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Motivation methods (Financial) - Coggle Diagram
Motivation methods (Financial)
Piece work
Staffs get paid per task finished
Choose to pay on a fair price rate based on time and good accomplised
Pros
Experienced workers tend to make more money=> They can work over hours => Increase productivity
Workers can go home whenever
Cons
Because the work is fast, so it can be corner cut
Slower workers wage may fall under the minimum wage
Commission
Salesman may be paid extra money for selling something successfully
Cons
Risky income
Easy to be shit during recession time
Staffs are selling rather than meeting customers demand
Pros
Salesman are motivated to sell
more
Skilled people can make very good money
Employer is not paying for downtime when the employee not sellinng
Reward performance related
There will be managers supervise staffs' working process
Pros and Cons
Pros: Easy to be promoted, because rewards are directly linked with performance
Cons: Colleagues can be jealous with each other=> Workers are demotivated. Additionally, bonus are also not enough to motivate
Bonus
Pros
Used as a motivation to employee
Used as an application for staff’s hard working performance
Cons
Can be costly, gift card is more affordable for some firms
When bonus is counted into total income => staff will have to pay extra tax
A bonus is extra payment for who exceed the output requirement