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Management
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Managerial Economics: Incentive Pay

Essay Instructions:

W. Edwards Deming, often referred to as the leading quality guru in the United States, and psychologist Alfie Kohn support the idea that incentive pay is not a motivator for individuals to do a good job. Yet economists argue that incentive compensation does work and as economist George Baker notes in his 1993 article in the Harvard Business Review titled "Rethinking Rewards," "The problem is not that incentives can't work but that they work too well." What does Baker mean? Discuss the importance of a well-developed compensation plan in attracting and retaining good employees and how to keep those plans from "working too well."

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Incentive Pay
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Incentive Pay
Based on my opinion, what Baker means in this statement is that he is not opposing the use of incentive payment. What the statement does is make a clarification that incentive pay can be used as a motivating factor for yield good results. Still, it depends on whether the payment plan that has been selected is carried out as it is supposed to and in an effective way. The incentive pay should also be planned out well by the organization. It can also be used as a motivation for the employees to work harder in achieving the organization's goals hence bringing profit to the firm. The compensation plan is also a good thing to adopt since it helps attract and maintain employees talented and skilled employees. When employees are satisfied with the work and pay, they tend to pass the satisfaction to the customers. For example, when a customer is on a call with unhappy customer service, it is more likely that ...
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