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प्रश्न
Explain different financial incentives used to motivate employees of a company.
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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?
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.
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
Which of the following is a financial incentive?
What is the effect of motivation on all the employees of an organisation?
|
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.
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 ______.
Keshav Bannerjee is the Chief Executive Officer (CEO) of 'Das Networking Ltd.’, a leading IT company in Bengaluru. He believes that if needs of employees are taken care of, the employees take good care of the customers. In this company various benefits are provided to the employees to help them meet their ‘medical and housing needs etc., while in job. It is also providing benefits like gratuity at the time of their retirement. The employees are provided various opportunities to attend skill development programmes to improve their skills and be promoted to the higher level jobs. Identify and state the three incentives offered by the company in the above para to improve the performance of its employees.
| 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.
