MGHB02H3 Chapter Notes - Chapter 6: High1, Highscope, Profit Sharing

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21 Apr 2012
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Money as a motivator represents an attempt to capitalize on extrinsic motivation. Pay is motivational to people with strong lower-level needs (pay can be exchanged for necessities). Pay can also satisfy social (pay can give you prestige among friends and family), self-esteem (pay can signal your competence as a worker), and self-actualization (pay can demonstrate that your boss cares about you) needs. According to the expectancy theory, if pay can satisfy a variety of needs, it should be highly valent, and it should be a good motivator to the extent that it is clearly tied to performance. Financial incentives and pay-for-performance plans increase performance and decrease turnover. Pay may be the most important and effective motivator of performance. Piece-rate: a pay system in which individual workers are paid a certain sum of money for each unit of production completed. Wage incentive plans: various systems that link pay to performance on production jobs.

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