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Motivation and Compensation

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Olivia Bano

on 18 May 2014

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Transcript of Motivation and Compensation

Motivation and Compensation
By: Olivia Bano
Ms. Lowen
BOH4M

Bonus Pay
Based on company achieving financial targets
Usually a percent of annual salary
Way to keep people motivated
20/95 top-ranked employers in GTA use bonus pay
Way of rewarding for good performance
Performance-based bonus pay becoming more popular

(Globe and Mail: Bonus Pay)
Bonus Pay as a Motivator
Employee Stock Ownership
Gives workers ownership share in company
Employees can sell stock to make a profit
Way to retain and reward employees
Stock Ownership as a Motivator
Multiple studies show there is advantage for ESOPs
People feel there are more part of the company
Employee engagement increases
Promotes Intrapreneurship- behaving like an entrepreneur in a large company



(Forbes: Employee Stock Ownership)
Gain-sharing
Sharing profit with employees based on their contribution to that gain
Customized to company's objectives
Sets a common goal
Example:
An employee achieves a sales gain, and gets a portion of the profit.
Profit-Sharing
Giving employees a share of company's profits
Percentage of profits based on company's annual earnings
Gain-sharing vs. Profit-sharing
Gain-sharing-
specific to employee(s) contribution to the gain
Amount determined by calculation


Profit-sharing-
an annual payout for everyone when financial targets are met or exceeded
Amount determined by year-end profits
Performance-related pay
Pay relating to how well someone works
Percent of how much sold
Ex. Commission
Skills-based Pay
Employees paid wages on basis of number of job skills acquired
Specific plan decided based on situation
Skills- Based pay as a Motivator
Study at University of Arkansas shows this is more effective in manufacturing facilities than service-based
Given pay increase for learning new skill
Improvement in workplace productivity and flexibility


(Reliableplant: Skills-based pay)
Bibliography
"Bonuses that are available to all motivate staff." The Globe and Mail. N.p., n.d. Web. 18 May 2014. <http://
www.theglobeandmail.com/report-on-business/careers/top-employers/bonuses-that-are-available-to-all-motivate-staff/article5434755/>.

"Gainsharing Consulting: Gainsharing Defined - Masternak & Associates." Gainsharing Consulting: Gainsharing Defined - Masternak & Associates. N.p., n.d. Web. 18 May 2014.
<http://www.masternak.com/gainsharing-definition.asp>.

"Gainsharing Consulting: Gainsharing Versus Profit Sharing - Masternak & Associates." Gainsharing Consulting: Gainsharing Versus Profit Sharing - Masternak & Associates. N.p., n.d. Web. 18 May 2014.
<http://www.masternak.com/gainsharing-versus-profitsharing.asp>.




Myler, Larry. "An Employee Stock Ownership Plan (ESOP) Could Increase Employee Engagement And Promote Intrapreneurship -- Here's How." Forbes. Forbes Magazine, 11 Oct. 2013. Web. 18 May 2014.
<http://www.forbes.com/sites/larrymyler/2013/10/11/an-employee-stock-ownership-plan-esop-could-increase-employee-engagement-and-promote-intrapreneurship-heres-how/>.

"Profit-Sharing Plan Definition | Investopedia." Investopedia. N.p., n.d. Web. 18 May 2014.
<http://www.investopedia.com/terms/p/profitsharingplan.asp>.

"Study shows skill-based pay works well for manufacturers." Study shows skill-based pay works well for manufacturers. N.p., n.d. Web. 18 May 2014.
<http://www.reliableplant.com/Read/3959/skill-based-pay-manufacturers>.

"What is gainsharing? definition and meaning." BusinessDictionary.com. N.p., n.d. Web. 18 May 2014.
<http://www.businessdictionary.com/definition/gainsharing.html>.

"What is skill based pay? definition and meaning." BusinessDictionary.com. N.p., n.d. Web. 18 May 2014.
<http://www.businessdictionary.com/definition/skill-based-pay.html>.
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