Business:Section 4 (Financial and Non Financial rewards)
- Created by: Georgia Vyse
- Created on: 30-03-14 14:16
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- Finanical and Non financial rewards
- Financial
- Wages/Salary
- Time rate- Pays workers by the hour. Encourages people to work longer
- Piece rate- Pays by the work done. Encourages to work quickly
- Salary is a fixed amount paid every month. Firm knows exactly how much the pay will be
- Extra Payments
- Bonus is a lump sum usually once a year
- Commission is often paid to sales staff. More money for every item they sell
- Pension Scheme , business pay money each month towards pension if the employee does as well
- Wages/Salary
- Non-Financial
- Training motivates staff
- Enjoy being good at what they do
- Learn new skills for new tasks
- More responsibility can be motivating
- Job Enlargement- Giving them more tasks
- Job Enrichement-Giving greater responsibility. E.g Supervise new staff
- Fringe Benefits
- Any reward not part of a workers main income.
- E.g:Company car , gym memebership save money for the worker
- Training motivates staff
- Motivated staff
- Perform better
- Stay with the firm longer
- Reduce staff turnover: saves business money recruiting
- Financial
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