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explain financial incentives
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explain financial incentives Related: NCERT Solutions -Ch-9- Financia...
Monetary benefit offered to consumers, employees and organizations to encourage behavior or actions which otherwise would not take place. A financial incentive motivates actions which otherwise might not occur without the monetary benefit.
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explain financial incentives Related: NCERT Solutions -Ch-9- Financia...
Incentive means all measures which are used to motivate people to improve performance.
Financial Incentives can be calculated in terms of money
1. Pay and allowances: Salary is the basic monetary incentive. It includes
basic pay, dearness allowance and other allowances.
2. Productivity linked wage incentives: Aims at linking payment of wages to
increase in productivity.
3. Bonus: An incentive offered over and above the wages/salary.
4. Profit sharing: It means to provide a share to employees in the profits. It
creates a feeling of ownership to employees.
5. Co-partnership/Stock option: employees are offered company’s share at
a price which is lower than market price.
6. Retirement benefits: Such as provident fund, pension and gratuity etc.
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explain financial incentives Related: NCERT Solutions -Ch-9- Financial Management, BST, Class 12
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