16) Financial Methods Of Motivating Staff Flashcards
1
Q
Time rate or flat rate schemes
A
Employees receive basic rate of pay per time period (£5 an hour)
Not related to output, no incentive
2
Q
Piece rate schemes
A
Employees revive a pe official amount of money for each unit they produce
Pay directly linked to productivity level, more units produced but possibly lower quality
3
Q
Financial methods of motivating staff
A
Time rate schemes Piece rate schemes Commission Profit sharing Performance related pay
4
Q
Commission
A
Employees receive small percentage of the value of goods they sell in a period of time
5
Q
Profit sharing
A
Each employee receives a share of the profit of the business each year
Increases productivity
6
Q
Performance related pay
A
Anyone who’s achieved a certain number of targets over the year is given a pay rise
