Woolworths Incentive Plans and Performance

This assignment delves into the topic of remuneration and benefits at Woolworths. It examines various incentive plans offered by the company, drawing upon the Theory of Motivation to highlight their impact on employee performance. The report also explores common forms of incentives like profit sharing, bonuses, and commissions, and discusses how linking remuneration strategies with performance management can contribute to the overall success of Woolworths.

REMUNERATION AND
BENEFITS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Incentive plans and the relevant theory...................................................................................1
2. Common forms of incentive offerings in Woolworths...........................................................1
3. Linking the remuneration strategy will performance management........................................1
CONCLUSION................................................................................................................................1
REFERENCES................................................................................................................................2

INTRODUCTION
Salary and incentive management are the part of the industrial principles as well as it
bring trust in employees of the workforce who are serving in the premises. Hence, in the present
report there will be discussion based on the theories and various incentives plans are facilitated
by Woolworth's to its workers.
1. Incentive plans and the relevant theory
By considering the various benefits of the incentives plans it can be described with the
help of Theory of motivation. Hence, with the help of such benefits with are other than the
remuneration obtain by an employee helps in motivating him in making valuable efforts. Thus,
such method will be fruitful for woolworths in having adequate operational activities as well as it
increases the market value of firm (Incentive Theory of Motivation, 2017).
2. Common forms of incentive offerings in Woolworths
In accordance with rewarding the employees with the additional amount on the basis of
their additional efforts which in turn motivate them to make more efforts. Hence, there can be
various kinds of incentive offerings such as Profit sharing, bonus payments, commission, stock
options etc. are the sources which are facilitated to employees. Apart from such benefits the
company can offer FBT, Superannuation which are deductible in income tax returns.
3. Linking the remuneration strategy will performance management
In order to manage the performance in the operational activities of Woolworths there is
need to have favourable wage policies in the firm. Hence, the monetary benefits to employees
enhances their work ability and efficiency which in turn will be fruitful for organisation in
profitability and stable financial position.
CONCLUSION
On the basis of above study, it can be said that Woolworths need to introduce various
incentive plans to its workforce which in consideration with making the beneficial operational
efforts of the firm.
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REFERENCES
Online
Incentive Theory of Motivation. 2017. [Online]. [Available through]
:<https://explorable.com/incentive-theory-of-motivation>.
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