Incentive pay can take many forms, from bonuses and commission-based earnings to profit sharing and stock options. The common goal is to incentivize employees to perform at a higher level and achieve specific goals. Monetary rewards are often used to encourage employees to work harder and reach their targets. However, it’s important to note that not all employees are motivated by money. Some workers value recognition, work-life balance, and flexible schedules more than monetary rewards. Therefore, it’s crucial to understand what motivates each employee and tailor the incentive pay accordingly.