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Incentive Plans

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An incentive scheme is a plan to motivate individual or group performance. An incentive scheme basically involves monetary rewards, i.e., incentive pay but also includes non-monetary rewards. Incentives are variable rewards granted according to level of achievement of specific results. Incentives are payment for performance or payment by results. In other words, an incentive plan […]

Classification of Incentive Plans

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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 […]

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