Abstract
Effective reward and incentive schemes have become a tool for the work of organizations in the 21st century. Incentive schemes, if properly managed, can benefit many organizations. In this era of globalization, we need incentive schemes to help organizations respond quickly to changes in the environment. This article reviews the literature on the impact of incentive schemes on organizational performance. This article concludes that the success of an organization largely depends on how effective the incentive scheme is. This white paper recommends creating effective incentive schemes to motivate employees because they can increase productivity, responsiveness and efforts to achieve organizational goals
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