Question
Modern Trading LLC is considering the introduction of some incentive scheme of wage payment for increasing the labor productivity to cope with the increased demand.
Modern Trading LLC is considering the introduction of some incentive scheme of wage payment for increasing the labor productivity to cope with the increased demand. Company feels that if the proposed incentive scheme could bring about an increase over the present earnings of the workers, it could act as enough incentive for them to produce more. The increase in productivity has been observed as revealed by the following figures for the current month: Page 4 of 4 Mr. Ali and Mr. Aleem are workers working in Modern Trading LLC company and their output during a day after working for 8 hours is 810 units and 785 units, respectively. Based on previous recorder company decided standard rate that is paid to workers is RO 185 per hour and standard time taken for producing 5 units is 3 minutes. The actual time take by Mr. Ali is 5 hours and Mr. Aleem is 6 hours. Assume that you are an Accounts Manager and requested to calculate the earnings using: a. Halsey incentive schemes for Mr. Ali and Rowan incentive schemes for Mr. Aleem. b. Merrick Differential Piece Rate System for Mr. Ali and Mr. Aleem. c. Modern Trading LLC want to implement incentive scheme for low performance worker to increase productivity. So, in this regard suggest Modern Trading LLC which incentive scheme they should implement to increase the productivity of the worker. (300 words)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started