In the recent economic and regulatory climate, many organizations have been regularly evaluating their monetary incentive and rewards program design, for example bonus target setting and performance criteria (WorldatWork and Deloitte Consulting, 2014). Incentive programs are increasingly being structured to allow organizations to be flexible and cost effective, while at the same time, target specific employee groups and business goals. The most common type of monetary incentives, Short-Term Incentive Programs intend to compensate employees based on ...
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...nce rather than creativity and innovation, since the motivation is to make money and not necessarily to improve the company, rewarding innovation and creativity itself can elevate motivation. Therefore many IT companies are increasingly adopting “Innovation incentives” which reward employees for innovative ideas aimed at creating or improving projects and processes.
Another one of the many ways that employers incentivize the workplace is by offering earned time off for hours worked (Taylor, 2014). This can be an effective step towards motivating and rewarding employees while at the same time creating access to greater work life balance. Employers gain a reliable workforce, while employees have the chance to earn much needed time off. It is a good way to counteract issues of faltering attendance and performance in many organizations, thus creating a win-win situation.
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