Everything you need to know about the types of incentives schemes to motivate employees. In words of Burak and Smith, "An incentive scheme is a plan or programmes to motivate individuals for good performance. An incentive is most frequently built on monetary rewards, but includes a variety of non-monetary rewards or prizes." It is responsibility of management to attract and [...]
After reading this article you will learn about the financial and non-financial incentives that are given to motivate workers. Financial or Monetary Incentives: This means to give more money and incite to more work as money is the important motivating factor. The main objective of that one who works more, is to get more. A financial incentive motivates more than [...]
After reading this article you will learn about the incentive schemes for indirect workers:- 1. Incentive Scheme for Labourers, Crane Operators, Set-Up Men, Maintenance Men 2. Incentive Scheme for Supervisory Staff 3. Incentive Scheme for Managerial Staff. Incentive Scheme for Labourers, Crane Operators, Set-Up Men, Maintenance Men, etc. (a) They can be given the same or half the incentive what [...]