Asked by Grant Friesen on Jul 22, 2024
Verified
Define incentive pay and explain how it can motivate employees.
Incentive Pay
A compensation strategy that rewards employees for achieving specific performance targets or for exceptional work, intended to motivate higher productivity.
Motivate Employees
The process of inspiring and encouraging employees to achieve their best performance and commit to an organization's goals and success.
- Acquire knowledge about the multiple incentive pay plans and what they aim to achieve.
Verified Answer
MF
Marcelle FernandezJul 27, 2024
Final Answer :
Incentive pay is pay-other than wages and salaries-that are linked to an employee's performance as an individual, group member, or organization member. Incentive pay is particularly influential because the amount paid is linked to certain predefined behaviors or outcomes. Knowing they can earn extra money for meeting company goals, the employees often try harder or get more creative than they might without the incentive pay.
Learning Objectives
- Acquire knowledge about the multiple incentive pay plans and what they aim to achieve.
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