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    What Are Your Reasons For Introducing An Incentive Scheme?

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    Naiby Sebastian
    This document discusses reasons for introducing an incentive scheme, including increasing earnings and output, improving quality and safety, and reducing absenteeism and turnover. It outlines two basic types of incentive schemes: financial, such as bonuses and commissions; and non-financial, including awards, vouchers, and extra holidays. The conclusion notes that incentive schemes aim to improve business performance by motivating employees, customers, and suppliers.

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    What Are Your Reasons For Introducing An Incentive Scheme?

    Uploaded by

    Naiby Sebastian
    11 views2 pages
    This document discusses reasons for introducing an incentive scheme, including increasing earnings and output, improving quality and safety, and reducing absenteeism and turnover. It outlines two basic types of incentive schemes: financial, such as bonuses and commissions; and non-financial, including awards, vouchers, and extra holidays. The conclusion notes that incentive schemes aim to improve business performance by motivating employees, customers, and suppliers.

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    This document discusses reasons for introducing an incentive scheme, including increasing earnings and output, improving quality and safety, and reducing absenteeism and turnover. It outlines two basic types of incentive schemes: financial, such as bonuses and commissions; and non-financial, including awards, vouchers, and extra holidays. The conclusion notes that incentive schemes aim to improve business performance by motivating employees, customers, and suppliers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    11 views2 pages

    What Are Your Reasons For Introducing An Incentive Scheme?

    Uploaded by

    Naiby Sebastian
    This document discusses reasons for introducing an incentive scheme, including increasing earnings and output, improving quality and safety, and reducing absenteeism and turnover. It outlines two basic types of incentive schemes: financial, such as bonuses and commissions; and non-financial, including awards, vouchers, and extra holidays. The conclusion notes that incentive schemes aim to improve business performance by motivating employees, customers, and suppliers.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 2

    What Are Your Reasons For Introducing An Incentive

    Scheme?
    1. Increase in earnings for employees?

    2. Increase in output?

    3. Improvement in quality?

    4. Better mobility of labour?

    5. More efficient methods of working?

    6. Improvement in safety?

    7. Higher housekeeping standards?

    8. Reduction in absenteeism?

    9. Reduction in labour turnover?

    10.Reduction in overtime working?

    Types of Incentives
    There are Two Basic Types Of Incentive Scheme, Financial and Non-Financial

    Non-financial (and indirectly financial) Incentives


    These Include:-

    formal recognition/awards

    vouchers

    extra holidays

    gifts

    company cars

    Financial
    Financial incentives are useful for improving performance and can be self-financing.

    Profit-related and share option schemes bonuses

    commission
    Conclusion
    The aim of an incentive scheme is to improve the performance of your business, whether it
    is your employees, customer's or supply chain.

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