Topics
Nature and Significance of Management
- Case Study: Tata Group – Excellence in Management
- Concept of Management
- Characteristics of Management
- Objectives of Management
- Importance of Management
- Nature of Management
- Management as an Art
- Management as a Science
- Management as a Profession
- Levels of Management
- Functions of Management
- Coordination as an Essence of Management
- Management in the Twenty-First Century
Principles and Functions of Management
Business Finance and Marketing
Principles of Management
- Case Study: Toyota's Guiding Principles of Management
- Evolution of Management Principles
- Concept of Management Principles
- Nature of Management Principles
- Significance of Management Principles
- Taylor's Scientific Management Theory
- Principles of Scientific Management
- Techniques of Scientific Management> Functional Foremanship
- Techniques of Scientific Management> Standardisation and Simplification of Work
- Techniques of Scientific Management> Differential Piece Wage System
- Fayol’s Principles of Management
- Comparison of Taylor's and Fayol’s Principles.
Business Environment
- Case Study: Dharamveer Kamboj's Entrepreneurial Journey
- Concept of Business Environment
- Importance of Business Environment
- Dimensions of Business Environment
- External Factors> Economic Environment
- External Factors> Social Environment
- External Factors> Technological Environment
- External Factors> Political Environment
- External Factors> Legal Environment
- Economic Environment in India
- The 1991 Economic Crisis and Reforms
- Liberalisation
- Privatisation
- Globalisation
- Demonetisation
Planning
Organising
- Case Study: Wipro's Organisational Restructuring for Growth
- Organising
- Steps in the Process of Organising
- Importance of Organising
- Structure of Organisation
- Types of Organisation Structure > Functional Structure
- Types of Organisation Structure > Divisional Structure
- Comparison Between Functional Structure and Divisional Structure
- Formal Organisation
- Informal Organisation
- Comparison between Formal Organisation and Informal Organisation
- Concept of Delegation of Authority
- Concept of Decentralization
- Comparison Between Delegation and Decentralization
Staffing
- Case Study: Management of Human Resources at Infosys
- Staffing
- Staffing as Part of Human Resource Management
- Evolution of Human Resource Management
- Staffing Process
- Aspects of Staffing > Recruitment
- Sources of Recruitment
- Internal Sources
- External Sources
- Aspects of Staffing > Selection
- Aspects of Staffing > Training and Development
- Methods of Training
Directing
- Case Study: Leadership Development at Ford Motor Company
- Directing
- Principles of Directing
- Elements of Directing
- Supervision
- Motivation
- Motivation> Motivation Process
- Motivation> Importance of Motivation
- Motivation > Maslow’s Need Hierarchy Theory of Motivation
- Motivation> Financial and Non-Financial Incentives
- Leadership
- Communication
- Communication> Formal Communication
- Communication> Informal Communication or Grapevine
- Barriers to Communication
- Improving Communication Effectiveness
Controlling
Financial Management
- Case Study: Tata Steel–Corus Acquisition
- Concept of Business Finance
- Concept of Financial Management
- Financial Decisions> Investment Decision
- Financial Decisions> Financing Decision
- Financial Decisions> Dividend Decision
- Concept of Financial Planning
- Importance of Financial Planning
- Capital Structure
- Factors affecting the Choice of Capital Structure
- Fixed Capital
- Working Capital
Financial Markets
- Concept of Financial Market
- Money Market
- Capital Market
- Primary Market
- Secondary Market/Stock Exchange
- Distinction Between Capital Market and Money Market
- Distinction between Primary and Secondary Market
- Functions of Stock Exchange
- Trading Procedure of Stock Exchange
- Depository Services
- Demat System
- Securities and Exchange Board of India (SEBI)
Marketing Management
- Concept of Marketing
- Concept of Marketing Management
- Marketing vs. Selling
- Marketing Management Philosophies
- Functions of Marketing
- Concept of Marketing Mix
- Marketing Mix> Product
- Classification of Products> Consumer Products
- Classification of Products> Industrial Products
- Branding
- Packaging
- Labelling
- Marketing Mix> Pricing
- Marketing Mix> Physical Distribution
- Marketing Mix> Promotion
- Promotion Mix
- Advertising
- Personal Selling
- Sales Promotion
- Public Relations
- Distinction Between Advertising and Personal Selling
Marketing
- Concept of Financial Market
- Types of Financial Market
- Money Market
- Capital Market
- Primary Market
- Secondary Market/Stock Exchange
- Securities and Exchange Board of India (SEBI)
- Distinction Between Capital Market and Money Market
- National Stock Exchange of India (NSE)
- Overview of Marketing
Consumer Protection
- Case Study: Consumer Protection in Banking Services
- Concept of Consumer Protection
- Importance of Consumer Protection
- Consumer Protection Act, 2019
- Concept of Consumer
- Consumer Rights
- Responsibilities of Consumers
- Ways and Means of Consumer Protection
- Redressal Agencies Under The Consumer Protection Act
- Role of Consumer Organisations and NGO's
- Overview of Consumer Protection
Estimated time: 12 minutes
CBSE: Class 12
Meaning
Incentives are all measures which are used to motivate people to improve performance. Incentives are divided into two categories:
- Financial Incentives: Incentives that are directly associated with money.
- Non-Financial Incentives: Incentives that satisfy psychological and social needs, not directly monetary.
CBSE: Class 12
Financial Incentives
- Pay and Allowances – Salary/wages and allowances act as a financial motivator.
- Productivity-linked Wage Incentives – Wages linked directly to the level of productivity achieved.
- Bonus – A payment over and above the regular wage/salary.
- Profit Sharing – Employees are given a share in the profits of the organisation.
- Co-partnership / Stock Options – Employees are given the option to buy shares of the company, making them part-owners.
- Retirement Benefits – Benefits such as provident fund, pension, and gratuity that provide financial security after service.
- Perquisites – Additional benefits like company car, furnished house, medical facilities provided over and above salary.
CBSE: Class 12
Non-Financial Incentives
- Status – The rank, authority, and prestige associated with a job position.
- Organisational Climate – The overall work environment and culture that affects employee motivation.
- Career Advancement Opportunities – Possibility of growth, promotion, and development within the organisation.
- Job Enrichment – Making the job more interesting and challenging to increase employee satisfaction.
- Employee Recognition Programmes – Formal acknowledgement of good performance (awards, praise, appreciation).
- Job Security – Assurance of continued employment, reducing anxiety and increasing focus.
- Employee Participation – Involving employees in decision-making processes.
- Employee Empowerment – Giving employees greater authority and responsibility to take decisions.
Financial vs. Non-Financial Incentives
| Basis | Financial Incentives | Non-Financial Incentives |
|---|---|---|
| Nature | Directly monetary | Non-monetary |
| Needs addressed | Economic/financial needs | Psychological and social needs |
| Examples | Bonus, profit sharing, stock options | Recognition, job security, empowerment |
CBSE: Class 12
Key Points: Financial and Non-Financial Incentives
- Incentives are measures used to motivate people to improve performance.
- Financial incentives include pay, bonus, profit sharing, stock options, retirement benefits, and perquisites.
- Non-financial incentives focus on psychological and social needs of employees.
- Co-partnership/stock options make employees part-owners of the company.
- Job enrichment makes work more interesting and challenging, boosting satisfaction.
- Employee empowerment gives greater authority and responsibility to employees.
- Both types of incentives fall under the broader concept of Motivation in the Directing function of management.
Related QuestionsVIEW ALL [14]
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Agrima, Arunima, and Avika are pursuing MBA from a reputed institution. Now it is the time for their placement. Agrima wants to work in a company that would provide her more authority for fulfilling her duties and will give recognition, rewards, perquisites, and prestige of the job. Arunima wants to work in an organization in which the behaviour of individuals is influenced by characteristics like autonomy, reward orientation, consideration of employees, risk-taking, etc. Avika wants to join an organization that has appropriate skill development programs and a sound promotion policy that encourages employees to exhibit improved performance. |
Identify and state the incentives about which Agrima, Arunima, and Avika are talking.
