A management incentive compensation plan is a plan which is used in companies or other working organizations to provide incentives to the employee base. These plans may either be restricted to employees working above a certain managerial position or for all employees in order to encourage them to give a good performance and work harder. This plan lists down all the conditions which the employees need to satisfy in order to be eligible for the incentive compensation plan.
Management incentive compensation plan also puts forth the various terms and conditions of the entire plan so that the employees can have a clear picture of the incentive plan and work accordingly. These plans also talk about the exact incentives that the employees can earn in addition to their base salaries. Any such plan is quite commonly used in many companies because it motivates employees and provides them with their deserved credit.
[Also Read: Incentive Stock Options]
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