Incentive Plans Paper LaKeisha Winters MGT/431 University Of Phoenix Atina Wright June 23, 2010 Incentive Plans Paper Verizon Wireless is the nations largest wireless provider in the world. Verizon is also number one in providing in store customer service to all customers. What makes Verizon the best is there employees and great customer service. After conducting several studies and continuing to give first class service, Verizon realized that it is service that the employees gives to the customer’s that keeps them coming back.
Several years ago Verizon designed incentive plans to help motive there employees to go above standards and reach company goals. When searching for an incentive plan there where several good plans and some that where bad. After testing some of the incentive plans out, Verizon decided to go with the Profit sharing method. This plan is designed to put money into a trust fund that will be divided by all of the employees every year. The purpose for the plan is to motivate employees to work hard so that they company does well. When the company does well the employees bonuses will be larger.
Profit sharing and Verizon Wireless organizational goals work well together, the company is more profitable due to the employees happiness with the company. Since the profit sharing plan was introduced our sales and customer service scores has been wonderful. The employees are working harder to reach goals due to the company’s profit sharing plan. The company is producing more due to the profit sharing incentive plan. Since the profit sharing incentive plan has been introduced there has been less call ins and know problems with employees working weekends or overtime when necessary.
The Profit sharing incentive plan rewards money to our employees every year if the company if profitable. In order for employees to receive their share, when evaluated they must receive a “performing” to get there share. The plan has been working very well employees are excited and motivated to do well. The Profit Sharing Incentive plan stresses what is best for Verizon Wireless and what is best for our employees. For example when Verizon Wireless profits increase and more money is available for bouses the employees will get larger bonuses.
The company has its slow seasons, regardless of that “performing” employees will still get a bonus. Recently Verizon Wireless began another incentive plan that rewarded our employees based on their accomplishments. For every target that is reached in a six month period the employees earn points that can purchase things online. The incentive plan is called a Points Based incentive plan. An employee can instantly earn points, he points can be used to buy things from retailers. In this program