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How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer - HSC - SSCE Business Studies - Question 21 - 2013 - Paper 1
Question 21
How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer. Monetary and non-monetary rewards are ... show full transcript
Worked Solution & Example Answer:How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer - HSC - SSCE Business Studies - Question 21 - 2013 - Paper 1
Step 1
How can employee rewards be used to improve business performance? Use an example of a specific reward to support your answer.
Answer
Employee rewards, both monetary and non-monetary, play a crucial role in enhancing business performance. When employees feel valued through appropriate rewards, their motivation increases, leading to higher productivity and, consequently, increased profits. For instance, offering a cash bonus as a reward for achieving specific performance objectives not only incentivizes employees to work harder but also fosters a culture of accomplishment. This strategic incentive helps align employee goals with company objectives, thereby improving overall business performance.
Step 2
Discuss ONE dispute resolution method a business could use to resolve workplace conflict.
Answer
Negotiation is a widely used method of dispute resolution in workplaces. In this approach, the conflicting parties engage directly to discuss and resolve their issues amicably. This method simplifies the resolution process and can minimize potential costs associated with bringing in third-party mediators. Employees often appreciate the opportunity to resolve their differences privately, which enhances workplace relationships. Furthermore, negotiation can foster an environment of collaboration and mutual respect, making it an effective method for handling workplace conflicts.