performance-incentives

Vocabulary Word

Definition

'Performance incentives' are a type of motivation in which rewards are given based on how well task or job is done. It's like getting a bonus at work for meeting your sales goal.

Examples in Different Contexts

In sales, 'performance incentives' are rewards given to salespeople for meeting or exceeding sales targets. A sales director might say, 'We offer cash bonuses as performance incentives to motivate our team.'

Practice Scenarios

Business

Scenario:

Our sales have been static for the past two quarters. Perhaps we could introduce some form of motivation to boost these numbers.

Response:

I agree. Implementation of performance incentives for exceeding sales targets could definitely stimulate growth.

Tech

Scenario:

Coding sprints have been going well, but I think the developers might appreciate a little competition. Maybe we could introduce a reward for earliest bug detection.

Response:

Great idea! Performance incentives for bug detection will not only ensure a better product at the end but also keeps our developers engaged.