Bonuses are one-time rewards that motivate employees based on specific achievements. Understanding financial and nonfinancial incentives is essential for effective HR practices.
Bonuses are one-time rewards given for specific accomplishments, providing a tangible incentive separate from salary to motivate employees. For example, reaching quarterly goals can result in a lump sum bonus. Understanding financial and nonfinancial incentives and how they impact motivation is crucial for effective HR practices. Additionally, incentive systems tied to individual, group, or organizational performance play a significant role in motivating employees.
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