Managing through Incentives: How to Develop a More Collaborative, Productive, and Profitable Organization / Edition 1

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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.

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Editorial Reviews

Library Journal
McKenzie is a professor at the Graduate School of Management, University of California at Irvine, and Lee is a professor at the Graduate School of Business, University of Georgia. In well-written and detailed prose, they articulate their main concern--"the crucial role incentives play in the control and development of any successful firm." They present the pros and cons of incentives as well as why and how they work and discuss in detail incentives for executives and workers and those used for marketing to consumers frequent-flyer plans, discounts on new autos, etc.. They also investigate the importance of incentives in the global marketplace and methods for providing them. Many anecdotes and examples from the worlds of industry, academe, and sports where incentives and bonuses play an increasingly heavy role demonstrate how management uses incentives for profit and success. A good choice for large public and academic libraries.--Steven J. Mayover, Free Lib. of Philadelphia
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Product Details

  • ISBN-13: 9780195119015
  • Publisher: Oxford University Press
  • Publication date: 9/24/1998
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 352
  • Product dimensions: 6.30 (w) x 9.30 (h) x 1.30 (d)

Meet the Author

Richard B. McKenzie is Walter B. Gerken Professor of Enterprise and Society in the Graduate School of Management, University of California, Irvine. He lives in Irvine. Dwight R. Lee is Ramsey Professor of Political Economy in the College of Business, University of Georgia. He lives in Bogart, Georgia.

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Table of Contents

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
10 Executive "Overpayments" 159
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
Notes 299
Index 331
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