Hi Priyanka,
As Ganesh has suggested, you need some identifier on your incentive object so that you can decide in your microflow whether or not you need to create a new object or if a relevant object is already in the database.
For example, it sounds like employee incentives are on a per year basis so you could create a year attribute on the incentive object. Then, in your microflow, you can check if there is an incentive object for the current year and if not, only then will you create a new incentive object for the current year. On your page, you can choose to display only the current year incentive object or you can display a list of incentive objects sorted by year if you wish to see the previous years as well.
This all requires that your association is a 1-many association so that multiple incentives can be associated to your employee object.
Hope this helps get you going in the right direction,
Danny