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Incentive Programs
Initiatives designed to motivate and reward employees for achieving specific performance goals.
Implications
Structured plans or systems designed to motivate and reward employees, customers, or partners for achieving specific goals or behaviors, often used to drive sales, enhance performance, or encourage loyalty in various business contexts.
Example
Example: A sales company introduces an incentive program that offers bonuses to sales reps who exceed their quarterly targets, encouraging higher performance and boosting overall sales revenue.
Related Terms
Different from standard compensation, which provides base pay or benefits, incentive programs offer additional rewards tied to specific achievements, often leading to increased motivation and goal alignment.
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