Unit 1: People in Business (2)

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  • Unit 1: People in Business
    • Financial Rewards
      • Wages
        • They change depending on the amount of work done.
      • Salary
        • Is a fixed amount paid every month.
        • Adv: Firm and workers know exactly how much the pay will be.
      • Extra Payments
        • Commission: Earn more money for every item you sell.
        • Bonus: Sum added to pay, if worker has met targets.
        • Pension Scheme: Business make a payment into a pension fund each month.
      • What they are worth to the business.
        • Skills, Qualifications, Age, Experiences
    • Non Financial Rewards
      • Motivated Staff
        • Workers perform better when motivated.
        • Produce more and better quality products.
      • Training
        • Training improves motivation as it makes people better at their jobs.
      • Staff Responsibility
        • Job Enlargement
          • Giving a member of staff more task to do.
          • Makes job more varied and interesting. Makes worker feel more valued.
        • Job Enrichment
          • Giving worker greater responsibility.
          • Workers become more motivated and work harder.
      • Fringe Benefit
        • A reward that is not part of the workers main income.
        • Use of company car, company phone, gym membership, free health insurance...
        • Costs money for the business and saves for the worker.
    • Law
      • Minimum Wage
      • Anti Discrimination Law
        • Must not discriminate agains men, women, disabled..
        • Women paid same as men.
      • Health and Safety
        • Staff receive training.
        • Requirements for toilets, washing, fire exits.


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