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Financial methods of motivation, Non-financial methods of motivation -…
Financial methods of motivation
Salary schemes
A set income based on the job role and calculated as an annual fee.
Commission
A bonus paid based on achieving a sales target.
Piece rate
Payment based on the number of units of output produced.
performance related pay
A salary or bonus scheme linked to job related targets. Targets and performance may be reviewed every 6 months or annually.
profit sharing/bonus schemes
Distributing a percentage of net profit across the workforce.
Non-financial methods of motivation
Appraisal system
A system designed to review employee performance and recognise achievement - may be linked to PRP.
Teamworking
Organising the workforce into teams in order to benefit from the social aspects of motivation.
Job design
Designing the role, tasks and responsibilities in a way that maximises employee motivation.
Employee recognition
Such as employee of the month.