Motivation and retention Flashcards
1
Q
Why motivate workers?
A
so they have a reason to work better
2
Q
What are the financial methods of motivation
A
Pay
Bonus
Profit sharing
Fringe benefits
3
Q
What are fringe benefits?
A
Additional benefits such as healthcare , social events , staff discounts
4
Q
What are profit sharing?
A
A percentage of annual profit is given to employees to motivate them to work harder to make the business more money.
However it takes money away from the business
5
Q
What are non-financial methods of motivation?
A
Praise
Award scheme
Working environment
6
Q
What is employee retention and its benefits?
A
When an employee stays at a business. this is good as it will reduce recruitment costs
