Our Services

Get 15% Discount on your First Order

[rank_math_breadcrumb]

incentive plan

hw help

GrowCo Engineering Incentive Plan – C

Performance in the design engineering department of a major manufacturer had been less
than satisfactory in terms of adherence to schedule, drawing quality, and the number of
“mission-critical” complaints received from operations personnel. In an attempt to address
these problems, on December 1, 2022, GrowCo approved a 2023 short-term incentive
compensation plan for its engineers. The plan provides the potential for an annual bonus
based on individual performance. Engineers are to be evaluated annually on three major
factors. Individual factors include (1) adherence to schedule deadlines and (2) drawing
quality (opposite of error rate). They will also receive a “group rating” based on the number
of major complaints received by the department from operations personnel. 30% of the bonus
will be determined by performance to schedule; 50% will be determined by drawing quality;
and the remaining 20% will be determined by the number of mission-critical complaints
received by the department. The following table summarizes the criteria to be used in
determining the bonus amounts:

Performance
Criteria

Criterion
Weight

Threshold
Performance

Rating

Target
Performance

Rating

Maximum
Performance

Rating
Adherence to
Schedule 30% 70% 80% 100%

Drawing
Quality 50% 90% 95% 100%

Number of
Mission Critical
Complaints
Received by
Dept.

20% 5 2 0

Note: Threshold performance is the minimum level of performance qualifying for an incentive award; target
performance is the level of performance qualifying for the full incentive award; maximum performance rewards
performance above target with an additional incremental incentive payout.

For each criterion, at threshold performance, the individual payout is 50% of target bonus;
there is no payout for performance below threshold. At target performance, the individual
payout is 100% of target bonus. At maximum performance, the individual payout is 150% of
target bonus. Individual payout is adjusted proportionately for performance between these
values; that is, payout values are interpolated when they fall between set values. For 2023,
the individual bonus target was set at 20% of salary.

• What would an engineer’s incentive payout be for 2023 if the engineer’s salary is
$100,000 and he/she attains target performance for adherence to schedule, a drawing
quality rating of 97.5%, and the department receives a total of 3 mission-critical
complaints during 2023? Interpolate as necessary. Show all work!

• What is your evaluation of GrowCo’s incentive plan? That is, what do you like about
its design? What do you not like? What would you change if you could? Is it
consistent with the principles of individual incentive plans? Explain the reasoning
involved in your evaluation.

NOTE: Interpolation is the computation of points or values between points that are known based on
their relationship to other known points. For example, if performance is ¼ of the distance between the
performance threshold and the performance target, then one might estimate that an incentive payout
would be ¼ of the distance between the threshold payout value and the target payout value. See PPT
included in this week’s module for additional explanation.

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

critical thinking 3

Module 3: Critical Thinking/Application Prompts  · Due Sunday by 11:59pm   · Points 50   · Submitting a text entry box Instructions Each week, you will be presented with a series of critical thinking prompts and application prompts. Please copy/paste the prompts into an offline document (Word, for example) and compose your responses offline (be

case4

Module 4 – Case HR Program Effectiveness; Employee Performance Management (Best Practices); Future of Talent Management Case Assignment (Signature Assignment: Critical thinking, Reinforced Level) After reading required materials in Module 4, review the following case (which is the same case read for SLP 4): Wirtz, J., & Heracleous, L. (2012). 

SLP4

Module 4 – SLP HR Program Effectiveness; Employee Performance Management (Best Practices); Future of Talent Management Assignment Overview After reading required materials in Module 4, review the following case (which is the same case read for Case 4): Wirtz, J., & Heracleous, L. (2012).  Singapore Airlines: Managing human resources for

Reflection 4

In the Module 4 Reflective Discussion, please reflect on everything you have learned in this course, by addressing the following:  Paragraphs 1-3:  Given the readings and assignments in the course, identify and discuss three important concepts applicable to your work experience, profession, and/or career plans for the future. Describe how

Benchmark 4

Benchmark #4: Project Report and/or Project Deliverable – Rough Draft(s)  I will send you the prior assignments that go along with this rough draft that you did for me prior to this draft. · Due Sunday by 11:59pm   · Points 200   · Submitting a file upload Please submit here a Rough Draft of

Human Resource Management 3 Assignment

Difference in Performance Review Imagine that you have an employee that rates themself very highly on their self-appraisal, but you know that their actual performance is very poor, and a have evaluated them accordingly in your managerial evaluation. How do you either bridge the gap or communicate the bad news?  

Human Resource Management

Purpose From your first assignment, you have a job description that details the important tasks and duties and KSAOs for the job you analyzed.  You will use that job title and job description for this assignment. For Assignment 2, you will demonstrate your understanding of job evaluation and pricing jobs

Individual Report Submission

Please see attached.  Example Individual Submission: Showcasing the Accessible Workplace Program LinkedIn Post Proud to share my work on the Accessible Workplace Program, a capstone project aimed at creating inclusive and supportive environments for employees with physical disabilities. I focused on redesigning job descriptions and developing onboarding strategies to ensure

Discussion 4 MR

On your TLC Home page, click on “Additional Library Resources” to access the IBISWorld Industry Research tool. · Click on “IBISWorld.” · Search “Business Coaching in the U.S.” · Click individually on the topics across the tan-colored ribbon above the “IBISWORLD Industry Report 61143” headline · Respond to the following:

Human Resource Management Assignment #6

The new benefit you propose must be something new and innovative. (The benefit should not be something already commonly offered as a benefit , e.g.: medical, dental, tuition reimbursement, etc.) Imagine that you are delivering this presentation to c-suite executives that are the decision-makers on the matter. Your objective is

Nov 4 Post about Long-term executive incentive

Please see attached.  List and describe five Long -Term Executive Incentives – Refer to Chapter 14 Compensation Of Special Groups The first part of Chapter 14 identifies and describes the unique characteristics that apply to special groups: · Supervisors · Corporate directors · Executives · Scientists and engineers (professionals) ·

benchmark 3

I have added benchmark 1 for your review.  There is no benchmark 2, so proceed with #3 Benchmark #3: Literature Review and Methodology  · Due Sunday by 11:59pm   · Points 150   · Submitting a file upload For Benchmark #3, please include the  most current, updated drafts of the following: 1. Your methodology section if

ogl 570 wk 2

OGL 570 Instructions In each module, you will have the opportunity to participate in an online discussion forum.  This week, you have a  choice of which prompt to respond to. Hot Tip:   It might be helpful to copy-paste the discussion prompts into an offline document (Word, for example), compose your responses

Module 3 Case

Module 3 – Case Metrics & Analytics; 360-Degree Feedback; Internships/Apprenticeships Assignment Overview Signature Assignment: Quantitative Reasoning, Reinforced Level In this assignment, your quantitative reasoning skills will be assessed at the “reinforced” level. The Quantitative Reasoning rubric will be useful for this purpose. In MGT511, quantitative reasoning skills were assessed at

module 3 SLP

Module 3 – SLP Metrics & Analytics; 360-Degree Feedback; Internships/Apprenticeships 360-Degree Appraisal The 360-degree appraisal approach entails collecting performance information from several workers who interact with the employee being evaluated. For example, information can be collected from supervisors, subordinates, customers, and peers. In some situations, employees also evaluate their own

Module 2 ogl 551

Module 1: Learning Materials IMPORTANT NOTE :   Anything in the  “Learning Materials” content area  (excluding “Supplemental Learning Materials”)  is “fair game” for the quizzes(as is any other content presented in the module).  You’ll also be doing some analysis and synthesis types of writing in this graduate-level course, so be sure to read

Discussion 3

Discussion 3 A common form of training is cooperative training. There are two widely used cooperative training methods: internships and apprentice training. In both forms of training, there is a combination of classroom training (formal education) and on-the-job training (experience) that can be used for career development. Based on your