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Rewards & Benefits (Non Financial Compensation (Job Environment (Good…

- - - - Merit Pay Plan
        
        Employee who shows merit are rewarded a sum of $ added to their base salary. This is due to employee deserving performance. High performer will get paid more merit pay.
        
        Problem: view it as cost of living expenses & expected to be given regularly & frequently but what if company bad state/ employee not up to expectations
      - Piecework Plan
        
        Employees are guaranteed a minimum hourly rate for meeting some pre-established standard output
        
        Differential piece rate plan
        
        2 rates (up to standard & exceed standard)
        
        Straight piece work plan
        
        employee pay for hourly rate
      - Commission
        
        work on commission basis. Added to their lower base wage, an amt representing % of sales price.
        
        Adv: best way to motivate employee for high performance but may result in interpersonal conflict
    - - 2/more employees can be paid for their combined performance
    - - Profit Sharing
        
        Distribution of predetermined % of company's profit to the employees
      - Gain Sharing
        
        An incentive payment based on improved company performance.
        
        Scanlon Plan
        
        Employees' effort to reduce labour cost thro suggestion & ideas
        
        Improshare
        
        Mathematical cal to determine staff bonus
  - - - The Central Provident Fund Act (CPF)
        
        Retirement benefits
      - (WICA) Work & Injury compensation act
      - (WHSA) Workplace health & safety act
      - The employment act
      - mandated by rule of law of Singapore
    - - Healthcare
      - Life insurance
      - Payment for time not worked
      - Premium Pay
        
        Add. payment for risky & dangerous job
      - Not legally required
      - Employee Services
        
        Benefits include company subsided food payment, house loans, etc
- - - - Performance-based
        
        Attract & retains talented employees
  - - - Membership-based
        
        Motivate & improve welfare of employees