Incentive plan refers to a strategy used by companies to retain productive and efficient employees by giving them an incentive or a reason to stay in the organisation. Incentives may vary from company to company but they usually consist of a bundle of offers and extra perks which a good employee enjoys besides his monthly salary. Some of these incentives are performance-based while others may be part of their daily income.
There can be periodic or project bonuses, profit sharing, stock options, holiday packages, commission from sales and so on. One must keep in mind that an incentive plan must be realistic and achievable. These incentive plans serve as a motivation to the employees and they feel the need to perform better in order to get the rewards. It also stops attrition as they employees would not want to leave the company if they are getting so many returns. Thus incentive plans boost employee performance and encourages employee loyalty.
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Sample Incentive Plan Agreement
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