Definition

Noun: A structured and official plan or system designed to motivate specific individuals, typically employees, to perform certain actions or achieve particular goals. It is a program that offers rewards or benefits to encourage desired behaviors or outcomes.

Usage

An "incentive scheme" is a formal business or organizational tool. It is used to describe a planned set of rewards, such as bonuses, commissions, or other benefits, which are offered to participants to increase productivity, sales, or other targeted metrics.

Examples

• The company introduced a new incentive scheme to boost sales performance.
• Employee morale improved significantly after the launch of the profit-sharing incentive scheme.
• The management is reviewing the effectiveness of the current incentive scheme.

Advanced Usage

• "to be part of an incentive scheme": to be included as a participant in such a program.
  • All full-time staff are part of the annual bonus incentive scheme.
• "to roll out/launch an incentive scheme": to officially introduce and implement the plan.
  • The new performance-based incentive scheme will be rolled out next quarter.

Variants and Related Words

• Incentive program (n): A very close synonym, often used interchangeably with "incentive scheme."
• Bonus structure (n): A system outlining how extra financial rewards are earned, often a key component of an incentive scheme.
• Performance plan (n): A plan that may include incentives tied to achieving specific performance goals.

Synonyms

• Reward system
• Motivation program
• Bonus plan

Related Phrases

• Incentive-based pay: Compensation that is directly tied to the results outlined in an incentive scheme.
  • A large portion of their income comes from incentive-based pay.

Noun

1. a formal scheme for inducing someone (as employees) to do something