Improving Motivation and Engagement in Business

Flashcards covering ways to improve motivation and engagement, including financial and non-financial incentives, influences on reward systems, and the importance of a motivated workforce.

What are some financial incentives a business can use to motivate staff?

Bonuses, piece-rate, commission, profit sharing, salary schemes, and performance-related pay.

What are some non-financial incentives a business can use to motivate staff?

Perks, fringe benefits, holiday, job enrichment, job rotation, increased responsibility, job enlargement, empowering employees, working in teams, and flexible working.

What are some factors that influence the choice of financial and non-financial reward systems?

Organisational design, nature of the job, clarity of business objectives, quality of communication, time scale involved, organisational culture, size of the organisation, state of the economy, and the success of the business.

Why is a well-motivated workforce an important asset for a low-cost manufacturer?

Higher levels of motivation lead to higher levels of productivity, more output, and fixed costs being distributed across more output, resulting in lower costs.