Business Studies Collins Revision Guide. - StudyGuide.PK

Check yourself answers7 REWARDING EMPLOYEES (PAGE 27)1 Pay. (1)Fringe benefits. (1)Incentives. (1)You may see fringe benefits called perks or incentives calledbonuses.2 Time rate Paid by the amount produced (1)SCOREBonus payments Paid by the hour (1)Piece rate Fixed amount because of high profits (1)3 Overtime pay (1)4 £7.50 (1) That is, 1 1 / 2 times £5.00.5 Time rate. (1)Piece rate. (1)Time rate does not encourage speed or quality. Piece rateencourages workers to make as many items as possible.6 Time rate. (1)An incentive such as profit-related pay. (1)An annual salary is the most likely method of payment with abonus dependent on how profitable the business has beenthat year.7 The most likely perks are a subsidised canteen (1) andreduced price goods. (1) Other perks are possible such ashealth insurance but this is less common.8 Commission is an incentive (1) to sell as many goods aspossible for which a % of the value will be paid. (1)9 Performance-related pay is an additional sum of money paidfor achieving (1) or exceeding a target. (1)10 Profit-related pay. (1)A company car. (1) At this level of job a company car isusually given. Do not give a company car as a perk forproduction workers. There are other acceptable benefitssuch as health insurance, etc.108TOTAL