The Rewards are categorized into two group’s financial and non-financial rewards. The financial rewards are also called extrinsic rewards and non-financial rewards are called intrinsic rewards. Financial rewards:
This type of rewards comprises of:
• Basic pay
• Contingency pay
This type of rewards comprises of:
• Employment security
• Challenging work
• Growth opportunities
• Personal relationship at workplace
Horizon’s services Ltd. had chosen non-monetary rewards to motivate its workforce, which ultimately helps to improve the quality of customer services and efficiency. As a result, employees are motivated to contribute more towards the organizational success because they are given recognition and appreciation for their contribution. Moreover, employees have been given autonomy as a non-financial reward so that employees have the choices that they manage their own actions.
SOLVED HRM613 Quiz 3 Solution and Discussion
Quiz # 03 Total Questions : 10
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Sometimes employee’s performance is highly based on his/her ability to perform; in such situations salaries are based on employee competency. This type of salaries is termed as:
Which of the following are monetary based rewards in response to employee performance?
What are the major functions of a coach in employee development programs?
How effectiveness of performance review meetings can be enhanced?
Which of the following actions describes the legal right of an employee and employer to terminate the job at anytime?
Employment at will:
Company or the employee can terminate the employment relationship at any time, with or without cause, with
or without notice. These clauses must be written and communicated to the employees in prior. Page No. 85
Piece rate pays are the ones in which rewards are allocated on the basis of:
Which of the following characteristics defines an effective 360 degree feedback system?
Which of the following coaching styles focuses more on emotions than facts?
Driver and Analyzer
Conducting 360 degree feedback online has which of the following advantages?
Pay plans are considered effective if: