Employees are rewarded, given bonuses, or given other benefits as incentives for their efforts and accomplishments at work. Organizations frequently use incentives, which can be monetary or non-monetary, to attract, retain, and engage employees. Most incentive programs aim to align employee behavior and performance with the goals and objectives of the company.
An important component of an organization's compensation and benefits package are incentives. Incentives are frequently used by businesses in the United Arab Emirates, the GCC, and the Kingdom of Saudi Arabia to entice and retain high-performing employees. Performance-based bonuses, profit sharing plans, and share options are regional examples of incentives. Non-monetary incentives like flexible working hours, training and development opportunities, and recognition programs are also available from some businesses.
The motivation, contentment, and performance of employees as a whole can all be significantly impacted by incentives. Employees can develop a sense of ownership, loyalty, and commitment through incentive programs if they are designed and implemented correctly, which can result in increased productivity and lower employee turnover. Consequently, it is vital for associations to painstakingly consider the kind of impetuses they offer, the models for qualification, and the recurrence of conveyance to guarantee they line up with the association's objectives and targets.