Rewards (HSC SSCE Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Remuneration
Remuneration
Complete package of financial & non-financial benefits
Monetary rewards
Monetary rewards
Rewards reflected in pay or having direct financial value
Non-monetary rewards
Non-monetary rewards
Benefits without immediate financial value
Three purposes of reward systems
Three purposes of reward systems
Attract, motivate, and retain employees
Base pay
Base pay
Foundation of compensation; regular salary or wage
Profit sharing
Profit sharing
Percentage of company profits distributed to employees
Gainsharing
Gainsharing
Rewards for suggestions improving productivity/cutting costs
Free-rider phenomenon
Free-rider phenomenon
Team members contributing little but receiving same rewards
Performance-related pay
Performance-related pay
Monetary pay linked to achieving predetermined goals
Individual rewards effect
Individual rewards effect
Motivate high performers but may reduce cooperation