Short Term RewardsShort-term rewards refer to the awards given in a short frame of time. These rewards are typically tied to contributions that have the greatest impact on company performance and are used to inspire goal achievement. Which of the following are short-term rewards? (Note: More than one option may be correct.)On-the-spot recognitionsAnnual awardsMICE (Meetings, Incentives, Conventions and Exhibitions) or ‘paid holidays’Employee Stock Options
Question
Short Term RewardsShort-term rewards refer to the awards given in a short frame of time. These rewards are typically tied to contributions that have the greatest impact on company performance and are used to inspire goal achievement. Which of the following are short-term rewards? (Note: More than one option may be correct.)On-the-spot recognitionsAnnual awardsMICE (Meetings, Incentives, Conventions and Exhibitions) or ‘paid holidays’Employee Stock Options
Solution
The short-term rewards from the options provided are:
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On-the-spot recognitions: These are immediate rewards given to employees for their exceptional performance or contribution. They are considered short-term because they are given instantly and not accumulated over a long period.
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Annual awards: Although these are given once a year, they are considered short-term rewards because they are tied to the performance or achievements of the employee within that year.
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MICE (Meetings, Incentives, Conventions and Exhibitions) or ‘paid holidays’: These are also short-term rewards. They are often used as a form of incentive for employees to reach certain goals or targets. Once the target is achieved, the reward is given.
Employee Stock Options, on the other hand, are not considered short-term rewards. They are usually part of a long-term incentive plan, where employees are given the option to buy company shares at a discounted price after a certain period of time. This encourages employees to stay with the company for a longer period and contribute to its growth and success.
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