An incentive plan where a standard completion time is set and workers earn a bonus for every hour saved below that benchmark is known as_________________?
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Answer: D. Halsey Premium plan
Explanation
The Halsey Premium plan sets a standard completion time and awards workers a bonus for time saved. Workers receive their guaranteed hourly wage plus an extra financial percentage for finishing early. This premium incentive system shares the financial savings of time reduction between labor and management. Frederick Halsey introduced this incentive model to reward speed without cutting base hourly rates. Bonuses are typically calculated as a fraction of the time saved multiplied by the hourly wage rate. The plan provides steady motivation for workers to improve output speed on repetitive factory tasks.
Manufacturing facilities implement the Halsey plan to encourage higher productivity and lower labor costs. Workers benefit from earning extra money while employers enjoy reduced overhead per manufactured unit. Understanding various wage incentive plans helps industrial engineers design fair compensation structures. The Rowan plan calculates bonuses as a variable percentage of time saved rather than a fixed fraction. The Bedaux plan measures work in point units representing standard minutes of labor and rest. Taylor Differential Piece rate systems penalize slow workers with lower rates rather than offering premiums.
- Subject
- Engineering
- Category
- Mechanical Engineering
- Topic
- —
- Difficulty
- medium
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