7 Types of Financial Rewards
There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses.
How you pay your employees will impact your finances and your reporting requirements.
How you pay your employees will impact your finances and your reporting requirements.
The 7 different types of financial rewards are:
- Salary
- Wage
- Commission
- Performance-Related Pay
- Profit-Related Pay
- Employee Share Ownership
- Fringe Payments
Assignment:
Create a 14* slide presentation:
Let's share what you learned with your classmates. Through a very informal 'presentation', you will provide examples of the 7 types of financial rewards. This is what I want you to do:
Things to consider:
Create a 14* slide presentation:
Let's share what you learned with your classmates. Through a very informal 'presentation', you will provide examples of the 7 types of financial rewards. This is what I want you to do:
- create at maximum, a 14 slide presentation, 2 slides for each type of financial reward system. You have 2 slides to address the important parts of each financial reward system, NO more.
- For each type of financial reward system you need to inform us of:
- Description of HOW the employee is financially rewarded for their work
- Explanation of WHY the employee is motivated by this type of financial reward
- Explain WHY/HOW the employee might be demotivated by this type of financial reward
- For the employer, describe:
- an advantage of using this type of financial reward
- a disadvantage of using this type of financial reward
- For the employee, describe:
- an advantage of being compensated by this type of financial reward
- a disadvantage of being compensated by this type of financial reward
- Provide a real life example of how this type of financial reward being implemented
- 3-5 min to present and address your slides to the class [we will do this from your seats, no one is getting up in front of the class]
Things to consider:
- A good slide presentation will have a minimal amount of words. If your slide contains a lot of words then your audience is not listening to you, instead they’re too busy reading your slide.
- Your slides should contain visuals, visuals that help provide context to what you are telling your audience.
- If you learned something, then you don’t need a script or notes to refer to, because you learned it and not memorized it