An incentive provides additional compensation for those employees who perform well. It attempts to tie additional compensation as directly as possible to employee productivity. Further incentives are monetary benefits paid to workmen in recognition of their outstanding performance. They are defined as "variable reward granted according to variations in the achievement of specific results". Incentive systems should be tied as [...]
An 'incentive' or 'reward' can be anything that attracts an employees' attention and stimulates him to work. An incentive scheme is a plan or programme to motivate individual or group performance. An incentive programme is most frequently built on monetary rewards (incentive pay or monetary bonus), but may also include a variety of non-monetary rewards or prizes. Incentives are needed [...]
Everything you need to know about classification of incentive plans. Incentive plans envisage a basic rate usually on time basis applicable to all employees and incentive rates payable to the more efficient among them as extra compensation for their meritorious performance in terms of time, cost and quality. The incentive rates may take the form of bonus or premium. Bonus [...]