ACCA BT Course - Chapter 20: Motivating Individuals & Groups (Part 2) скачать в хорошем качестве

ACCA BT Course - Chapter 20: Motivating Individuals & Groups (Part 2)

RESOURCES & LINKS Business and Technology: https://www.gotitpass.com/acca-f1-acc... Got It Pass: https://www.gotitpass.com Find me on Facebook:   / gotitpass   In this class, we discussed rewards and incentives for individuals and groups in organizations. Rewards can be classified into two main types: intrinsic and extrinsic rewards. Intrinsic rewards come from the job itself and include feelings of satisfaction, decision-making power, and interest in one's work. These rewards are not financial but stem from recognition of performance or contributions, while extrinsic rewards are separate from the job and depend on the decisions made by others. Examples of extrinsic rewards include salary, working conditions, and benefits, which employees usually cannot control. We also talked about the essential elements of a good reward system. A reward system should be fair and consistent for all employees, sufficiently attractive to retain staff, and aimed at maintaining or improving employee performance. It should also allow for career progression and comply with local laws regarding pay and conditions. Controlling salary costs is also important for sustainable reward systems. Furthermore, employees can be rewarded through development and training opportunities, not just financial rewards. This approach can enhance their career prospects. We then shifted our discussion to incentive schemes, highlighting three main types: performance-related pay (PRP), management by objectives (MBO), and the pawn system. PRP rewards employees based on their output, while MBO focuses on key results and is often used for management staff. The pawn system extends MBO by linking bonuses to improvements like cost reductions. Another type of incentive is commissions, particularly relevant in sales roles, where payment is based on individual performance. Bonus schemes, usually one-off payments, reward teams that meet certain targets but can create conflicts if some team members contribute less. Profit-sharing plans give employees a stake in overall company profits, potentially including stock options. Finally, we discussed the balance between long-term and short-term incentives, noting that while long-term schemes (like PRP) motivate sustained performance, short-term schemes (like bonuses) can sometimes conflict with long-term objectives. We concluded with two statements for class discussion: one on balancing incentives, and the other regarding the pawn system as a bonus payment related to profits. #acca #accabt #accaf1 #accacourse #accatraining #accaexam #businessandtechnology #rewardsprograms #incentiveconcepts #managementbyobjectives #performancerelatedpay #MBO #prp