The term incentive means an inducement that motivates or stimulates one to action in a desired direction. Therefore, any wage system that induces a worker to produce more is called "incentive wage system." Incentive wage is a monetary inducement offered to employees to show the performance beyond the standard fixed. Incentive is one of the important factors for inducing and [...]
Allocation of resources is both a one-time and a continuous process. The implementation of a project would require the allocation of resources. An on-going business concern would also require a continual infusion of resources. The allocation of resources may take place at the corporate level i.e. by the Board of Directors and /or the CEO. This is known as the [...]
One of the most important elements in human resource management is compensation or remuneration. Therefore, it is necessary to frame sound policies and practices for employee compensation. Remuneration is the compensation an employee receives in return for his or her contribution to the organisation. Remuneration is concerned with needs, motivation and rewards. Managers, therefore, analyse and interpret the needs of [...]