Incentives are strategies used to motivate and enhance employee performance, and they can be broadly categorized into financial and non-financial types. Financial incentives include bonuses, profit-sharing, and commission structures that directly reward employees for achieving specific targets or sales goals. Non-financial incentives encompass recognition programs, professional development opportunities, flexible work arrangements, and enhanced work-life balance initiatives. These incentives aim to boost morale and job satisfaction. Additionally, intrinsic incentives, such as a sense of achievement and personal growth, play a significant role in motivating employees. By implementing a mix of these incentives, organizations can create a comprehensive strategy that fosters engagement, loyalty, and productivity within their workforce.
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