Incentive Plans Paper Essay Example | Topics and Well Written Essays - 750 words - 1

Incentive Plans Paper - Essay Example It operates in several countries and explores natural products from six continents. â€Å"ExxonMobil’s asset base is large, geographically diverse, and economically robust across a range of business environments. The company holds exploration and production acreage in 36 countries and production operations in 24 countries around the world.† (Company profile: Upstream, 2007). Attractive incentive and compensation plans are essential for attaining company targets and retaining qualified executives and employees. Appropriate and adequate incentive plans, if properly implemented, will motivate employees and will increase productivity. â€Å"The right incentive plan properly implemented can motivate employees, increase productivity and allow the employer to differentiate pay given to high performers.† (Performance plans: Performance based incentive plans, 2007). Managers have developed performance measurement tools and assess the successful decision making variables which is crucial to the organizational objective. Performance is evaluated individually to reward individual performance. In an organization, performance can be of both individual as well as corporate. ExxonMobil offers performance based rewards on attaining individual responsibility. Individual performance is the ability of the executives to implement business plans and to meet unanticipated events towards the objective of organization. ExxonMobil provides base compensation for all executives, including the CEO. ExxonMobils compensation plan is designed in such a way that it rewards and motivates the executives which helps in retaining the best talents in the organization. The fact that success of an organization depends on developing, motivating and retaining best talents who have the skills, abilities and expertise to lead a complex global organization. ExxonMobil is proved to be successful in their incentive plans which are designed to motivate, develop and retain