Short-Term Incentives Plan Assignment Help: Short-term incentive plans are useful to award the employees for their performance up to current year. There are several short term incentives such as sharing of profit and gain, bonus distribution, prizes, hotel stays or tickets to events and commission schemes. As per assignment helper, bonus can be given as a percentage of actual sales generated or on completion of each project on time. The bonus is paid to the employees periodically such as during business quarters or at the end of current year. The company pays bonus for going beyond a predetermined goal.
Profit sharing is another short-term incentive plan that is distributed to the employees on meeting company performance metrics. Sometimes, it is based on the duration of working time and the position held within the company. Sales commission is given to the employees on the basis of percentage of their sales generated for the company. In regards to this, company offers a base salary plus commission that provides the incentive for the salesperson to earn a higher income in short period of time as per his performance. Prizes, gifts, free hotel stays and tickets to the sport events are other short-term incentives that are given to the employees according to their performance in short period of time to motivate them. These incentives help to make the employees happy and encourage them, in order to perform perfectly in particular time.
Necessity to Design Short Term Incentives: It is necessary to design short-term incentives by the organizations because these plans are helpful in attracting, retaining and motivating the employees. In addition, it is also useful to create an entrepreneurial spirit by aligning behaviour of employees with shareholders’ expectations. It is essential to provide short-term incentives to the employees in order to change their focus from process to outputs that boost the productivity of the company. Through these incentives, an employer can motivate its employees on short-term basis to meet their individual and organizational goals. Apart from this, it is crucial for the organizations to design these plans because it generates belongingness in the employees towards the company’s objectives.
They get rewards within a week or month by producing high-quality work in healthy competitive environment. It also helps to create a better work environment and encourage the employees to fulfil their responsibilities as much possible as. These types of incentives can be effective tools to motivate employees at both individual and team level in order to achieve desired goals and improve their productivity and performance. At the same time, in the absence of short-term incentives, employees can feel low morale due to no appreciation or award for their specific work performance. With the help of this, employees have chance to show their work that is important to their superior and overall success of the organization. Overall, it is important to design short-term incentives plans to increase the loyalty of the employees towards the company and put a positive impact on their earning potential and company’s revenues and profits.
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