Remuneration Flashcards
1
Q
What is remuneration?
A
Money paid for a good or service
2
Q
What is the difference between a wage and salary?
A
- wage is hourly
- salary is annually
3
Q
What factors can influence how much a person can earn?
A
- experience/skills
- loyalty to business
4
Q
Advantages of fringe benefits
A
- boosts morale of worker
- cheap due to discounts e.g. Gym membership
5
Q
Disadvantages of fringe benefits
A
- insurance can be costly (cars)
6
Q
Advantages of promotion
A
- motivates employee
- cheaper
7
Q
Disadvantages of promotion
A
- no fresh ideas
8
Q
Advantages of bonus
A
- motivates employees
- better working environment
9
Q
Disadvantages of bonus
A
- costly
10
Q
Advantages of commission
A
- better productivity
- better quality of work
11
Q
Disadvantages of commission
A
- less profit for company
12
Q
Advantages of job enrichment, praise and empowerment
A
- motivates workers
- cheap
13
Q
Disadvantages of job enrichment, praise and job empowerment
A
- can cause conflict in workplace
