Outline the financial rewards used for motivating employees - Leaving Cert Business - Question 6(A) - 2017
Question 6(A)
Outline the financial rewards used for motivating employees.
(15 marks)
Worked Solution & Example Answer:Outline the financial rewards used for motivating employees - Leaving Cert Business - Question 6(A) - 2017
Step 1
Time Rate
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Answer
The time rate is a fixed amount paid to an employee for each hour of work performed. This system also compensates for hours worked beyond the standard, typically at a higher rate, known as overtime.
Step 2
Piece Rate
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Answer
Under the piece rate system, employees are rewarded based on the number of items they produce or jobs they complete. This can motivate workers to increase productivity, as their earnings are directly tied to their output.
Step 3
Commission
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Answer
Commission involves paying employees a percentage of the sales they generate. This method incentivizes employees to increase sales performance since their income is tied to the total sales they achieve.
Step 4
Salary
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Answer
Employees receive a salary, which is a fixed amount paid in regular intervals (weekly, biweekly, or monthly). This provides financial stability and predictability in earnings.
Step 5
Benefit in Kind (if taxable)
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Benefits in kind allow employees to receive non-cash compensations, such as accommodation or loans, which can enhance their overall remuneration package.
Step 6
Bonus
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Bonuses are discretionary sums paid to employees for achieving specific targets. This can create a sense of accomplishment and encourage employees to exceed their standard performance.
Step 7
Profit-sharing scheme
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Answer
Profit-sharing involves distributing a portion of the company's profits to employees. This scheme aligns the interests of employees with company success, motivating them to contribute to productivity.
Step 8
Employee share ownership scheme
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Answer
In this scheme, employees are offered the opportunity to buy shares in the company. This fosters a sense of ownership and alignment with company goals, potentially boosting motivation and productivity.
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