Chapter 6 WOP Flashcards
people have a strong “money ethic” or “monetary intelligence” when they believe that…
money is not evil; that it is a symbol of achievement, respect, and power; and that it should be budgeted carefully.
men attach more value to money than women.
see it as a symbol of status
cultures: high power distance vs low?
high power distance: more value and status to money. they also talk about it more
compensation based on senority
hoe ouder, hoe meer geld
+ en - van compensation based on senority
+ low employee turnover
+ goed toekomstperspectief voor applicants
+ decrease in stress
- niet gebaseerd op performance
- mensen die unsuited zijn worden niet gemotiveerd om werk te zoeken dat beter voor hen is.
4 ways of financial rewards
- membership & senior-based pay
- job status (job evaluation: welke skills zijn nodig om die job te krijgen)
- competence: welke measurable skills heb je opgebouwd?
- performance: individual (cleaner: per kamer die schoon is)/team (team performance leidt tot hogere salaris)/organization (restaurant: tip jar).
wat is gainsharing
op team niveau: gainsharing plan, calculates bonuses from the work unit’s cost savings and productivity improvement. Many hospitals have cautiously introduced a form of gainsharing, whereby physicians and medical staff in a medical unit (cardiology, orthopedics, etc.) are collectively rewarded for cost reductions in surgery and patient care. (7% reduction)
employee-stock-owner-plan
employees are encouraged to buy stocks from their company. = organizational rewards
profit sharing plan
employees receive a percentage of the previous year’s company profits
stock options
a reward system that gives employees the right to purchase
company stock at a future date at a predetermined price
dus alle vier de plannen kort:
gainsharing plan: a team-based reward, obv work unit’s cost savings and
productivity improvement (BONUSES OBV SAVINGS)
employee stock ownership plan (ESOP): a reward system that encourages employees to buy company stock (BUY COMPANY STOCK)
stock options: a reward system that gives employees the right to purchase company stock at a future date at a predetermined price (BUY COMPANY STOCK AT PREDETERMINED PRICE)
profit-sharing plan: a reward system that pays bonuses to employees on the basis of the previous year’s level of corporate profits (BONUSES OBV PROFITS)
- punten employee stock ownerships plan
- employee heeft niet veel invloed
- neemt pension over.
hoe EOPS beter maken
- performance based!
- relevant rewards
- team rewards
- value rewards
job design
welke taken horen bij de job
job specialization
different tasks voor het doel are assigned to different people