Incentive Plan – Developing Effect Incentive PlansEssay Preview: Incentive Plan – Developing Effect Incentive PlansReport this essayAccess Incentive PlanWhen it comes to the topic of employees performance and motivation most individuals readily agree that financial incentives create highly productive employees. Where this agreement usually ends, however, is on the question of is the organization financially able to give incentives to employees. Although some are convinced that incentives motivate employees performance, others maintain that incentives can create a negative effect on the bottom-line. In this paper one will evaluate how the incentives plans do, or do not, help Access achieve its goals and objectives.
Developing Effect Incentive PlansIncentive pay as stated in the business dictionary (2012), a monetary gift provided to an employee based on performance, which is thought of as one way to entice the employee to continue delivering positive results. Incentive pay may come in the form of a bonus, profit-sharing, or commission. One thing that organizations must take in consideration is to develop a plan that will motivate employees, which will link employees to the organization goals. Employees want to feel that they are rewarded fairly, employees should value rewards, the organization should give employees the tools needed to reach their goals, and employees should believe they can meet performance standards (Noe, Hollenbeck, Gerhart, & Wright, 2007).
Merit PayAccess merit increase is intended to reward an employee for a continued high-level of performance. The guidelines for merit increase are determined each fiscal year as part of the annual budget process. All employees are given a performance review once a year. Performance and individual position within the salary range are considered in determing the amount of salary increases and whether a salary increase should be given (Access Handbook, 2008). One advantage of merit pay is that it provides a method for rewarding performance in all of the dimensions measured in the organizations performance management system (Noe, Hollenbeck, Gerhart, & Wright, 2007).
Qualification for Access Productivity BonusAt Access all full-time employees are given the opportunity to qualify for a quarterly bonus. Access has more than 600 employees working in 50 sites throughout the Chicago land community, and more than 200 administrative employees in the downtown loop. Access clinic bonus is driven on productivity. As stated in the business dictionary 2012, productivity is a measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs. Productivity is computed by dividing average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period. Productivity is a critical determinant of cost efficiency. Every clinic productivity is calculated
[Updated to include comments from Mr. John’s own company, for which he is also a member.]
The University Hospital is the largest hospital in Illinois, employing 1,300 people. Illinois Hospital is best known for its groundbreaking experience with the American Heart Association, which was launched in 1973 and changed the medical history in America. The hospital has since produced more than 300 million prescriptions, 562,700 beds, and over 5 million beds. In 2009, the University Hospital of Illinois purchased the U.S. Department of Health and Human Services for $12 billion to continue the current status quo in the United States, which has been driven by a lack of health care. This new and improved status quo, coupled with the growth of private insurance has led to an increase in the numbers of people seeking care, as well as the increasing demand for insurance coverage in many areas of their personal and social lives. The Hospital of Chicago’s focus and success in providing high quality health care to millions of working people in Illinois and across the U.S. has been recognized by the Centers for Medicare & Medicaid Services (CMS), which awarded it a “Gold Star” medal in 2011.
In order to participate in the Health Care Quality Initiative®, a $1.10 minimum threshold is required for entering the health care industry. It is necessary to demonstrate that the Company is delivering to customers, while continuing to develop and operate innovative, effective solutions that deliver value to health care. While the majority of the staff are current or retired physicians, over 30% are currently employed by private hospitals operating on the Chicago metropolitan area and the rest can be found outside of the United States.
The Health Care Quality Initiative (HQI), or Health Care Delivery and Improvement, has been an important model for advancing the needs of U.S. health care by providing services to working adults and families, and to ensure affordable care from a limited number of providers. In 2015, according to data released by the Health Care Quality Initiative, more than 85% of Illinois patients with CHD receive some form of health care under the Health Care Quality Index (HQI). QE is the primary measure of health care quality, as evidenced by the United Center for Health and Human Services study on Health Care Quality Index: The Health Care Innovation Initiative (HII).
Health Care Quality is a key component of any health care investment plan. It helps prevent, treat, and manage chronic health conditions using comprehensive, reliable, and timely preventive and clinical care and will greatly expand the availability of care. It will also help bring down the costs of care and increase the quality of healthcare that patients and businesses are able to buy and save, and it will enable the future prosperity of Illinois residents, family members, and businesses.
We are actively recruiting full-time employees to work under the Health Care Quality Initiative® and we want them to see that their roles and knowledge and talent are valued and supported by other employees. We believe that employees have a greater opportunity for success in the healthcare sector and that this combination of resources and expertise will ensure that a full