FINANTIALLY REWARDS

it is an annual sum of compensation. It is a fixed cost for a company.

one example being teachers. They get payed on a monthly bases on a fixed cost irrespective of the homework they have to mark or the amount of lessons they have.

One advantage is that there is stable income and security as well as. It is also a good reward when it is not easy to measure.

Disadvantages are that it is difficult to reward people who are doing more work. There is no motivation to work harder.

Financial incentive, that rewards employees with shares in the company they work for

Advantage: Results in an inreased employee loyalty/ trust

Disadvantage: Dilutes ownership in the company - inreasing the strategic decision making time

A bonus for staff based on the profits of the business

advantages: Promotes employee loyalty and team spirit, Managers and employees work together to achieve higher levels of profit

Often too small, Individual efforts are not recognized

Reward payed to employee every time they sell a good or service. Payed as a percentage value.

incentive for workers to produce or sell more, customer service is likely to be improved, identify staff that needs more training.

disadvantages: team work might be ejected, customer service might decline if workers focus on the number of customers they have. it can encourage a hostile culture and lack of security workers might be encouraged in the short term not in the long term.

Used to pay people who reach/exceed a required standard/ target (Bonuses- increase wages)

Advantages:Can increase worker motivation/drive

Disadvantage:Can be costly for the Business if the Bonuses are too easily reached

Wages time

wage is based on the amount of hours one works

8£ per hour working in a restaurant.

Disadvantages are: not rewarded for effort but for time, no motivation and minimum wages

the advantage is that it is straight forward

wages piece rates

paying wages based on the number of products made of items sold.

for example 1.5 dollars per kilos of fruit packs in a farm

Advantages: incentives to work hard, motivation and productivity, helps set prices for a product.

disadvantages: quality vs quantity not very secure and adds pressure.

any type of remuneration awarded to employees in addition to their basic pay (staff discounts, car etc.)

Advantage: Increases the work attractiveness

Disadvantage: Increased Company costs

Its when employees are given added tasks that require more skill or training.

ADVANTAGES: this involves giving employees more responsibility and training in their work.

DISADVANTAGE: It means that an employee might be given added tasks to accomplish, which may require more understanding and different skill sets.

Its when employees change jobs for a period of time to learn a new task within a work process, e.g. the different tasks in assembly line production work.

ADVANTAGES: Learning different tasks in an assembly line production team. The person takes the order, one person prepares the bread, then the bread is passed on. There is a variety of tasks and can improve motivation.

DISADVANTAGES: You have to depend on other for you job to be done. If incorrect or well done you are not directly responsible for it since its was shared by the whole team.