Since improving the standard of living of employees is one of the moral and legal obligations of the employer, there is need for them to tune their incentives and fringe benefits packages towards satisfying the needs of their workers. fringe benefit definition: 1. something that you get for working, in addition to your pay, that is not in the form of money…. Swift Code: GTBINGLA padding: 0 !important; Labor incentives refer to those incentives that supplement a salary and are given to the employees of a company for their excellent performance. But there is little difference between benefits and incentives. Constant revision and program upgrade are necessary for labor incentives to work properly in your company. Regardless of the company’s approach, programs should start according to the management’s schedule. Why Employees Need Work Benefits and Other Incentives . These are some of the attributes of a productive employee that all companies want to hire. Learn about:- 1. Moreover, fringe benefits like holidays, sick leave, maternity or paternity leave, fall under non-monetary incentives too. It is an established fact that every worker or employee is entitled to his basic salary/wage. If an incentive system goes wrong along the way, don’t be disheartened, incentives schemes don’t always work the way they are designed to be. Some employees are reaching for a positive stroke to get motivated. This study may not be exhaustively carried out due to some constraints. We also use third-party cookies that help us analyze and understand how you use this website. So, it is really up to the time and budget set by the company. Those benefits differ depending on the generosity of the company. Also, not much has been written on this aspect of study especially as it concerns the Nigerian organizations, so, the research centered more on the interviewing of some workers and journals published by the company.