Incentive Plan Paper

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Incentive Plans Paper Robert Levija MGT 431 June 9, 2011 Jim Sowatzke Incentive Plans Paper In today’s business world, incentives play an important part in an organization workplace environment. Incentives are put in place to attract, motivate, retain, and encourage superior performance in the workplace leading to the accomplishment of organizational objectives. Incentives have both positive and negative roles and can either spur performance or create negativity. If the design of an incentive plan is feasible it can help organizations achieve their goals and objectives or if it is not it can keep companies from them. “Incentive plans provide a goal to motivate staff members within a company or organization. Incentive program rewards are a positive way for an organization to honor or acknowledge employees' efforts or achievements”. (Ragusa, 2011) Zurich North America offers their employees many incentives, some are worked for as an individual or team orientated goals. The incentives include a yearly pay raise, a bonus, awards, and gift cards. The incentive plans of Zurich North America relate to the organization’s needs and objectives by keeping premiums as low as possible while maintaining a profit margin to gain revenue. At the end of each fiscal year, upper management reviews the goals from last year. The outcome of this review will inform the organization whether the goal has been met and how much bonus everyone will be obtaining. Zurich North America has an awards and gift card programs in place to help motivate people to work harder and to strive to be the best they can. This helps Zurich North America achieve company goals and objectives by having incentive programs like; bonuses, awards, and gift cards. Zurich North America an insurance organization, incentives rely on team goals and individual achievements. If Zurich North America were
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