Question

‘Inaya Ltd.' is a multinational technology company focusing on artificial intelligence, online advertising and search engine technology. The company is generating good profits and takes care of the well-being of its staff. The company offers benefits like car allowance, medical aid, and allowance for children's education to all employees above the Manager's level. It regularly contributes towards the Employees' Provident Fund and pays gratuity on retirement to its employees. Under a special incentive scheme, the employees are offered shares of 'Inaya Ltd.' at a set price which is lower than the market price. Each year, the company keeps aside funds to pay one percent of base salary as bonus to its employees. No wonder 90\% of the employees would recommend working at 'Inaya Ltd.' to a friend.
Explain four incentives being provided by 'Inaya Ltd.' to motivate their employees for better performance.

Hint:

Non-financial and financial incentives both play a key role in motivating employees and fostering loyalty, ensuring their long-term commitment and better performance.

Answer 1

The incentives provided by 'Inaya Ltd.' include:
(i) Perquisites:
Perquisites such as car allowance, housing, and medical aid provide motivation to employees over and above their salary.
(ii) Retirement benefits:
Retirement benefits like provident fund and gratuity provide financial security to employees after retirement, motivating them to stay in the organization.
(iii) Stock option/Co-partnership:
Employees are offered company shares at a set price lower than the market price, creating a sense of ownership and encouraging them to contribute to the growth of the company.
(iv) Bonus:
Bonuses are provided over and above salaries as a reward for good performance, motivating employees to achieve higher results.