asked in Business+Finance by (32 points) 1 9 32

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answered by LEGEND (6,394 points) 6 14 36
Incentive is some form of motivation like payments given to the workers to improve output. Yes, I think it's good especially if the business is in a place with stiff competition. Employees will be motivated to do their work well knowing that at the end of the day/month, they have something in their pockets.
But then, the state of the business matters a lot. If the business is making good profits and still the owner wants much, then he should give out some incentives. On the other hand if the business is down employees have to understand.

The only problem with business nowadays is that they don't offer this motivations apart from a few. If all business could adapt this, then most businesses will succeed.
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answered by LEGEND (6,086 points) 3 27 50
Is this the same as business owners should provide incentives to their employees? I think so. Incentives are forms of rewards and appreciation about a hard work. As an employee, whenever I am receiving an incentives, I feel like I did something good. I felt that I did everything to make them feel at ease with me. If you will give incentives, the employee will feel good. They will feel needed and they feel they are doing the right thing. They will surely feel inspire to do the same work again and will be innovative for sure because they will try different things on how they can do the job easily for them. If you keep on doing it, your employee will love you and will be loyal to you. There are different kinds  of employee but for sure business with incentives creates a good employer and employee relationship.
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answered by ELITE (3,054 points) 8 36 66
If you are referring to incentives that are given to employees, then definitely yes. It is important for every business or company to have its own reward and recognition program. In fact, multiple research studies have shown that the feeling of being appreciated drives an employee's engagement in the workplace. Knowing that their hard work, efforts, and sacrifices are being recognized not only boosts their spirits, but also motivates them into a whole new level.

Other than the usual output-based incentives, the management shall also look into the behavior of each employee, and provide appropriate recognition and reward for having been a model to others. This will not only stimulate healthy competition but will also encourage them to be a better coworker and a team player.
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answered by VISIONARY (9,008 points) 7 17 71
Sure,every business owner that is business minded should know this.incentive is like a high booster for huge sales. Who doesn't like freebies and giveaways. These are incentives that can prompt people to buy things that they might not have ordinarily bought but because of the clause like buy 2 and get one free it can make one even go on impulsive buying.

Incentives bring more customers and sales

Profits are made easily because of huge sales.

This can also help in the business expansion, more sales leads to more money and in turn means more money to buy more goods.

Incentive can make one have repeated customers . People loves incentives so  they will continue to patronize the business more for more freebies.
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answered by LEGEND (6,072 points) 7 22 49
It is not out of place for businesses to provide incentives for their workers. It serves as a source of motivation for them to do better. There is no way business can thrive without showing the workers how valuable they are to the success and progress of the business.

It makes them want to give more of their skills, abilities, and creativity to the business. If nothing is there as stimulus the morales of the workers will be down which will reflect in the overall output of the business.

Importantly, just how fuel is to vehicles that's how incentives of various forms are to the workers of a particular business set up. These incentives could be bonuses, pecks, all expense paid vacation trip etc.

In my own opinion, every organization aiming to reach the zenith of their successes should imbibe the attitude of encouraging their workers via incentives.
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answered by Patron (2,999 points) 3 8 16
The  success of every business depends on the planing, management and cooperation of the employer and employees.  To a very reasonable extent every human loves to be motivated and appreciated in their jobs.

Giving incentives is a good way to make business prosper,  when you give incentives to your employees they put extra effort to their respective duties,  it conscientise them such that fraudulent activity will not come to thier mind.
The incentives can also be grouped into different categories such that there will be competition and more commitments to their duties when incentives are been given according to performance. Most businesses are not sustained because of negligence of little things like this.  It is very important.
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answered by ELITE (4,083 points) 7 26 72
Absolutely. Incentives make a worker feel valued and he will feel more motivated to do well. One place I worked used to give a 6 monthly bonus both in the summer and at Christmas and we were always very excited when these times came around. Very few people left the company because they felt appreciated.

I think incentives are also an indication of how well a business is doing. Some places start off giving out a bonus and then decrease or discontinue it because as time goes on they can no longer afford to pay it. This can be quite demotivating for the employees.

Other companies give out bonuses to individuals based on their work performance. I think this is quite a good idea as it encourages people to work as hard as they possibly can so if they don't put in the work they don't get the bonus,
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answered by ELITE (3,008 points) 4 13 28
Incentives are great way that most new businesses penetrate into the market. There are lots of businesses that I know that got a bigger market share all because they made use of the incentives to attract both quality workforce as well as those people that are there to buy their products. I have noticed that some companies always give incentives such as free accommodation to the new workers especially those that are going to assist in boosting the sales level of the business and this is great.
I have also noticed that some products come with freebies which is a form of incentive. For example, some toothpaste making industry always ensure that they add one free toothbrush to their products and this is one of the ways to get the buyers to patronize their products instead of having to buy from others. So, I think that providing incentives is good for any business especially when they are trying to dominate a particular market.
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answered by ELITE (3,221 points) 5 12 23
edited by
To ascertain the importance of incentives, we need to begin with it's meaning and understanding what incentives are all about.

I like to subject incentives under the category of appreciation, a standard work behavior put in place and exercised as different working situations requires. Hence, Incentives can be any act of appreciation put in place to serve as inducement or motivation.

In a work place, incentives will mean inclusion on reward that motivates or compels effort. It might be in tangible form or otherwise. But in most cases, incentives are commonly exercised through the form of money, usually called bonuses. These bonuses as we know can motivate an employee's self willingness to work harder and produce better outputs.

If you look closely, you'd agree that incentives are more of a psychological workout. It's a pattern every human has become accustomed to right from the start of life. You play good, you get something good in return. The idea is already known to us and accepted by all. So I think it's best if every work place practice the act of appreciation as almost every single person can be implored in it's execution.

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