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Read the information supplied and answer the questions which follow - Leaving Cert Business - Question C - 2021
Question C
Read the information supplied and answer the questions which follow. Businesses offer a range of rewards to attract high calibre staff. (i) Explain the following t... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow - Leaving Cert Business - Question C - 2021
Step 1
Explain the following types of financial and non-financial rewards: Commission
Answer
Commission is a financial incentive that rewards employees based on the percentage of sales they achieve. It serves as a powerful motivator by directly linking income to performance. When employees realize that their efforts can lead to higher earnings, they are often driven to increase their productivity and improve sales strategies. This can foster a competitive spirit among the workforce.
Step 2
Explain the following types of financial and non-financial rewards: Employee Share Purchase Plan
Answer
An Employee Share Purchase Plan allows employees to buy shares in the company at a discounted rate. This creates a sense of ownership among employees, motivating them to contribute positively to the company’s success. When employees hold shares, they are more likely to work harder, as they directly benefit from the business's financial performance.
Step 3
Explain the following types of financial and non-financial rewards: Flexitime
Answer
Flexitime is a non-financial reward that empowers employees to choose their working hours within defined limits. This flexibility allows them to balance personal commitments and work, which can lead to increased job satisfaction and productivity. Employees appreciate the autonomy and are more likely to be motivated when they can tailor their schedules to fit their lifestyle needs.
Step 4
Describe one other type of reward that you believe motivates employees.
Answer
One other type of reward that can effectively motivate employees is the recognition program. This could be in the form of awards, public acknowledgment, or bonuses for outstanding performance. Recognizing employees for their hard work fosters a positive work environment and encourages others to strive for excellence, reinforcing a culture of achievement within the organization.