What's it: A share-ownership scheme is an incentive to employees and management by giving them the right to purchase stock in the company they work for. It could be an employee stock ownership plan (ESOP) and a management stock ownership plan
Human Resources
Non-Financial Motivation: Why Is It Important? What are the Types?
What's it: Non-financial motivation is an employee's encouragement without involving direct monetary compensation such as salary. Rather, it involves factors related to the employee's job and self. Several methods are available, including job
McClelland’s Theory of Needs: Types and How to Satisfy
What's it: McClelland's theory of needs explains how the needs for achievement, affiliation, and power influence individual actions. These three needs underscore why a person is motivated. Some predominate on the need for affiliates to explain
Pink’s Theory of Motivation: Elements and A Brief Explanation
What's it: Pink's theory of motivation describes three vital elements for intrinsically motivating employees: autonomy, mastery, and purpose. Employees have a psychological need to support them to grow and develop. All three play an important
McGregor’s Theory X and Theory Y: Categories, Characteristics, and Implications
What's it: McGregor's Theory X and Theory Y describe two groups of employees. One is motivated by external incentives and requires supervision because they are less likely to take the initiative. Others need autonomy in their work to actualize
Financial Motivation: Why It Matters and Types
What's it: Financial motivation is an encouragement to employees to do something involving monetary compensation or the like. Companies have many variations to motivate employees. Salary or wages are the most common to encourage them to work
Self-appraisal: How it Works, Advantages, Disadvantages
What's it: Self-appraisal is an employee appraisal method by asking them to responsibly evaluate their own performance. For example, your company asks employees to fill out an evaluation form. Then, they submit it to their manager or supervisor
Peer Appraisal: Importance, Advantages, and Disadvantages
What's it: Peer appraisal is an appraisal program involving colleagues at the same level and division or team. It excludes the supervisor or manager as an appraiser. This method seeks to provide an objective assessment by involving more people.
One-to-One Appraisal: How It Works, Advantages, Disadvantages
What's it: One-to-one appraisal is an appraisal method in which superiors directly evaluate their subordinates' performance. It is a traditional method where appraisal is the job of the manager.Employees go to the manager to discuss how well
Why Are Well-Motivated Employees Important To Business?
Motivated employees are important to achieve success and generate more profits. They tend to be more productive, allowing your company to produce more output. They also contribute to providing superior customer service, enabling strong customer
Cognitive Training: Types, Advantages, and Disadvantages
What's it: Cognitive training is training to improve brain-related abilities, including memory, reasoning, and information processing. It is important to develop core abilities and self-control. The method can be through cardiovascular
Off-the-job Training: Types, Advantages, and Disadvantages
What's it: Off-the-job training refers to training conducted outside the workplace or office. Your employees learn from the experts and professionals out there. Training providers can come from training centers or universities.