Mrs. Rajlaxmi is working as the Human Resource Consultant in a firm manufacturing cosmetic, which is facing a problem of high employee turnover. The CEO of the company has invited suggestions from her for retaining the talented employees & reducing the employee turnover. Mrs. Rajlaxmi recommends that the good employees be rewarded in a way that it creates a feeling of ownership among the employees and at the same time makes them contribute towards the growth of the organization.
(a) Identify the incentive and explain its type, which has been suggested by Mrs. Rajlaxmi to the CEO of the company.
(b) Also explain any two other incentives of the same type.

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Solution

(a) Financial incentive.
Co-Partnership/Stock Option
(b) Other financial incentives (any two):
Pay and allowances
Productivity linked wage incentives
Bonus
Profit Sharing
Retirement Benefits
Perquisites

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Installing award or certificate for best performance.

∙

Rewarding an employee for giving valuable suggestions.

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(a) Financial incentive. Co-Partnership/Stock Option (b) Other financial incentives (any two): Pay and allowances Productivity linked wage incentives Bonus Profit Sharing Retirement Benefits Perquisites

(a) Financial incentive.
Co-Partnership/Stock Option
(b) Other financial incentives (any two):
Pay and allowances
Productivity linked wage incentives
Bonus
Profit Sharing
Retirement Benefits
Perquisites