How does an entrepreneurial firm motivate and reward employee?:
The purpose of this paper is to find out how an entrepreneurial firm motivates and rewards employees who are committed to continue to provide value to the firm. From the statement it appears that the employees are dedicated to provide good service to the firm the fact that they are committed.
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Studies show that there are a number of ways an entrepreneurial firm could motivate and reward workers and pay being one of them though not the main one. However, when pay is compared with other forms of motivational rewards it is found that it is usually used because it has many characteristics such as flexibility, frequency, visibility and is easily convertible by the recipient than all other forms of rewards. More so, other rewards such as promotions, bonuses, salary notch increments, verbal and written appraisals are commonly used to motivate workers.
The 21st century entrepreneurial firms have been faced with very stiff competition and have now come up with various other strategies of motivating employees through schemes such as profit sharing, partaking in shock ownership as well as gain sharing. In the recent past, progressive entrepreneurial firms have been increasingly using profit sharing especially in the sales of goods and services. Many professionals would want to work in sales departments because of the many incentives and benefits which accrue in working for such departments.
Other indirect motivational and reward schemes which the 21st century entrepreneurial firms are using include medical insurance schemes, telecommuting , canteen facilities at places of work, good retirement packages, low interest rate loan facilities( house, car, etc), social amenities such as sport facilities to mention but a few.
Most progressive 21st century entrepreneurial firms have come up with deliberate policies to develop schemes designed to motivate and reward employees according to their commitment, performance and most importantly so as to retain them. Technology is moving at a fast pace and to maintain the momentum, firms need highly skilled workforce.
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