financial and non financial rewards

• Financial Rewards

   

  Piece rate -  when payment is based on the number of items (pieces) produced by an employee​

   

  Commission -  when payment is based on the number of units sold​

   

  Bonus  -  an additional, lump sum, one off payment to an employee for meeting individual, team or company targets​

   

  Profit share  -  when a proportion of employee pay varies with the profits of the company​

   

  Performance related pay (PRP) is when employees receive a bonus based on the performance of the employee measured against a pre agreed range of criteria

   
• Delegation


  Passing of authority down the hierarchy
• Authority


  • Employee is given the right to do something by their superiors
  • Overall responsibility remains with the manager
• Delegation


  • Frees up time for management
  • Motivates workers by providing them job enrichment
  • Decisions may be made closer to the customer / employee base
• Consultation


  Process of seeking the thoughts and opinions of employees prior to making decisions that may affect them
• Empowering employees


  Delegating responsibility to employees, allowing them to use their abilities and to have a greater say in the decision-making process of the company
• Team working


  Employees are organised into groups and work together in order to meet set objectives
• Flexible working


  Employees have greater control over their own work routines e.g. start and finish time, may include the ability to work from home
• Job enrichment


  Increase in the level of responsibility that an employee has in order to increase motivation
• Job rotation


  Varying the tasks that an employee does to reduce boredom and increase the range of skills that the worker has
• Job enlargement


  Increase in the number, as opposed to level, of responsibilities that an employee has in order to increase motivation