Songreen Inc.,a firm that manufactures ready-to-eat soups,offers incentives based on an employee's performance rating and the employee's compa-ratio.Which of the following payment plans is exemplified in this scenario? A) Piecework plan B) Merit pay C) Standard hour plan D) Differential plan E) Skill-based plan
Merit pay is a form of compensation where pay is given based on performance of workers. Performance is measured according to a predetermined metric. Merit pay acts as an incentive to workers to increase performance
