2006 01 06 handout motivation


MOTIVATION

1. Motivation - the reason why people act or behave in a particular manner (low/high motivation); it is interconnected with a company's achieving its full potential.

2. WAFES = wage level + attractive work environment + fringe benefits + effective management team + satisfaction in the work.

3. Wages - money paid weekly; a rate per hour; extra money for any overtime worked beyond a basic working week; usually for manual workers.

4. Salaries - paid monthly, an annual amount which will not normally be based on hours worked; “white collar” workers

5. Earnings - a wage rate + additional payments (overtime and bonuses).

6. Wage differentials - the differences in wages earned by employees in different jobs; it may affect individual or group motivation at work.

7. Types of payment: a time rate, a piece rate, a standard rate, profit sharing, bonus systems.

8. The wage slip.

9. Deductions from pay:

  1. income tax - deducted from gross pay before the employee actually receives any payment; PAYE (Pay As You Earn); net taxable pay;

  2. National Insurance Contributions (NI)