Part A – Give your opinion
Indicate whether you agree or disagree with the following statement: “Individual incentive plans are less preferable than group incentives and companywide incentives.” Explain what you see are the major differences and explain why you agree or disagree.
Part B – Apply your opinion
You own Falzer’s Tool Coating Company, a high-tech firm specializing in the coating of cutting tools (e.g. drill bits, cutting blades) to provide longer life before re-sharpening is needed. You are concerned that the competition continues to develop new coating methods and new applications of coating in different industries. You want to create a work environment where employees offer more new product ideas and suggest new industries where these ideas might be applied. What type of variable compensation plan will you recommend? Specifically address whether you think an individual or group incentive plan should be applied in this case, and why.
Please cite Compensation textbook by Newman, Gerhart, & Milkovich. I attached a copy of the textbook. Please also cite two scholarly articles. Thanks