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Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 6 - 2021
Question 6
Read the information supplied and answer the questions which follow. Businesses offer a range of rewards to attract high calibre staff. (i) Explain the following t... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 6 - 2021
Step 1
Explain Commission
Answer
Commission is a financial reward based on the percentage of sales achieved by employees. This type of incentive motivates employees to increase their sales performance, as higher sales directly translate into higher earnings. Essentially, it aligns the employee's interests with the company's revenue goals, driving them to work harder and smarter to sell more products or services.
Step 2
Explain Employee Share Purchase Plan
Answer
An Employee Share Purchase Plan allows employees to buy shares in the company at a discounted price, typically through payroll deductions. This not only provides a financial benefit but also fosters a sense of ownership and loyalty among employees. As employees are invested in the company's success, they are more likely to work diligently to contribute to achieving higher company performance and, consequently, their own financial gain.
Step 3
Explain Flextime
Answer
Flextime is a non-financial reward that empowers employees to choose their own working hours within a set timeframe. This allows employees to maintain a better work-life balance, potentially reducing stress and increasing job satisfaction. For example, an employee might opt to start work at 10 am and finish at 6 pm instead of the traditional 9 to 5. This flexibility can lead to improved productivity as employees are able to work during their most effective hours.
Step 4
Describe one other type of reward that you believe motivates employees.
Answer
One effective type of reward that motivates employees is an 'accept relevant reward'. This refers to recognizing employees for their achievements through accolades or awards that are meaningful to them. Such recognition can be highly motivational, as it demonstrates appreciation for the individual's contributions to the team or organization, bolstering morale and encouraging continued high performance.