Remuneration

Question 1

What is remuneration?

Answer 1

Money paid for a good or service

Question 2

What is the difference between a wage and salary?

Answer 2

• wage is hourly

- salary is annually

Question 3

What factors can influence how much a person can earn?

Answer 3

• experience/skills

- loyalty to business

Question 4

Advantages of fringe benefits

Answer 4

• boosts morale of worker

- cheap due to discounts e.g. Gym membership

Question 5

Disadvantages of fringe benefits

Answer 5

• insurance can be costly (cars)

Question 6

Advantages of promotion

Answer 6

• motivates employee

- cheaper

Question 7

Disadvantages of promotion

Answer 7

• no fresh ideas

Question 8

Advantages of bonus

Answer 8

• motivates employees

- better working environment

Question 9

Disadvantages of bonus

Answer 9

• costly

Question 10

Advantages of commission

Answer 10

• better productivity

- better quality of work

Question 11

Disadvantages of commission

Answer 11

• less profit for company

Question 12

Advantages of job enrichment, praise and empowerment

Answer 12

• motivates workers

- cheap

Question 13

Disadvantages of job enrichment, praise and job empowerment

Answer 13

• can cause conflict in workplace