motivation and retention Flashcards
motivation
the reasons for acting or behaving in a certain way
motivation in business
the business motivates the workers so they are productive
methods of motivation
its important to note that any suggested methods of motivation will only work if they are suitable for the type of workers and each worker requires different motivations
wage
always changes
piece rate each thing they make - e.g each teddy bear costs 0.00001 $ dollars
pay commissions - for every item they sell they get a profit from it
salary fixed payments
pay
is the money to an employees in return for service
pay rises etc
bonus
given out when certain targets are met
motivates them to reach targets this makes them work harder
profit sharing
is a benefit paid to employees based on the level of profit that a business makes
increases profit
fringe benefits
perks
items including to normal wage / salary
car free health care gym memberships free meals
loyalty to business as things are often untaxed are at reduced rate
praise
verbal -personally or at a meeting
written - email
they know that they are doing a good job feel motivated and confident to stay
award schemes
employee of the month
working enviroment
noise levels clean light and nice environments will make people want to stay at workplace
nicer compare to other places
e.g factories
environment affects their attitudes productivity and positively
employee retention
motivation techniques help to keep staff decrease stff turnover
unmotivated staff and reputations
unhappy staff will leave the business this gives a business a bad reputation and effect their trades
people buy from people
employees that stay will become familiar with the customers and build relationships. increase profit
retention and business motivation
if a worker feels valued they will not leave their job
increase retention
reduce cost of recruitment leads to high profits
