Which wage incentive scheme distributes a portion of time savings to the worker while retaining the remainder for the employer_______________?
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Answer: C. Halsey premium plan
Explanation
The Halsey premium plan explicitly shares only a specific portion of time savings with workers. The employer retains the remaining unshared portion of the financial benefit from time savings. This design ensures both workers and management benefit from increased manufacturing plant productivity. Frederick Halsey proposed this incentive system to encourage workers without risking excessive labor cost inflation. Workers receive their hourly wage plus a premium percentage calculated from the time saved. The sharing ratio is typically set at fifty percent between the employee and the company.
Factories use this wage scheme to incentivize faster completion of repetitive machining and assembly tasks. Balancing labor bonuses with company savings keeps manufactured goods competitively priced in the market. Operations managers evaluate different incentive plans to minimize labor overhead while maintaining high output. The Emerson efficiency plan guarantees base pay and awards bonuses on a graduated efficiency curve. The Taylor plan uses high and low piece rates depending solely on whether production quotas are met. Other incentive schemes distribute either the full value of time saved or use different calculation bases.
- Subject
- Engineering
- Category
- Mechanical Engineering
- Topic
- —
- Difficulty
- medium
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