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Financial rewards and non financial rewards - Coggle Diagram
Financial rewards and non financial rewards
Financial rewards
Hourly or time based wages
Some people get paid on the basis of the amount of hours they
work for
Comissions
When an employee gets a certain percentage from the amount of sales they make
Salary
Salary is a fixed amount that is paid to an employee, on a monthly basis
Performance related pay
Pay based on the performance of a worker, eg: how many units produced is called performance related pay
Profit Sharing
When a company gives its employees a percentage of the profits they make
bonus
People get extra amount of money along with thier salaries, either for doing good work, or during festivals
fringe benefits
The benefits given to an employee, not in the form of cash but in the form of a service
non financial rewards
Job enrichment
When an employee's job is enriched, I.E if more responsibility is handed over to them, they feel motiviated
Job rotation
Emplpoyees won't get bored if they keep chaning their jobs
Training
The employees feel motivated if their companies give them special trainings
Team working
Working in a team enables the employees to grow, and get more experience
Opportunities for promotion
An employee gets motivated if there is scope of promotion, as thisw ould bring him/her prestige