Salary - A fixed amount of money paid to an employee each year usually in 12 equal instalments., Bonus - Employees are paid an additional amount on top of their basic salary for achieving targets set by the organisation., Time rate - Employees are paid for the exact time that they work at a set amount per hour or per day. The more hours or days an employee works the larger wage they will receive., Piece-rate - Employees are paid per item they produce. The more productive an employee is the higher the wage they will receive. This will encourage people to work harder and produce more., Commission - Employees are paid a percentage of the value of their sales. Employees are encouraged to sell more as the higher their sales the more commission they will receive., Performance-related pay - Employees who reach a certain standard or achieve a certain target will be given a pay rise., Profit-sharing - Employees will receive a share or percentage of the profit made by the organisation. This will motivate employees to work productively because the more profitable the organisation is the more money the employee will receive., Flexible Working Practices - This gives employees flexibility over when, where and how many hours they work., Working environment - Helps sustain motivation. Ways to keep it positive can include providing advanced and effective technology, providing a comfortable work area and good employee communication, Training and staff development - Employees who know that an organisation is willing to invest in their training and development will be more motivated to work well for the organisation., Promotion - If employees are able to see a clear progression route available within an organisation they are more likely to work hard and be more motivated to succeed., Worker participation - This encourages employees to become involved in the decision-making process. This can lead to employees feeling more valued., Fringe benefits - This is when extra benefits such as gym membership, company car, health insurance or free childcare are given in addition to an employee’s wage or salary., Job enrichment - Employees are given greater responsibility or more demanding tasks to make their jobs more interesting and challenging., Job rotation - A member of staff is rotated or moved through different jobs within the organisation so they acquire a range of skills from each department or job role. This will make their job more interesting and challenging which can lead to more motivated employees., Overtime rates - Pay at a higher rate than your normal working hours. Can be an incentive encourage workers to work more hours to help the employer cover shifts during peak times, at weekends or on public holidays.,
N5 Motivating & Retaining Employees - Incentives
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