Advertisements
Advertisements
प्रश्न
Explain different financial incentives used to motivate employees of a company.
Advertisements
उत्तर
Financial incentives refer to direct monetary incentives offered to the employees to motivate or reward people for better performance. The following are some of the financial incentives used in the organisations.
- Salary and Allowances: In every organisation salary and allowances given to the employees form the basic form of financial incentive. Regular raises in salaries and grants of allowances act as motivation for the employees.
- Performance Based Incentives: Often organisation offer monetary rewards for good performance. This induces the workers to improve their efficiency and performance.
- Bonus: Bonus refers to the extra reward over and above the basic salary. It can take the form of cash, gifts, paid vacations, etc. For example, some organisations grant bonuses during festival times, such as Diwali bonuses.
- Stock Option: Under this incentive scheme, the employee is offered the shares of the company at a price lower than the market price. This instills a feeling of ownership and belongingness in the employee and urges him to contribute towards the goals of the organisation.
- Sharing of Profit: Herein, the organisation shares a portion of the profit with its employees. This encourages the workers to contribute actively towards the growth of the organisation.
- Retirement Benefits: Many organisations offer certain retirement benefits to their employees, such as pensions, gratuity, provident funds, etc. This provides a sense of security and stability to the employees.
- Fringe Benefits: Besides the basic salary an organisation may offer certain additional advantages to its employees, such as housing allowance, medical allowance, etc.
संबंधित प्रश्न
Answer the following question:
Ram Murthy, the CEO of ‘Goodcare Hospitals’, a leading chain of hospitals, decided to reward the good work of the doctors of his organisation. For this, he instituted two running trophies. A ‘Healthcare Achievers Trophy’ to acknowledge and appreciate the tireless efforts of the doctors who rendered selfless services to the patients and another ‘Beti Bachao Trophy’ to recognise the outstanding work done by the doctors in saving the girl child.
The CEO also wanted to improve the health services in rural areas all over the country. He decided that all doctors must work in rural areas for at least six months. He also decided that the paramedical staff should be employed locally.
(1) Identify the incentive provided by ‘Goodcare Hospitals’ to its doctors through running trophies
(2) Which needs of the doctors will be satisfied through the incentive identified in part (a)? State.
(3) State any two values that the CEO of ‘Goodcare Hospitals’ is trying to communicate to society.
Give any two characteristics of ‘Organisational Climate’ that influence the behaviour of individuals and act as a non-financial incentive?
Answer the following question.
State 'Job Enrichment' and 'Employee Participation' as non-financial incentives. How do they motivate employees?
Read the following text and answer the following question on the basis of the same:
Mr. Sunil Diali is a safety officer in a reputed PSU sector ECL. He supervises the workers towards the predetermined goals of the organisation and directs how to eradicate unsafe practices of inundation, fire breakouts, existence of inflammable gases, etc. On one such instances there was huge fire breakout in the underground mines and the workers morale was down and demotivated because of several risk hazards. Mr. Diali observed the whole situation and consulted with all his workers and constantly monitored, guided and inspired them to integrate their efforts and accept the situation as a challenge and take adequate safety measures for fire extinguish and subsidizing its effects. Thereby, production turnover was outstanding and outperformed other subsidiaries. Mr. Diali was recognized with Bravery Award from CIL.
Bravery award is ______ form of nonfinancial incentive.
CPA Services CEO, Abhishek Nigam' s compensation includes salary, commission and other allowances. The company also pays for his insurance and vacations. Identify one indirect payment being made by the company to the CEO
Which of the following is a financial incentive?
What is the effect of motivation on all the employees of an organisation?
In Saarthak Steel several initiatives have been taken to further improve the motivation levels of employees through designing jobs that include greater variety of work content, providing certain stability about future income and work, providing fringe benefits like housing, medical aid, etc., allotment of shares in line with various incentives. Identify and briefly explain the incentives being given by the organization to the employees.
What is meant by financial incentives?
State any two financial incentives.
Gitanjali Makan is a successful business leader. She believes that if jobs are made interesting by including greater variety of work content and providing a meaningful work experience, the jobs themselves become a source of motivation to individuals.
The non-financial incentive that has been discussed in the above case is ______.
| Mahamana Enterprises is not only giving salary to its employees but it also offers bonus to them over and above the salary. To further encourage the employees, it announced that it will provide a share in the profits of the company to them. These incentives are helpful in increasing the purchasing power of the employees. |
State four other incentives of the type of incentive discussed in the above para.
