Question

Incentives matter. Describe the incentives at work to alter the minimum wage, to alter taxes, to establish a platform, or to form a cartel.

Answer 1

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Introduction

There are several ways to offer incentives to worker to alter the minimum wage and it also keep the motto of willingness to go out of the way to perform the task with best quality and with sustainable motivation

Abstract

Incentive pay, also known as "pay for performance" is generally given for specific performance results rather than simply for time worked. While incentives are not the answer to all personnel challenges, they can do much to increase worker performance.

Below are the main type of incentives

A) Casual Incentives

The simplicity inherent in the casual incentive approach attracts many farmers who would not consider a structured incentive. Casual rewards include a pat on the back, a sincere thank-you, a $50 bill, a dinner for two at a local restaurant, or a pair of tickets to the rodeo (workers may have excellent suggestions along these lines). You may want to entitle workers to choose from a menu of several rewards.

A bonus given routinely soon becomes part of the expected compensation package. Casual incentives communicate to employees that you have noticed their efforts

While there are times when praising workers in public is appropriate, at other times it may do more harm than good. An example of the latter is when coworkers hear a direct or implied comparison between the rewarded employee and themselves.

Even though workers are likely to tell others about their rewards anyway, the force of the comparison is reduced when you give casual incentives privately

B) Structured Incentives

Structured incentives can help direct employee efforts. Other benefits include cost certainty and cost reductions for the farmer. Benefits to employees include higher pay and satisfaction.

Examples of structured incentives

A structured incentive (1) must be capable of fluctuating (variable pay) as performance changes, and (2) is based on a specific accomplishment-reward connection understood by both management and workers.

Examples of typical incentives:

· piece-rate pay for pruning or picking

· allowing workers to go home early, with full pay, when they finish a job

· end-of-season bonus for employees who stay to the end

· quality or production incentive

· bonus for reducing production costs

· profit sharing.

Conclusion is that a good type of given incentives at work definatly save the expenses that will be spend on the minimum wage criteria and it will also save the taxes and establish as well as form a cartel for long period.

While many workers claim that job satisfaction and a sense of purpose drive their productivity, salary also plays a distinctive role in how well your employees perform. Incentive pay, based on the quantity of work delivered rather than on the time spent on the job, is particularly beneficial for increasing worker productivity

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