Motivational factors:
1. Growth
2. Career Advancements
3. Meaningful work
4. Recognition
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Taylors Scientific Management theory?
1. Main Motivator is Pay
2. science can increase efficiency
3. Workers should be given 1 task per to master
4. People can be replaced by systems
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Mayo's Human Theory of motivation?
1. Money is not the key motivator
2. Employees should be treated like humans and not robots
3. Considers the individual needs and wellbeing of employees.
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Financial motivators
Remuneration - salary
Performance related pay - additional amount, bonuses
Promotion - Increased wage and additional financial benefits
Fringe Benefits - Ways which employees are going to save money e.g. discounts, benefits
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Non financial motivation?
1. Job rotation
2. Job Enrichment
3. Empowerment and Autonomy
4. Consultation
5. Job Enlargement
6. Team working
7. Flexible Working
8. Training
9. Management Style
10. Employee benefits and perks
Stakeholders are people who have interest in the business and work to increase its performance.
Shareholders are people who have financial share in the business.
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Internal stakeholders and external stakeholders?
Internal: Shareholders, Managers, employees
External: Customers, suppliers, local community, pressure groups, government
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