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- not anymore!
- boss personality + nonmonetary benefits > monetary compensation
Motivation & Compensation
Best Incentive Compensation Plans
Rewards must be:
1. be linked to performance and be measurable
2. satisfy individual needs
3. be agreed on by manager and employees
4. be believable and achievable by employees
Incentive Compensation Plans
1. Pay for Performance: merit pay based on results achieved
- Piece Rate: paid according to output
- Sales Commission: paid percentage of company's earnings made by individual
2. Bonuses: cash awards given to employees who achieve specific performance objectives; attracts new employees
3. Profit Sharing: distribution to employees of a % of company's profits
4. Gain sharing: distribution to employees who reduced costs and increased productivity of savings/"gains"
5. Stock Options: given chance to buy a stock at a future date for discounted price; doubles as motivating employees to boost share price
6. Pay for Knowledge: skill-based pay; tie pay to the # of job-relevant skills or academic degrees earned
Nonmonetary Ways of Motivating
1. Work-Life Balance
- Work-Life Benefits
- Flex-Time
- Vacations and Sabbaticals
2. Personal Growth
- Studying co-workers
- Tuition reimbursement
-Learning and Development
3. Positive Work Environment
- Well-being: combined impact of PERMA (5 elements: positive emotions, engagement, relationships, meaning, and achievement)
- Flourishing: extent to which our lives contain PERMA
4. Meaningful Work: sense of being part of something bigger than yourself
How to build meaning:
- Identify activities you love doing
- Find a way to build your natural strengths into your personal and work life.
- Go out and help someone lol
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