BUS 272 Chapter Notes - Chapter 6: Liquid Oxygen, Ion, Merit Pay

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 272
• Professor: All

Document Summary

The meaning of money in the workplace: rewarding people with money is one of the oldest and certainly the most widespread applied performance practices. From this perspective, money and related rewards align employee goals with organizational goals: however, money is much more than an object of compensation for an employee"s contribution to organizational objectives. Financial reward practices exhibit 6. 1!financial rewards come in many forms, which can be organized into the four specific objectives identified in. Membership- and seniority-based rewards (cid:98) (cid:120) (cid:130) (cid:315) (cid:6) (cid:273) (cid:92) (cid:130) (cid:130) (cid:315) (cid:359) Membership-based and seniority-based rewards (sometimes called pay for pulse ) represent the largest part of most paycheques. These membership- and seniority-based rewards potentially attract job applicants (particularly those who desire predictable income) and reduce turnover. However, they do not directly motivate job performance; On the contrary, they discourage poor performers from seeking work better suited to their abilities. Instead, the good performers are lured to better-paying jobs.