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Retention is how a business keeps its workers, financial and non-financial methods are used to retain staff and motivate them to want to stay.

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Introduction

Retention Retention is how a business keeps its workers, financial and non-financial methods are used to retain staff and motivate them to want to stay. Methods of retention Payment Systems Pay is a method used for motivating staff, it can be used to give employees incentives and encourage them to work harder and more efficiently. Different payment systems have been devised to pay and motivate different types of workers. Wages are usually paid on an hourly or weekly basis in return for the labour provided by the employee. Wages tend to be paid to manual workers e.g. building site labourers and production works. Time Rate is when an employee is paid for the amount of time they work by the hour or by the day. This method of pay encourages workers to work for longer, however, they are paid the same amount per hour regardless of how good their work is or how hard they work. Piece Rate is when a worker is paid for the number of products they make. ...read more.

Middle

It is offered to staff to help them prepare urgent orders or cope with sudden increases in demand. Fringe benefits are what some employees receives as well as their wage or salary. They are a way of motivating staff other than by offering them more money. Fringe benefits include: * company Car * discount off the company's products * luncheon vouchers * free health care * free trips abroad * free membership to a gym * free pension * free bus service to work * subsidised canteen meals * free uniforms (they give employees a sense of belonging) Training provides existing employees with new skills and experiences, this can benefit low level employees as it allows them the opportunity to learn more once they are trained. Training also makes employees jobs more interesting. * On-the-job training - learning new skills and being trained whilst doing the job. * Off-the-job training - an employee completes a training course away from their job in order to learn new skills. ...read more.

Conclusion

Maslow's hierarchy suggests that if workers are de-motivated the company should look at what 'need' on the hierarchy they need to satisfy next and try to help them achieve it. This will motivate them to work harder and they will be more content at work. Frederick Herzberg Herzberg analysed characteristics of jobs. In Pennsylvania, in the 1950's, he conducted a survey of 200 engineers and accountants. He asked them to describe the factors that made them feel very satisfied or dissatisfied in their jobs. From his research Herzberg split his findings into two different groups: Maintenance/Hygiene Factors Can create job dissatisfaction Motivation Factors Can create positive job satisfaction * Pay * Working conditions e.g. good heating * Boring Work * Interesting work * Recognition for Achievement * Promotion and Responsibility Maintenance or Hygiene Factors These are factors which do not motivate the workers, but if these factors are not very good then workers will be de-motivated and output can decline. Motivation Factors These are factors that can motivate workers and encourage them to work harder, they will also have higher job satisfaction. ...read more.

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