Incentives
Incentives are rewards or inducements that are offered to encourage people to take a certain action. They are often used in business and economics to motivate employees, customers, and other stakeholders to take a desired action. Incentives can be monetary, such as a bonus or commission, or non-monetary, such as recognition or additional vacation time. Incentives can also be used to encourage people to take actions that benefit society, such as conserving energy or volunteering.
History of Incentives
Incentives have been used for centuries to motivate people to take certain actions. In ancient times, kings and rulers used incentives to encourage their subjects to take actions that would benefit the kingdom. In the modern era, incentives have been used in business and economics to motivate employees, customers, and other stakeholders to take desired actions. Incentives are also used in public policy to encourage people to take actions that benefit society, such as conserving energy or volunteering.
Comparison of Incentives
| Type of Incentive | Description |
|---|---|
| Monetary | A reward or inducement that is offered in the form of money, such as a bonus or commission. |
| Non-monetary | A reward or inducement that is offered in the form of recognition or additional vacation time. |
Summary
Incentives are rewards or inducements that are offered to encourage people to take a certain action. They have been used for centuries to motivate people to take certain actions, and are often used in business and economics to motivate employees, customers, and other stakeholders to take desired actions. Incentives can be monetary, such as a bonus or commission, or non-monetary, such as recognition or additional vacation time. For more information about incentives, visit websites such as Investopedia, The Balance, and Forbes.
See Also
- Bonuses
- Commissions
- Rewards
- Inducements
- Motivation
- Employee Engagement
- Customer Loyalty
- Public Policy
- Social Responsibility
- Conservation
