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Financial motivation strategies (Sanction (Disadvantages (Short term…
Financial motivation strategies
Pay increase
Bounuses
Commissions
given a percentage of a sale eg. house sale, car sale
Share plans
Profit sharing
Gain sharing
Advantages and disadvantages
Advantages
immediate motivation
disadvantages
Generates competition
Short term motivator
Career advancement
Advantages
Assists a business in retaining talented employees
Rewarded for past performances
Disadvantages
Create rivals
Investment in training
Advantages
Shows employees that they're valued
Can give a sense of job security for employees
Disadvantages
Expensive
No gaurentee that the employee will stay
Training wasted if
Support
Advantages
Improve mental well-being
Strong culture
Long time motivator
Disadvantages
Need positive culture to work effectively
Sanction
Punishment for doing something wrong
Advantages
Some respond to sanctions
Brings employees in line
Disadvantages
Short term motivator
Can case resentment
Causes disputes