Employees incentives is a force which makes them do things right in some direction and gives inspiration to complete that specific goal or objective. These incentives are based on experience, skills, age and are different from person to person in an organization where everybody has their personal or financial needs to motivate themselves towards work. Depending on how much committed we are for that organization, it may further determine the activities we engage in our work.
When we suggest triggers or factors that create the promotions or progress of employees in the working environment then almost every employee would immediately think of a high salary and incentives. Incentives, enthusiasm or interest causes a specific action or certain attitude in an organization.
When satisfaction is not availed, the person's productivity, enthusiasm become less and eventually quits or is sacked. Achievement, enhancement, recognition, growth, responsibility and job nature are internal motivators. They occur when the person do self-motivation to themselves. Understanding the uses and benefits of incentives and then applying it in relative field, is one of the most prevalent challenges of employers. Companies often spend a lot money each year paying incentives like ESOP, Profit sharing, Scanlon plan, Annual Bonus, Gain sharing and Merit plans just to give encouragement towards their work. Incentives features can be mentioned as follows:
Incentives or benefits are based on a standard individual performance These can be measured according to in monetary term
Benefits deliver motivation employees for their better performance Incentives do direct linkage to performance
Incentives varies individually and timely
As we can see now, incentives and benefits drive the professional life of workers to a certain goal or objective in an organization. It plays a major role in nearly everything. In absence of these factors, we would simply not look after about results, means, goal accomplishment, employment, training, success, failure, etc. Effects onWorkplace
Rewards and incentives have an impressive and signifying effect on result of any business, which relates in both quantity and quality. Your business relies heavily on the performance of your people to make sure that products are being assembled in figures that meet demand for the desired week. In this advanced era, many business managers are not aware of the effects that awarding incentives and compensation can have on their business revenue, its important that they learn and understand the elements that create positive motivation in the company. The volume of your business is not relevant, even if you are getting out better out of one hundred of your staff or just one few, everybody needs some form of financial encouragement. It is is approached differently by different sort of corporations, responsibility of its integration remains with all immediate all work people. It is the business owner who must start these kind of internal business strategy plan to acquire corporate goals.
Motivating staff in the working environment is one of the biggest challenges for managers in all kind of companies. To Increase productivity there should be major approaches from managers in any organization. In case of absence of these rewards in any company, it's a major issue for managers and also directly associated with employees who see no value in the work that they do or see no reason to obtain the goals set for them. Employees are the greatest asset of any organization and no matter what level of efficiency your technology and equipment may be, there is no match for the effectiveness and performance of your work force.
Source ; http://www.hr-guide.com/data/G446.htm
Employee Stock Ownership Plan (ESOP):
ESOP (Employee Stock Ownership Plan) is such a well defined contribution plan which benefits employees and permits them to be...