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Financial Methods of Motivation

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Introduction

Financial Methods of Motivation Money, and the way it is paid, can affect motivation to work. These are the basic Financial Methods of Motivation. Salary Salary is the fixed compensation or consideration paid, or stipulated to be paid, to a person at regular intervals for services, paid to a person on a regular basis; fixed wages, as by the year, quarter, or month; stipend; hire. Wage Payment for labour or services to a worker, especially remuneration on an hourly, daily, or weekly basis or by the piece. ...read more.

Middle

Shift Payments Usually paid for working unsocial hours such as night work. Bonus Payments A special single payment for achieving a target. Profit Sharing A percentage of the profit made by the company is shared amongst the workers. Paying extra money for jobs with difficult hours will usually encourage people to apply for the work. A loyalty bonus can be used to persuade workers to stay with their employer for a long period of time. ...read more.

Conclusion

A good fringe benefit will make an employee reluctant to leave the business. Keeping staff motivated is good for a business because motivated workers are more productive and higher productivity usually means higher profits. In a service industry, workers who are well motivated will provide a better level of customer service, keeping the customers happy. Staffs who are well motivated are more likely to stay with the company. They grow in experience and become even more valuable to their employer. If a business successfully keeps the staff it has, the cost of recruiting and training new staff is reduced ...read more.

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