MGT REPORT

Topics: Motivation, Wage, Employment Pages: 12 (359 words) Published: April 23, 2015
MOTIVATION
THROUGH
RECOGNITION
AND PRIDE

Steps to be an effective motivator
1. Identify a meritorius behavior
2. Recognize the behavior with an oral, written
or material reward.
PRIDE

1. Feedback is an essential part of recognition.
2. Praise is one of the most powerful forms of
recognition.
3. Rewards and recognition programs should be
linked to organizational goals.
4. Employee input into what type
of rewards and recognition are
valued is useful.
5. It is important to evaluate the
effectiveness of the reward
and recognition program.

MOTIVATION
THROUGH
FINANCIAL
INCENTIVES

Forms of Financial Incentives






TIME RATES
PAYMENT BY RESULTS
PERFORMANCE AND PROFIT RELATED PAY
SKILL/COMPETENCY BASED PAY
CAFETERIA OR FLEXIBLE BENEFITS SYSTEM

Time
Rates

A monetary reward that use
the number of hours worked as
a means of determining
reward. It may be classified as
hourly rate, weekly wage or a
monthly salary.

ADVANTAGE
• Open to inspection and equitable because employees
doing the same job will be on the same grade level
• Encourages the retention of human resources by
stability and this is because of the gradual increases in
rewards within the given grades
• Relatively easy to administer and allows labor cost to
be predicted

DISADVANTAGE
• Does not
productive

motivate employees to become more

Pay to the
quantity of
the
individual’s
output

Example: The commission
paid to a salesman for selling
the company’s products.

ADVANTAGE

• Employee is motivated to put extra effort
• There is fairness because the level of reward is related to the level of output
• There are likely to be cost advantages since wages are
directly linked to production and less supervision is
required

DISADVANTAGE
• Outputs in certain jobs cannot be easily measured
• Safety standards may be compromised
• Workers may view payment by results as a device to obtain greater effort from them without commensurate rewards

PERFORMANCE RELATED
PAY
This scheme
considers results
or output plus
actual behavior
in the job

ADVANTAGES

• Increases employee beliefs that reward will
follow high performance
• Those that perform better are rewarded more
• Comparatively objective and verifiable

DISADVANTAGE
• Cost arises along with rewards
• Employee with declining energy may experience
a decrease in total pay
• System is rigid (inflexible)

PROFIT RELATED PAY

Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Recommendation Report Essay
  • Report Writing Essay
  • How do I write a report Essay
  • short report Essay
  • Essay on incident report
  • Essay about Impormal Report
  • Format of Report Essay
  • Business Report Essay

Become a StudyMode Member

Sign Up - It's Free