With fixed compensation package, it is difficult motivate employee and increase the level of productivity of employees as well as the organizations. Employees always want to improve their standard of living and want more money and with that, more recognition for their performance. That’s where the concept of incentive schemes has got its place.
Now the question is why the company would install incentive schemes for organizations? And what would it get in return? Incentives are paid to employees for the purpose of recognizing their performance on the job. It helps in leveling up the motivation and efficiency of employees which in turn, helps in generating greater output for the organizations. It’s up to HR personnel to use this scheme as useful tool for the purpose of utilizing manpower in an effective manner. It also helps in making better production scheduling and performance control. For employees, it is a chance to earn extra money above the time rated remuneration and monetary reward for good performance. For employees, it is tool for tempting employees to work better and increase the level of efficiency and productivity of employees. “A happy worker is a productive worker.”
Incentives are like asking Santa Clause for presents. But it is not wise to think that it is easy to get incentives. One has to work hard and smart under pressure for getting incentives. That’s why a HR personnel should keep in mind certain factors while framing incentive schemes for organizations. The business target should be reasonable; unreasonable target should not be put upon the workers. Before putting pressure on workers, HR executives have to make sure that employees get all the support for getting their targets achieved. Also technology and support system should be updated and proper training should be provided with them and level of supervision should be decreased as employees tend not to work efficiently under extreme level of supervision resulting low level of productivity. On the other hand, employees should not exceed the target. Otherwise, the level of expectation from management will increase and it may be difficult for employees to live up to the expectation of management. Rather employees should focus on achieving the target which justifies their fixed remunerations. Last, but not the least, in the language of HR, employees should be regarded as the most important part of the organisations.
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