Chapter 06_1

Chapter 06_1 - Applied Performance Practices Financial...

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Applied Performance Practices
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Money has multiple meanings Symbol of success Reinforcer and motivator Source of reduced anxiety Meaning of money varies Higher value to men than to women Cross-cultural differences Financial Reward Practices © Corel Corp. With permission.
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Types of Rewards in the Workplace Membership and seniority Job status Competencies Performance-based © Corel Corp. With permission.
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Membership/Seniority Based Rewards Fixed wages, seniority increases Advantages Guaranteed wages may attract job applicants Seniority-based rewards reduce turnover Disadvantages Doesn’t motivate job performance Discourages poor performers from leaving May act as golden handcuffs
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Job Status-Based Rewards Includes job evaluation and status perks Advantages: Job evaluation tries to maintain pay equity Motivates competition for promotions Disadvantages: Employees exaggerate duties, hoard resources Focuses employees on own jobs, not customers Inconsistent with workplace flexibility
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Competency-Based Rewards Pay increases with competencies acquired and demonstrated Skill-based pay Pay increases with skill modules learned Advantages More flexible work force, better quality, consistent with employability Disadvantages Potentially subjective, higher training costs
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Organizational Organizational rewards rewards Profit sharing Profit sharing Stock ownership Stock ownership Stock options Stock options Balanced scorecard Balanced scorecard Team rewards Bonuses Bonuses Gainsharing Gainsharing Individual Individual rewards rewards Bonuses Bonuses Commissions Commissions Piece rate Piece rate Performance-Based Rewards
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This note was uploaded on 04/07/2008 for the course MRKT 101 taught by Professor Chew during the Spring '08 term at UMSL.

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Chapter 06_1 - Applied Performance Practices Financial...

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