What is incentive ?

An incentive is an important mechanism that encourage and motivates managers to achieve organizational objectives”.

An incentives scheme is a plan or programs to motivate individual for good performance. An incentive is most frequently built on monetary rewards, but may also include a variety of non-monetary rewards or prizes.

The type of incentives can be explained by the following diagram.

 

 

 

HR-Professionals 12 Compensation 12

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