INCENTIVE SCHEME Meaning and
Definition
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An incentive scheme is a structured program that is designed to encourage and motivate individuals or groups to achieve specific goals or desired outcomes. It is a deliberate strategy employed by organizations or entities to incentivize and reward desired performances, behaviors, or results.
The objective of an incentive scheme is to create a system that aligns the interests of individuals with the goals of the organization. Such schemes typically involve offering rewards, bonuses, or other benefits to participants who meet predetermined performance targets or criteria. Incentives can be monetary, such as cash bonuses or profit-sharing arrangements, or non-monetary, including gifts, vacations, or recognition.
Incentive schemes often have various elements, such as clear and measurable goals, transparent performance evaluation methods, and specific criteria for eligibility and reward distribution. They may also have time-bound targets or involve performance comparisons with peers to foster healthy competition and encourage continuous improvement.
Organizations implement incentive schemes to increase motivation, productivity, and overall performance. They can be used in various contexts, including sales and marketing, employee performance management, customer loyalty programs, or even government initiatives.
While incentive schemes have the potential to drive positive outcomes, they require careful planning and consideration to ensure they do not foster negative behaviors or unintended consequences. The effectiveness of an incentive scheme depends on its design, communication, fairness, and the alignment of rewards with organizational objectives.
Common Misspellings for INCENTIVE SCHEME
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Etymology of INCENTIVE SCHEME
The word "incentive" originated in the early 15th century from the Latin word "incentivum", which means "something that sets the tune or incites". It is derived from the Latin verb "incinere", which means "to make a musical incantation" or "sing". Over time, the term "incentive" expanded its meaning to refer to any action or reward that motivates or encourages people to take specific actions.
The word "scheme" evolved from the Late Middle English word "escheme", which came from the Old French word "esqueme". Its Latin origin is "schema", meaning "figure" or "structure". The term refers to a plan, system, or method that is designed to achieve a particular goal or objective.
Similar spelling words for INCENTIVE SCHEME
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