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Types of Incentives and How They Can Work For You

There are several types of incentives that employers can use to motivate employees including compensation, recognition, rewards, and appreciation incentives. Compensation incentives include raises, bonuses, and stock options to encourage loyalty. Recognition incentives involve thanking or praising employees through certificates or announcements to maintain great work. Rewards incentives provide monetary rewards or prizes to build morale and drive home recognition. Appreciation incentives such as parties and picnics show recognition through celebration for good employee work.

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37 views

Types of Incentives and How They Can Work For You

There are several types of incentives that employers can use to motivate employees including compensation, recognition, rewards, and appreciation incentives. Compensation incentives include raises, bonuses, and stock options to encourage loyalty. Recognition incentives involve thanking or praising employees through certificates or announcements to maintain great work. Rewards incentives provide monetary rewards or prizes to build morale and drive home recognition. Appreciation incentives such as parties and picnics show recognition through celebration for good employee work.

Uploaded by

Ren
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Types of Incentives and How They can Work for You

First off lets understand the general meaning and use of an incentive.
An incentive is something, like a prize or desired action, that gets an
employee to do more of whatever is/was encouraged by the employer.
An example of this is a company throwing a pancake party on
Mondays to help employees get through the day while promoting
something like teamwork through out the departments of the
company. While enjoying a free pancake breakfast, employers are
able to conduct meetings and brief employees on the company as a
whole.
Incentives can:
-Increase Productivity
-Encourage Teamwork
-Thank employees for doing their work well
-Keep employees happy
-Reward high achieving employees
-Build Trust with Employers
Thats the basics when it comes to creating and using incentives, but
there are diffrent types of incentives!
Compensation incentives: Which can be raises, bonuses, profit
sharing, signing bonus, and stock options. These are great incentives
to help encourage loyalties to a company.
Recognition incentives: These incentives are actions like thanking,
praising, presenting employees with a certificate of achievement, or
announcing an accomplishment at a company meeting. This can be
use for individuals or even in the use of the whole company.
Recognizing the accomplishments of an employee or a whole group of
employees with a simple thank you or a plaque for the
accomplishment can go a long way in maintaining  great work and
great relationships.
Rewards incentives: This one speaks for itself. This type of incentive
includes monetary rewards, prizes, or even copay trips to help build
moral or reward the company. This incentive usually coincides with
the recognition incentives. Sometimes saying thank you isn’t enough,
so saying thank you with a trip or prize can really drive home the point
and help encourage the employee to continue contributing to the
team.
Appreciation incentives: These are the type of incentives that were
mentioned above. Parties, family gatherings for the employees like
picnics, and just general celebrations for good employee work.
Showing recognition through food and celebration is always a great go
to.

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