Spiff refers to a quickly awarded incentive – such as an immediate financial bonus, paid vacation, or non-cash prize – for meeting a milestone (e.g., first premium sale of the day) or performing a specified task (special quota attainment within a specified time frame). Employers, managers and other entities offer spiffs when introducing new products or hiking up production for a given period. Business people sometimes treat spiff as an acronym, ascribing the words “Sales Performance Incentive Fund” to form its meaning.