Question

State with examples any two monetary incentives.

Answer 1

(a) Bonuses – Another good form of monetary incentive is issuance of bonuses. These might be bonuses to individuals who have met their sales quotas or even bonuses to teams that have completed their projects in time or have surpassed their production targets. Some companies give yearly Christmas bonuses to long serving employees as a way of rewarding loyalty

(b) Sharing Profits – This is another excellent way of rewarding employees. A small profit portion is shared with employees based on their position, duration with the company and input in attaining the overall set goals. Profit sharing is preferred by most companies since it gives employees a sense of belonging and ownership.