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3:32
Study.com
Shawn Grimsley
Incentive Compensation Plans: Merit Pay, Piece Rates, Commissions, Bonuses & Skills-Based
Incentive compensation is pay given to employees who meet performance standards to encourage productivity and excellence. There are five types of incentive compensation: merit pay, piecework, commissions, bonuses, and skills-based pay. Discover how these various types of compensation help companies increase productivity.
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