Everyone needs some encouragement to do the best in life. So, the best way to encourage an employee is by giving an incentive amount once or twice in a year. The inventive system is a key activity for the management or organization. Incentives are given for the value of the money and also to get the success for the company.
Classification of incentives:
Incentives are classified into many types. They are listed below.
- Remunerative incentive
- Financial incentives
- Moral incentives
- Coercive incentive
- Natural incentives
- Intrinsic intensive
Why are incentives very important in business?
Incentives are nothing but the game changer. Let us learn more about it in this article. Incentives are the motivation factors which encourage the employees in an organization to work better to yield success. If the company gives incentive, it will make the experienced employees retain in the company. Usually, the employees expect some amount as an incentive and if the company fails to give, they will get disappointed.
The company can offer an incentive in many ways other than giving money. Let us take a closer look at those things.
- Offer flexi-time job:
This incentive will be very useful for the employees who have small kids, old aged persons or ill people at home. They need some persons to stay with them. So, if the company offers the employees the flexitime working hours, it will be a great motivating factor for them to make the company reach greater heights.
- Dress code:
Many corporate companies are providing this incentive to the employees work over there. The dress code is the thing every company should provide to the workers. It will lessen the cost of buying formal dresses, shoes and all.
- Positive reinforcement:
Each and everyone loves them to be praised by others. So, the team lead and the manager should praise their employees to make them work better.
- Give them breaks:
All need some breaks from the routine work. The minds will be fresh after taking breaks, so the employees will be so productive. So, the company should allow the employees to take breaks in between their working hours.
- Perform some fun activities:
Now, many corporate companies are having some fun activities in one of the five working days. So, the employees get relaxed and do their work even better.
- Thanking the employee:
The employee should be thanked for their great work done. Then only the employees will be more enthusiastic in the work and will try to make the company reach success quickly.