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Financial and non-financial rewards (Time-Based System (salary (pros…
Financial and non-financial rewards
Time-Based System
salary
pros
employees have
salaries in bank account longer
than wages - 1 a month
payment
only have to be calc 1 a month
easier to calculate for business (money per year/12 months amount)
cons
fixed amount every month
so
important to motivate employees
extra work not paid for, considered part of work
wages
pros
workers can be paid overtime - more incentive to work additional hours
when required by business
long term
paid on regular basis -
doen't have to wait long
cons
wagers clerk employed for this task
short term
paid weekly so they have to be calculated every week - takes more money + time (hires to calc)
Results-Based System
overtime payment