Unit 1: People in Business (2)

Created by: jj_123
Created on: 03-05-15 11:05

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Unit 1: People in Business
- Financial Rewards
  - Wages
    - They change depending on the amount of work done.
  - Salary
    - Is a fixed amount paid every month.
    - Adv: Firm and workers know exactly how much the pay will be.
  - Extra Payments
    - Commission: Earn more money for every item you sell.
    - Bonus: Sum added to pay, if worker has met targets.
    - Pension Scheme: Business make a payment into a pension fund each month.
  - What they are worth to the business.
    - Skills, Qualifications, Age, Experiences
- Non Financial Rewards
  - Motivated Staff
    - Workers perform better when motivated.
    - Produce more and better quality products.
  - Training
    - Training improves motivation as it makes people better at their jobs.
  - Staff Responsibility
    - Job Enlargement
      - Giving a member of staff more task to do.
      - Makes job more varied and interesting. Makes worker feel more valued.
    - Job Enrichment
      - Giving worker greater responsibility.
      - Workers become more motivated and work harder.
  - Fringe Benefit
    - A reward that is not part of the workers main income.
    - Use of company car, company phone, gym membership, free health insurance...
    - Costs money for the business and saves for the worker.
- Law
  - Minimum Wage
  - Anti Discrimination Law
    - Must not discriminate agains men, women, disabled..
    - Women paid same as men.
  - Health and Safety
    - Staff receive training.
    - Requirements for toilets, washing, fire exits.

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Unit 1: People in Business (2)

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