Financial rewards are a way to compensate and motivate workers. Image credit sc.com

Financial rewards are a way to compensate and motivate workers. Image credit sc.com

ZIMSEC O Level Business Studies Notes: Financial Reward Systems

  • These are procedures, rules, and standards associated with allocation of benefits and compensation to employees.
  • Financial rewards involve the flow of money from the organisation in order to reward employees
  • Employees receive financial payment in return for the labour services they render to the business/organisation
  • These financial incentives act as a way of inducing/motivating employees to accomplish the organisation’s goals
  • Financial rewards are also known as extrinsic forms of motivation
  • They are not technically part of the job/task but they are still important
  • Financial reward systems take many forms including:
  • Time rate
  • Piece Rate
  • Commissions
  • Salaries
  • Productivity Agreements
  • Fringe benefits
  • Profit sharing and Share Options

NB Click on the relevant link to learn about each productivity system

To access more topics go to the O Level Business Notes page.

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