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How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer - HSC - SSCE Business Studies - Question 21 - 2013 - Paper 1
Question 21
How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer. Monetary and non-monetary rewards are ... show full transcript
Worked Solution & Example Answer:How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer - HSC - SSCE Business Studies - Question 21 - 2013 - Paper 1
Step 1
How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer.
Answer
Employee rewards can significantly enhance business performance by motivating staff to achieve higher productivity and engage with their work. Rewarding employees for meeting or exceeding targets encourages them to pursue company goals actively.
A specific example of an effective reward is a cash bonus tied to performance metrics. This not only provides immediate financial incentives but also aligns employees’ efforts with the company’s objectives, promoting a culture of achievement and accountability.
Step 2
Discuss ONE dispute resolution method a business could use to resolve workplace conflict.
Answer
Negotiation serves as an effective method of dispute resolution where the parties involved communicate directly to seek a mutually acceptable solution. This process is beneficial as it allows employees to express concerns and collaborate on finding resolutions, which can enhance workplace relationships.
Such discussions can be structured around interests rather than positions, fostering a collaborative atmosphere that encourages understanding and may lead to creative solutions. When properly facilitated, negotiation can prevent the escalation of conflicts and promote a healthier work environment.