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Devashish Shrivastava Top Contributor
Undergraduate student | Content Writer
Asked a question 3 years ago

How do you build and develop talent and elevate employee to be at their very best?

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First of all here we need to understand the concept of incentives.

Incentives : its a kind of motivation to employees to boost up their performance and moral so that they work at their best level of efficiency.

There are two types of incentives which a management offers to its employees financial incentives and Non-Fiancial incentives

1.financial176 incentives : financial incentives are those incentives which deals in money.  Following are some  financial incentives which a management offers to its employees:

Profit sharing : whenever companies earn large amount of profit than after giving dividend to its shareholders and owners the companies also gives some part of profit to its employees also so that they put more efforts and increase the profit of the company.

Productivity linked with wage incentives :   In this case management gives extra wages to worker producing extra output.

For example : If management pays 100rs per shirt To a worker producing 100 shirts in a day. And of worker produce 110 shirts in a day then he will get extra wages more than the standard rate say 110rs. Per shirt.

Bonus : some companies prefers to give bonus to employees in the occasion of Diwali and Christmas etc. Which boost the moral of the employee and employees start working at their best level.

2. Non-financial incentives : some employees needs do not satisfied with monetory incentives. They want status and esteem in the company. So company provides non-financial incentives to motivate such employees. 

Status : Here Company provides higher authority and responsibility to its employees to make the status of employees good. 

Generally the people working at higher level satisfied by self-esteem need means status.

Promotion : Every company use promotion to motivate it's employees. And for getting promotion employees put their more efforts they work very efficiently and effectively. So that they get  promotion.

Job security: once the above needs of the employees satisfied they start thinking about their job security. They want their job  should be with them in future also so here company provides job security to its employees so that they keep working at their best level.

So companies provide all such incentives to its employees and there are still many more incentives available to companies.