Performance Pay & Training Strategies Flashcards
What is performance related pay?
A goal setting and reward related way to motivate employees
Employees who achieve or rise above set standards will get paid more
Strategies to provide performance related pay…
Pay increases Bonuses Commission Share plan Profit sharing Gainsharing
bonuses are…
a one-time payment given to an employee as a reward for completing targets or making good efforts
Pay increases are…
Increases in wages for employees who meet their achievements
Define commissions…
a fixed amount paid for completing a sale
Define a share plan…
pay is dividend up if business is successful and employees receive additional income
What is profit Sharing?
a business can offer a percentage of its profits to staff
used to motivate them to work hard
What is gainsharing?
method for rewarding employees that make suggestions to improve business
the savings achieved from the business’s new operations are divided between staff
Strategies to train staff are…
Coaching
Mentoring
Job rotation
Job shadowing
Coaching includes…
being taught new skills and knowledge by a more experienced employee
Mentoring includes…
observing a more experienced employee and applying their skills and advice to your own work
Job rotations are…
Completing in a range of jobs to understand how they interconnect
Job shadowing is…
Following an experienced worker for a few days and observing how they carry out tasks
