An executive is an employee in a top-level management position with major decision-making authority in an organization. Executives are often given incentive pay, such as bonuses, in the private sector.
Incentive pay is a wage system that rewards a worker for productivity above an established standard, typically in the form of a bonus. This system is a variation of the piece-rate system developed by Frederick W. Taylor.
Premium pay refers to special pay rates provided to employees for working during weekends, holidays, late shifts, or engaging in hazardous work. Also known as penalty pay, it serves as an incentive for employees to work during less desirable times or in high-risk occupations.
