Topic 4 - Human Resources (3. motivating employees) Flashcards
Motivation
The drive to work hard and effectively for a business
Financial motivation
Good work is rewarded with money in the form of extra pay such as commission and bonuses
Non-financial motivation
Fringe benefits or perks and job satisfaction
Abraham Maslow
An American psychologist
Maslow’s hierarchy of needs
A pyramid diagram representing basic needs at the base moving up to higher-level needs at the top
Physical needs
Housing, food, electricity, and services
Security needs
Personal safety and safety of possessions, no risk of crime
Need to belong
Sense of being part of a larger group or enterprise
Self-esteem needs
Self worth, ego and sense of personal success
Self-actualisation
Reaching maximum potential, being stretched to the limit of your abilities
Job-enrichment
Adding motivators to roles to increase satisfaction and productivity for staff
Fringe benefits
Extra benefits such as free child care, company car, staff canteen, etc
Remuneration
Wages or salary paid to employees plus any extra benefits, perks, company pension, etc
Salaries
Money paid to employees monthly at a set amount, not dependant on hours worked, expressed as an annual figure
Wages
Money paid, often weekly, to employees dependent on the number of hours worked, expressed as an hourly rate