Photo AI
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
Monetary and non-monetary rewards are essential tools for attracting and motivating employees. When employees feel valued, their productivity typically increases, contributing to greater overall business performance and higher profits.
For instance, a cash bonus may be awarded to employees who successfully achieve their performance targets. This type of incentive encourages employees to work harder and align their efforts with the company's goals. As a result, such rewards can lead to improvements in workforce productivity, morale, and ultimately, business outcomes.
Step 2
Discuss ONE dispute resolution method a business could use to resolve workplace conflict.
Answer
Negotiation is an effective method of dispute resolution where parties directly engage to discuss and resolve their differences. This approach allows both sides to express their concerns and seek common ground.
Negotiation is beneficial because it can be less formal and more efficient than other methods, such as arbitration or mediation. By negotiating, businesses can often find solutions that are acceptable to all parties involved, reducing tension and fostering a more collaborative working environment. Additionally, it may be more cost-effective, helping to preserve relationships between employees and improving workplace harmony.