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प्रश्न
State any two financial incentives.
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उत्तर
The financial incentives generally used in organizations are listed below:
- Pay and allowances: For every employee, salary is the basic monetary incentive. It includes basic pay, dearness allowance, and other allowances. The salary system consists of regular increments in the pay every year and enhancement of allowances from time to time. In some business organizations, pay hikes and increments may be linked to performance.
- Productivity-linked wage incentives: Several wage incentive plans aim at linking the payment of wages to increase productivity at the individual or group level.
- Bonus: Bonus is an incentive offered over and above the wages/salary to the employees.
- Profit Sharing: Profit sharing is meant to provide a share to employees in the profits of the organization. This serves to motivate the employees to improve their performance and contribute to increasing profits.
- Co-partnership/Stock option: Under these incentive schemes, employees are offered company shares at a set price that is lower than the market price. Sometimes, management may allot shares in line with various incentives payable in cash. The allotment of shares creates a feeling of ownership in the employees and makes them to contribute the growth of the organization. In Infosys, the scheme of stock options has been implemented as a part of managerial compensation.
- Retirement Benefits: Several retirement benefits such as provident fund, pension, and gratuity provide financial security to employees after their retirement. This acts as an incentive when they are in service in the organization.
- Perquisites: In many companies, perquisites and fringe benefits are offered such as car allowance, housing, medical aid, and education to the children, etc., over and above the salary. These measures help to provide motivation to the employees/managers.
Notes
Students can refer to any two points from the above solution.
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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 an example of ‘Employee Recognition Programmes’ as a non-financial incentive.
Give any two characteristics of ‘Organisational Climate’ that influence the behaviour of individuals and act as a non-financial incentive?
A reputed hostel, GyanPradan provides medical aid and free education to children of its employees. Which incentive is being highlighted here? State its category and name any two more incentives of the same category.
Explain different financial incentives used to motivate employees of a company.
Answer the following question.
State 'Job Enrichment' and 'Employee Participation' as non-financial incentives. How do they motivate employees?
Which of the following is a financial 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
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.
Which category includes incentives that are directly associated with money?
Which incentive gives employees the option to buy shares of the company, making them part-owners?
Provident fund, pension, and gratuity are benefits included under which financial incentive?
Which non-financial incentive refers to the rank, authority, and prestige associated with a job position?
Making the job more interesting and challenging to increase employee satisfaction is known as:
Formal acknowledgement of good performance through awards, praise, and appreciation is called:
Which non-financial incentive assures continued employment, reducing anxiety and increasing focus?
Giving employees greater authority and responsibility to take decisions is called:
Which set contains only examples of Financial Incentives?
