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Incentives are the most powerful tools executives can use to improve worker performance. This is particularly true in today's empowered workplace, where incentives can ensure that workers apply their initiative toward company goals. Now, in this groundbreaking book, Richard McKenzie and Dwight Lee show how to select the right incentives and how to use them for best results.
Generously illustrated with examples from business, industry, government, academia, and professional sports, this superb volume offers a comprehensive overview of incentives, both in theory and in practice, providing a wealth of ideas managers can use to get employees to work harder, smarter, and more cooperatively. Much of the book is quite eye-opening. For instance, while McKenzie and Lee recognize that money is the prime motivator, they urge managers not to overlook the power of non-monetary incentives, carefully evaluating such motivators as fringe benefits, psychological incentives, education, and training. And they examine a host of other issues, including how to take advantage of executive "overpayment" to increase profits; the limits of piece-rate and other pay-for-performance schemes; finding the right balance between current pay and a more generous pension plan; the value of tough bosses; and hostile takeovers as a form of managerial incentive.
How workers are rewarded is often more important than how much they are rewarded, say the authors. The job of good managers is getting the incentives right. Managing Through Incentives shows managers how to apply proven motivators to help any size firm energize the work force, increase its profits, and meet the awesome challenges of today's fiercely competitive global economy.
|1||Why Incentives Matter||3|
|2||An Economic Look at Incentives Within Firms||22|
|3||The Value of Tough Bosses||49|
|4||The Value of "Teams"||68|
|5||Paying for Performance||84|
|6||Paying Above-Market Wages||103|
|7||Fringes, Incentives, and Profits||119|
|8||Cutting Health Insurance Costs||134|
|9||Paying Workers' Education and Relocation Costs||143|
|11||How Debt and Equity Affect Executive Incentives||175|
|12||The "Hostile" Takeover as Managerial Incentive||183|
|13||How Honesty Pays in Business||197|
|14||What Firms Should Do||211|
|15||The Last-Period Problem||224|
|16||Pricing with Incentives in Mind||236|
|17||The Value of "Mistreating" Customers||249|
|18||Profits vs. Corporate Social Responsibility||260|
|19||Why Professors Have Tenure and Businesspeople Don't||268|
|20||The Case Against the Case Against Incentives||279|
|21||Managerial Lessons in Incentives||291|