Pay & Rewards
— Pay and Rewards can be either:
— Financial
— Non-Financial
Financial
— Wages/Salary
— Payment for work done.
— Bonus
— Extra payment for meeting specified target.
— Profit Sharing schemes
— Employees are paid a share of company’s profit.
— Share Ownership
— Free shares are given to employees
— Share Options
— Employees are given an option to purchase shares at a reduced price
Non-Financial
— Benefits-in-kind (perks)
— Rewards given instead of money
— Eg. Company car, subsidised meals.
— Improved working conditions
— Shorter working week or flexitime.
— Job Enrichment
— Making the workplace a more pleasant place to work.
— Job Enlargement
— Increases the variety of work an employee does.
Importance of Pay & Rewards
— Good pay and rewards motivates employees.
— Helps to attract the best employees.
(Information from William Murphy, 21st Century Business: Business for Leaving Certificate, CJ Fallon.)
Pay & Rewards Video
Pay & Rewards
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