• Incentive is the extra money given to an employee for efficiency above a cut-off level.
• Incentive is a profit-sharing scheme in which both the employer and the employee earn more.
• Generation Next Fashions Ltd. aim of an incentive scheme is to set up an efficiency / earning agreement through which the interests of management and employees coincide. GNFL already started to provide cash incentives to employees in March 2022.
The main objectives of an incentive scheme are:
– To improve operator productivity
– To improve machine utilization
– To create an environment and culture that is driven toward high-performance levels.
• Designs of incentive schemes are governed by the combination of the above parameters, with productivity being the dominant parameter.
(Glimpses of the Event are depicted in pictures below):