Incentives in the Workplace: Boosting Productivity and Employee Wellbeing

Application of Incentives as an Economic Principle Name Institutional Affiliation Course name Instructor’s name Assignment due date Application of Incentives as an Economic Principle Incentives is an economic principle that show how cost-benefit analysis affects the behavior of individuals in the workforce. Companies can benefit from increased productivity by providing incentive programs that benefit the employees by increasing their wellbeing. Financial and non-financial incentives seek to promote positive behavior by making desired actions and outcomes appealing to the employees. The article by Gibson (2023) shows that health and wellness programs have been increasingly adopted by companies as incentives to promote employee performance. However, many organizations fail to apply the strategy appropriately to target the group and individual needs of their workforce (Gelencsér et al., 2023). Focusing on energy is an ideal approach to providing incentives since it reduces burnout and improves the mental health and wellbeing of the employees. To use wellness effectively as an incentive