Component 1 Booklet 12 Flashcards
What are incentives?
Something that the business can use to encourage/motivate their workplace
What are wages?
Payments made to staff which are based on a hourly rate
What are salaries?
Payments made to staff that are based on an annual rate
What are piece rates?
A payment system where employees are paid an agreed rate for every item they produce
What is commission?
Payment made to the employee which is a percentage of the sale price
What is a fee?
Payments made for one off tasks.Tasks are often geared towards the needs of the client
What are fringe benefits?
Additional perks over and above the wage/salary paid,such as company car,staff discount,subsidised catering
What is PRP(performance related past)?
Workers are paid a higher amount if they achieve the certain targets set by the employer
What is profit sharing?
Links part of the employees pay to the profits made by the company.They will often start on a lower salary than they might otherwise expect.
What is Share ownership?
Staff are given shares in the company that they work for
What is profit related pay?
Employees are paid a cash bonus as a proportion of the annual profits of a company
What are employees needs from the work environment?
- chance to take responsibility
- opportunities to develop skills
- recognition
- basic needs to be met,health and safety etc
- guaranteed hours
- appropriate time allowances
What are the non financial methods of motivation?
- job design and redesign
- job enlargement
- job rotation
- job enrichment
- empowerment
- team working
- quality circles
- achieving work-life balance
What is job design and redesign?
Jobs should include complete tasks that are of interest to the worker and challenging,which allow decision making
What is job enlargement?
Increasing the number of tasks completed by a worker.
