Short term incentives and bonuses and pay premiums are the
incentives and bonuses offered for the short-term employees, to
motivate them to perform their best in the assigned project. The
short term incentives and bonuses help in retaining the employees
in such projects. The focus here is on fulfillment of immediate
goals.
The various types of short term incentives and bonuses are:
- Gift employee incentive programs: the short term employees are
rewarded by gifting policy of the company. The company rewards them
with special gifts for specific goal and objective
fulfillment.
- Bonus employee incentive plans: In this case, the employees are
given bonus to reward their exemplenary work.
- Team rewards: In this case, the whole group or team of short
term employees is rewarded by giving them gifts and offers in
groups. For example: if a team has performed really well, the
company can gift them a group holiday or a group lunch.
- Paid-time-off employee incentives: This incentive program is
aimed at maintaining the work life balance of employees, even if
they are temporary or hired for short term. To keep the employees
motivated and geared up, special paid time offs are offered to
them.