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Motivation


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Maslow's hierarchy
A series of needs that need to be met for an employee to be motivated
Theory X
The idea that workers are only motivated by pay and need constant watching
Theory Y
The idea that workers are motivated by encouragement, challenge, autonomy rather than simply pay
Motivation
The desire to complete a task
Fringe benefits
Payment in kind in the form of a company car, health insurance etc.
Piece work
Payment per item produced
Salary
A fixed amount of money per year to pay, usually to managers, for the performance of their role
Performance Related Pay
Pay linked to the successful meeting of objectives
Commission
Pay linked to increasing sales
Wages
Pay, normally weekly for manual work, based on an hourly rate.
Overtime
Pay for working beyond set hours
Gross pay
Pay before taxes etc. have been removed
Net pay
Pay after deductions for tax etc. have been made
Bonus
An extra addition to pay in recognition of exceptional work