Motivation and retention (OCR GCSE Business): Flashcards
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Practise the cards
15 cards from this deck
Definition of employee motivation
Definition of employee motivation
When a business rewards/incentivizes staff to improve performance
Benefit of motivation on performance
Benefit of motivation on performance
Improved performance
Benefit of motivation on absences
Benefit of motivation on absences
Fewer absences
Retention benefit: workforce experience
Retention benefit: workforce experience
Maintain an experienced workforce
Retention benefit: costs
Retention benefit: costs
Reduces recruitment and training costs
Retention benefit: business reputation
Retention benefit: business reputation
Improves reputation, easier to recruit
Financial motivation definition
Financial motivation definition
Methods providing monetary reward for work
Financial method: Bonuses
Financial method: Bonuses
Reward for meeting objectives/completing tasks well
Financial method: Profit sharing
Financial method: Profit sharing
% of profits added to salary to focus on profit
Financial method: Fringe benefits
Financial method: Fringe benefits
Free benefits e.g. car, private healthcare
Advantage of financial motivation: productivity
Advantage of financial motivation: productivity
Increases productivity
Disadvantage of financial motivation: cost
Disadvantage of financial motivation: cost
Expensive to provide
Disadvantage of financial motivation: duration
Disadvantage of financial motivation: duration
Sometimes short-term, easily forgotten
Non-financial motivation definition
Non-financial motivation definition
Recognises staff efforts without financial cost
Examples of non-financial motivation
Examples of non-financial motivation
Praise, award schemes, working environment