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Importance of Performance IncentivesBY: Muhammed Haris | Category: Others | Post Date: 2009-08-17
The performance incentives are incentives given to employees based on their performance. There are Key responsibility areas for every designation. The performance of each an every employee is judged on the basis of quality, productivity, time-lines, discipline etc that person maintains in meeting his duties in his Key Responsibility areas. The employee that performs best based on this judgment is honored with performance incentives. Different companies offer different forms of Performance incentives for example cash, vacation package, TV and other household commodities etc. Mostly the incentive is given quarterly to once a year. A part of CTC (Cost To Company) is mostly kept for performance incentives which acts as a motivational factor for the employees to perform ell and to give their best to the company. It is not fair to give the same salary, importance and benefits to high performer and a low performer. A high performer has obviously put more effort and hard work towards his job and so he should receive more from the company. If this is not done then a high performer will loose his interest in giving his best to the company because he will realise that his coworker who does not work as hard as him is also being given the same treatment and benefits. However, not every company is found to have a competitive system of performance incentives. Only when there is a well defined set of rules to calculate the performance incentives, it would motivate the employees to work hard. Most of the companies have the system of giving most of the performance incentives liberally, so as to bring equality among the employees in terms of total remuneration. But this method of evenly distributing the funds overlooks the importance of motivation. Therefore, the companies that have performance incentives tend to have more dedicated and motivated employees. Article Source: http://www.saching.com About Author / Additional Info: Additional Articles: * Some words for those, who got pain in love * Career break - Not a full stop to career * Women Watches in Fashion * Tirupati Temple - Darshan of Lord Balaji at Tirumala * Are you a Vegetarian or a Non-vegetarian? Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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