Question
Download Solution PDFThe advantages of incentive payments are
(A) Ease in the introduction of new machines
(B) Better utilization of equipment
(C) Reduced absenteeism and turnover
(D) Increased scrap
Choose the most appropriate answer from the options given below:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is B, C only
Key Points Incentive Pay:
Incentive pay is financial reward for performance rather than pay for the number of hours worked. The idea is the prospect of financial compensation will motivate the employee to hit certain performance figures or financial targets.
Important Points Advantages of Incentive Pay:
An incentive pay plan is a great way to keep employees motivated and boost both morale and job satisfaction.
It has the following advantages
1. Improved Employee Performance and Retention
2. Better Organizational Performance
3. Make better use of equipment.
4. Helps in executing business strategy.
5. Absence and turnover decrease.
Last updated on Jun 6, 2025
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