nov 15, 2024 Last updated |
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