What is the meaning of money at work?
A form of exchange that relates to needs and self-concept and generates emotions
Why does money motivate more than previously believed?
Because of its symbolic value
(status, achievement)
How does culture affect the meaning of money?
High power distance cultures value money more
Egalitarian cultures discourage, showing wealth
What are membership/seniority based rewards
Fixed wages and rewards based on tenure
What are competency based rewards?
Pay based on skills or competencies employees develop
What are individual performance based rewards?
Bonus
Peice rates
Commission
What are team based rewards?
Team, bonuses, and gain sharing plans
What are organizational rewards?
Profit-sharing
Employee share ownership plan (ESOP)
Share options
What are five ways to improve reward effectiveness?
- link rewards to performance
- Ensure rewards are relevant.
- Use team rewards for interdependent jobs.
- Ensure rewards are valued.
- Avoid unintended consequences.
What are unintended consequences of rewards?
Gaming system
Cherry picking
Focussing only on measured outcomes
Hidden cost costs
What is job specialization? Advantage/ disadvantage
Dividing work into smaller repetitive tasks
Efficiency, better skill practice
Boredom low job motivation
What are the core job characteristics?
Skill variety
Task identity
Task significance
Autonomy
Feedback
What is job rotation?
Moving employees between jobs regularly to increase flexibility and motivation
What is job enlargement?
Adding more tasks at the same level of responsibility
What is job enrichment?
Giving employees more responsibility, autonomy, and planning authority
What are the four dimensions of psychological empowerment?
Meaning
Competence
Self-determination
Impact
What are the five elements of self leadership?
- Goal setting.
- Constructive thought patterns.
- Natural rewards.
- Self monitoring.
- Self reinforcement.
