Motivation methods (financial and non financial) Flashcards
What is time based wage rate?
payment to a worker made for each period of time worked, e.g. one hour
What is piece rate?
a payment to a worker for each unit produced.
What is a salary?
annual income that is usually paid on a
monthly basis.
What is commission?
a payment to a sales person for each sale made.
What is a bonus?
a payment made in addition to the contracted
wage or salary
What is profit sharing?
a bonus for staff based on the profits of
the business – usually paid as a proportion of basic salary
What is performance related pay>
a bonus scheme to reward
staf for above-average work performance
What is fringe benefits?
benefits given, separate from pay, by an
employer to some or all employees
What are the non financial methods of motivation?
Job rotation Job enlargement Job enrichment Job redesign Training Quality circles Worker participation Team working Target setting Delegation Empowerment
What is job rotation?
increasing the flexibility of employees
and the variety of work they do by switching from one
job to another
What is job enlargement?
attempting to increase the scope of a
job by broadening or deepening the tasks undertaken
What is job redesign?
involves the restructuring of a job – usually
with employees’ involvement and agreement – to make
work more interesting, satisfying and challenging
What is quality circles?
voluntary groups of workers who meet
regularly to discuss work-related problems and issues
What is workers participation?
workers are actively encouraged
to become involved in decision-making within the
organisation
What is team working?
production is organised so that groups of
workers undertake and complete units of work
