What are the Short-Term Incentives?
It is a program that is primarily used to promote efficiency and productivity of the workforce in the short term (6 months to one year), short-term incentive compensation programs stem from the theory that rewards drive behavior.
We at Bakkah Inc. use short term incentive plans to enhance employee recruitment, engagement, retention and employer branding. Applied to corporate setting, Bakkah Inc. helps organizations through short-term incentive programs to produce short term targeted results by rewarding employees who are responsible for those results.
Examples of common short-term incentive pay plans include:
- Annual incentive plan.
- Bonus plan.
- Team and small group incentives.
- Project bonus.
- Commission plans.
- Cash recognition awards.
- To increase the potential of achieving yearly objectives by linking STI to KPIs of those objectives.
- To build a motivating work environment.
- To reduce turnover rates.
- To increase market share.
- To support and reward corporate achievers.
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