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Jemshah
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Asked: 2023-01-21T16:49:20+00:00 In:

There are certain financial incentives that an organization may give to its employees in order to enhance their productivity. Explain five such incentives. (10 marks)November 2022

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There are certain financial incentives that an organization may give to its employees in order to enhance their productivity. Explain five such incentives. (10 marks)November 2022

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    1. Performance-based bonuses: Performance-based bonuses are financial incentives that are directly tied to an employee’s performance or the performance of the organization. This can include bonuses for achieving certain sales targets, meeting productivity goals, or completing a project within budget.
    2. Stock options: Stock options are a form of financial incentive that allows employees to purchase company stock at a discounted price. This can be a powerful incentive for employees as it aligns their financial interest with the success of the organization.
    3. Profit-sharing: Profit-sharing is a financial incentive in which a portion of the organization’s profits are distributed to employees. This can be a powerful incentive for employees, as it aligns their financial interests with the success of the organization.
    4. Retirement plans: Organizations may offer retirement plans such as 401(k) or pension plans as an incentive for employees to stay with the organization for the long-term.
    5. Employee recognition programs: Employee recognition programs are financial incentives that recognize employees for their outstanding performance. This can include cash awards, gift cards, or other rewards.
    6. Health and wellness programs: Organizations may offer financial incentives for employees to participate in health and wellness programs, such as gym memberships, health screenings or discounted health insurance.
    7. Training and development programs: Organizations may offer financial incentives for employees to participate in training and development programs, such as tuition reimbursement or paid time off for training.
    8. Flexible work arrangements: Organizations may offer financial incentives such as telecommuting or flexible work schedule, as a way to attract and retain employees.
    9. Childcare support: Organizations may offer financial incentives such as on-site childcare or assistance with childcare expenses, as a way to support working parents and attract and retain employees.
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