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. The researcher will find out why people or employees are willing to work very hard when they are motivated or even work beyond the official closing hour. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. Among them are listed below:-. Furthermore, the concept of employee’s welfare, which is one traditional way of securing, increased performance and loyalty of employees in the industry needs to be reactivated. It is hoped that this will also stimulate further researchers in this area so as to improve the performance of organization and the goal of workers by joining the organizations. These are known as “quota” or goals. Incentives like acknowledgment and praise are said to be a good motivator for success. Each level has its own peculiar incentive and benefit package in addition to their general one with reference to the operatives, the important questions are: The main purpose of this project is to find out the main major impact incentives and fringe benefits play on the general performance of employees more especially Nigerian workers. FRINGE BENEFITSFringe Benefits 13. Incentives: Meaning, Definition, Ideas, and More! DMC in Valencia highly recommend our Valencia Rallye! The researcher will find out why people or employees are willing to work very hard when they are motivated or even work beyond… These cookies do not store any personal information. ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. Several organizations offer perquisites and fringe benefits such as accommodation, car allowance, medical facilities, education facilities, recreational facilities, etc. Now customize the name of a clipboard to store your clips. It is mandatory to procure user consent prior to running these cookies on your website. Fringe benefits help companies recruit, motivate, and keep high-quality employees. They can be prepared as individual plans, group plans and organi­zational […] clear: both; This works for office-based jobs only. height: 30px; The federal government is busy increasing the pump prices of petroleum product while her work force are passing through difficult situation. People are focused on managing their personal lives and therefore having health and financial well-being are primary goals. and Fringe Why Employees Need Work Benefits and Other Incentives . Synchronizing your incentive program to your periodic company audit is ideal. Other forms of non-monetary incentives are recreation area or other necessary facilities in the workplace. It is equally worthy of note that if the employers packaged their welfare benefits very well, the employees are left with no option than to work hard in order to satisfy their employers to enable them provide more for them. Meaning of Fringe Benefits 3. 1. I hadn’t enough time to carryout my research due to the time the management and my project supervisor allotted to the submission of the project. The aim of this project is to carry out research on the “Effect of Incentives and Fringe benefits on employee productivity. Rather, this will make them strive and do their best and not get disappointed after a failure. Benefits schemes are given in non-monetary form in addition to salaries. What matter is that regular program evaluation is done so that you may know what areas are needed to be enhanced. Anything that can attract an employee’s attention and motivate them to work can be called as incentive. Again, there are workers who are provided with little or no incentives and fringe benefits outside their basic salary yet they work hard towards the successful accomplishment of the company’s objectives. Also it is the urge and ability to get things done. MOTIVATION: This is something that makes one do what one is expected to do at the right time and place. Definition: Fringe benefits can be defined as any additional compensation provided to an employee that is not directly related with wages. There should be a balance between teamwork and individual standards. How incentives and fringe benefits have affected quality of service rendered to their customers. One of the most effective uplifting factors for the employees is a promise of additional money aside from their salary. Paid training trips, company outing, and other activities that imply an economic cost to the company are a kind of monetary incentive. Clipping is a handy way to collect important slides you want to go back to later. For a labor incentives to fulfill its purpose, a clear classification of employees’ performance must be set. Incentives can be classified as direct and indirect compensation. Non-Financial Incentives A research should be carried out on the following important parts of a research work. View Notes - Incentives and Fringe Benefits.pptx from BUSINESS A 324 at Landmark University. Once those are achieved, an equivalent amount will be earned by a hardworking employee. Goals 7. If you wish to opt out, please close your SlideShare account. Some jobs demand extra effort while others warrant extra time. Incentives should be set depending on the company’s operation. In this setup, employees are given a set of target standards or numbers to achieve. You also have the option to opt-out of these cookies. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. .social-ring:before, Most often than not, incentives are what attract the employees to keep working in a company and go an extra mile to achieve something they are set to do. Titles like “Employee of the year,” “Best salesman of the month” fall into this category. These incentives also motivate the employees to work efficiently. Otherwise, employees will think that those incentives are not for them to take. Freedom to choose will not make them feel like they are forced to work for it. Every company should put effort into creating a good incentive scheme; this is because success depends mainly on employee’s performance.