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Financial rewards - Coggle Diagram
Financial rewards
Performance -related Pay
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Pay rise- an increase in a person's remuneration due to meeting or exceeding pre-determined and pre-agreed performance target
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Ak kay advantage is tha it creates incnetives for people to work and perform better, especially if targets are clear
Wages
are a reward for labour services usually expressed as an hourly rate or as a measurable quantity of output.
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Piece rate- is a payment system that can get around the problem of time-based wages by rewarding more productive workers
Profit Related Pay
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strengthens employee loyalty and to foster team spirit because profits can only be acieved when combined team effort occurs
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Fringe Payments
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boost staff morale and loyalty, meet safety and esteem needs
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Commission
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Contrasts the piece rate , which is fixed amount per unit made or sold
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Salaries- are financial rewards set at a fixed annual rate but paid on a regular basis. For example: $36,000 annually, $3000 a month.
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