Register now or log in to join your professional community.
If you are not happy with the workers and your company is loosing concern. The only way to increase production by offering incentive. Now if you know the types of Incentive Earning, only then you can play the tricks.
A firm can pay its employees in one of two ways. The first, and most common way, is an hourly wage (or monthly or annual salary). This is known as input-based pay. The second, based on some measure of performance, is called output-based pay.
Generally, output-based pay makes people to put in more effort. It also tends to attract and retain employees hoping to earn more pay than with a simple base salary. Less productive workers will prefer to work where they are guaranteed a fixed salary and thus will avoid a company with an output-based pay scheme. Over time, this will increase the average productivity of a company's workforce.
Incentives
Most output-based pay schemes are combinations of base salary and incentives. Incentives can take different forms, each with different effects on employee performance, effort and output. Some of these effects will be desirable to the firm, and others will not.
Incentive is nothing but motivation to staff. It can be in term of:
a) Grade upgradation (post)
b) Increment in salary (monetary)
c) timely Incentive (monetary term)
d) Value for job done (appreciation)
e) HRA
f) Mobile allowance
g) Car allowance
h) Fuel allowance
i) Holiday package
j) Gifts
k) Bonus
l) Visits to factory
m) Training's
n) increase in Offdays
o) Health working environment.
There are many other incentives which I can think off which will help motivate your staff. But the most important will be financial benefits.
Thanks & Regards,
Vikas Bachhuka
Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.