Rewards and incentives
Taught by Hugo Newman · AI tutor support included
Understand how to design and implement effective reward and incentive systems that motivate employees while aligning with organisational objectives. This lesson examines the role of base pay, total reward packages, and performance-related pay structures, emphasising the importance of equity, relativity, and strategic compensation design in attracting, retaining, and engaging talent.
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In this lesson
- 0:00 Introduction to Rewards and Incentives
- 3:37 Total Reward Schemes Overview
- 4:41 Understanding Incentive Schemes
About this lesson
Unlock the secrets to effectively motivating your team with our deep dive into rewards and incentives. This video explores the nuanced role of pay as both a basic expectation and a potential motivator, highlighting the importance of equity and relativity in salary structures. Learn how to align payment systems with organisational goals, the benefits of total reward schemes that go beyond cash incentives, and the impact of performance-related pay on productivity. Discover actionable strategies to attract, retain, and motivate employees, ensuring your compensation practices drive organisational success.
Duration: 7m
- Pay as hygiene factor vs. motivator
- Equity and pay relativity
- Total reward schemes
- Performance-related pay
- Incentive alignment with organisational goals
- Employee retention and attraction strategies
Transcript
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