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Motivating workers - Coggle Diagram
Motivating workers
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Motivation
What is it?
Desire to achieve results or an outcome. The more an individual wants an outcome, the harder it would work to achieve it.
Importance
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If a business can identify what motivates its workforce, the end result could be a competitive advantage over rivals.
Non-financial rewards
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Fringe benefits have become increasingly important as a part of the overall payment package given to employees - particularly for management and executive positions.
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Methods of motivation
Financial reward
Businesses reward their employees financially in a variety of ways, all with benefits and drawbacks.
Piece rates
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Provides direct incentive to work harder, but makes no attempt to satisfy any other needs apart from the basic need to earn money.
In theory, the one who work harder, the more they get paid.
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Salary
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Greater flexibility in terms of when and how long an employee works in a day, week or month.
Incentive schemes
Businesses use various ways to improve the financial incentive (motivation) to encourage people to work harder. These include bonuses, performance-related, pay, profit share and share ownership.