Outline the financial rewards used for motivating employees. - Leaving Cert Business - Question (A) - 2017
Question (A)
Outline the financial rewards used for motivating employees.
Worked Solution & Example Answer:Outline the financial rewards used for motivating employees. - Leaving Cert Business - Question (A) - 2017
Step 1
Time rate
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Answer
The employee is rewarded a fixed amount per hour for a fixed number of hours. This means that hours worked beyond the standard hours are compensated at a higher rate, often referred to as overtime pay.
Step 2
Piece Rate
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Answer
Under this method, employees are compensated for each unit of work they complete. However, this may lead to quality control issues as employees might prioritize quantity over quality.
Step 3
Commission
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Answer
Employees earn a percentage of the total sales they achieve. This serves as a direct incentive to boost sales performance.
Step 4
Salary
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Answer
A fixed salary is paid to employees at regular intervals, such as weekly, bi-weekly, or monthly, providing them with financial security.
Step 5
Bonus
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A bonus is an additional sum of money provided to employees for reaching specific targets, such as producing a certain number of units.
Step 6
Profit-sharing scheme
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This setup allows employees to receive a share of the company's profits based on an agreed formula, motivating them to help increase overall productivity.
Step 7
Employee share ownership scheme
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Answer
Employees may be given shares in the company as a form of reward. This aligns their interests with the company's success, giving them a vested interest in its performance.
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