Incentives
One
thing which I have learnt while reading the
book titled Freakonomics by (Steven D Levitt & Stephen J Dubner) is that
how incentive are working. We have basically two type of incentives positive and negative(in economic
views). Positives, say like monitory rewards, non-monitory awards and negative
are the penalties and punishments.
There are three
favors of the incentives viz Economic, Social and Moral. A single incentive scheme
will have to include all three varieties. for an example 30% tax on cigarette is
economic incentive, ban in restaurant and bar is social and terrorist raise
money by selling in block market is moral incentive.
Idle incentive, should take consideration of all these
favors to achieved the required results/changes. Unless these were not put into
very appropriate manners it would be quite challenging to achieve the desired
outcome. This is an economic approach
towards incentives.
I undoubly while
reading this book believed that HR persons should be master of an economics to peruse Human
asset in all possible direction. The world of HR shall be only limited to
business HR but this is time to became an HR economist to serve the
stakeholders of the business community. It would be highly recommended to read Freakonomics .
Faith.
Amol Nakve.
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