Part C: Compensation

There are so many types of incentive programs, but particularly for this position there are not

such any incentive programs. But if we have to give/ recommend any incentive programs or

compensation programs then I would like to introduce one Annual Bonus program. As an

encouragement or incentive for achieving specific predefined individual or team goals, an

employee bonus plan offers remuneration above annual salary to employees. Professionals who

do more than the requirements of their jobs should be honored through incentive plans. All

employees receive 12-month incentives which aren't based on key metrics, and they're simple to

explain: They are designed to generate a positive workplace culture and goodwill among

employees. They are indeed an enjoyable celebration gift for all.

Other than that, I would also recommend Performance Bonus incentive program which is an

additional payment made to an employee in recognition of exceeding previously set benchmarks

and targets. Following an evaluation of great projects or excellent work performances, employers

frequently award employees with performance incentives. The normal performance incentive is

from 2.5% to 7.5% of your yearly income, while your employer has the right to choose a

different range. 10percent or 15percent of your pay are also quite typical percentages.

Benefits of Performance Bonus is Motivating employees at work may appear straightforward:

give a fair base salary and offer extra performance incentives in the way of a bonus structure.

According to research, compensating workers based on their production motivates them to work

harder, extraordinarily high workers.

Also I would recommend a sort of incentive programme called Piecework pays the employee for

each unit of production. Employees are compensated at a set rate per unit multiplied by the

quantity of units produced. Programs for piecework incentives are effective because they allow

employees the chance to earn more than their hourly wage. For instance, if a worker

accomplishes nine and half units, he or she could be paid for nine of them but not for the half

that is unfinished.

Benefits of Piecework Pay is the workers invest more effort since they are aware that if they

complete their duties quickly and efficiently, they will be paid more. Paying employees based on

production motivates them to organise their time effectively in order to boost productivity.

Considering that the employee is already motivated to perform harder, this also justifies less

oversight. When compensated per piece, employees are more likely to devise and stick with the

most productive means of production. Because they are achieving more for the firm and for

themselves, employees have a stake in reaching the company's goals as quickly as feasible.