Question

Define Incentives. Explain the different financial and non-financial incentives.

Answer 1

Answer:

Incentives means all measures which are taken to motivate employees to improve performance.

Difference between financial and non-financial incentives

Financial Incentives:

1. Incentives which are measurable in terms of money.
2. Motivate workers at lower level.
3. Pay and allowance, bonus, profit sharing, etc. are financial incentives.

Non-Financial Incentives:

1. Incentives which are not measurable in terms of money.
2. Motivate employees at higher level.
3. Status, job enrichment, job security, etc. are non-financial incentives.

Explanation:

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