Question

Discuss the types and uses of short term incentives/bonuses and pay premiums. No more than one page. use at least one outside source

Answer 1

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.