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2.4 MOTIVATION (II) (Financial rewards (Salary (paid per month, security…
2.4 MOTIVATION (II)
Financial rewards
Salary
paid per month
security of regular income
rely on professionalism
Wages (time rate)
paid at fixed rates (hours etc)
opportunity to receive overtime pay
employees work slowly
Wages (pieces rate)
paid for each batch produced
greater output greater benefit
not have control
Commission
paid by results
may not have control
Profit-related
pay
the pay is linked to the profit
encourage desire to success
productivity fall
Performance-related-pay (PRP)
bonus pay in addition
enhance performance
Employee share-ownership schemes
2 types- bonus and employee
savings plan
employees become part of company
Fringe payment perks
often include perks related to bussiness
have substantial value
Non-Financial Rewards
Job enrichment
allowing employees to use full abilities
more satisfied more work hard
cannot be applied in all work situation
Job rotation
employees rotated between different divisions
provides additional training and new skills
must undergo training phase
Job enlargement
give employees more task to do
more variation in work
may increase dissatisfaction
Empowerment
power to make decision
learn new skills
some employees may not be able to manage
Purpose/opportunity to make difference
ability to connect employees with aims other than profit
intrinsically motivating
may lose focus on profit-making
Teamwork
working cooperatively
tend to be energized by working in groups
team failure can amplify dissatisfaction