GAIN SHARING Meaning and
Definition
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Gain sharing is a performance-based compensation system that rewards employees for improving productivity and reaching specified performance targets. It is a form of incentive program where employees receive a share of any gains or savings achieved by the organization, usually through cost reduction or productivity improvements.
In gain sharing, employees and management work together to identify areas where improvements can be made, such as reducing waste, increasing efficiency, or improving quality. If these goals are met or exceeded, the employees are rewarded financially based on a predetermined formula. The formula can take into account various factors, such as the level of improvement, the cost savings achieved, or the increase in productivity.
One key feature of gain sharing is that it promotes the idea of shared responsibility for improving performance. It encourages teamwork and cooperation among employees, as their collective efforts are necessary to achieve the desired gains. Gain sharing also provides employees with a direct financial incentive to contribute to the organization's success and gives them a sense of ownership and motivation to excel.
The implementation of gain sharing requires clear communication, transparency, and trust between management and employees. It is important to establish measurable and realistic goals, regularly track progress, and ensure that the rewards are fairly distributed and aligned with the overall success of the organization. By implementing gain sharing, companies aim to create a culture of continuous improvement, employee engagement, and commitment to organizational goals.
Common Misspellings for GAIN SHARING
- fain sharing
- vain sharing
- bain sharing
- hain sharing
- yain sharing
- tain sharing
- gzin sharing
- gsin sharing
- gwin sharing
- gqin sharing
- gaun sharing
- gajn sharing
- gakn sharing
- gaon sharing
- ga9n sharing
- ga8n sharing
- gaib sharing
- gaim sharing
- gaij sharing
- gaih sharing
Etymology of GAIN SHARING
The word "gain sharing" has its etymology in the combination of two terms: "gain" and "sharing".
The term "gain" derives from the Old English word "gān", which means "to go, advance, or get closer to". Over time, it evolved to refer to an increase or growth in wealth, profit, or resources. The word "gain" is often used in the context of acquiring something, achieving a positive outcome, or making progress.
The term "sharing" comes from the Old English word "scearu", meaning "division, portion, or share". It is derived from the Proto-Germanic word "skeran", which has the same meaning. "Sharing" refers to the act of dividing or distributing something among multiple individuals or parties. It is used to express the concept of two or more entities jointly having something or working together towards a common goal.
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