Methods of Motivations (for minimum wage employees), Term Paper - 1

Methods of Motivations (for minimum wage employees), - Term Paper Example One of the most effect methods of motivation is use fair salaries and wages. The employees will always be motivated when they are paid high wages and salaries. The employer can increase the morale of the employees by paying them more than the other firms are paying their employees. The advantage of this method is that it very effective in increasing the morale of the employees. The disadvantage is that it increases the cost of production for the firm. The other monetary incentive is the pay of bonus. The employees will be motivated if the employers give bonus for the work done. In most cases, the higher the quality of work did the higher the bonus. Employees will always work hard to get bigger bonuses. The advantage is that the firm that gives bonus workers will always work extra hard to earn bonus. The other monetary incentive that is very effective is the overtime payment. Overtime payment is the payment made for workers who work extra hours besides the normal working hours. Monetary incentives will increase the morale of the workers. The advantage of this method is that workers will work extra hard to earn overtime payment. The disadvantage is that it increases the cost of production for the firm. Some of the benefits that firms can give to motivate its workers are the retirement plan-pension plan. Each worker would want to have this plan to get their money after they retire. Many employees will be motivated to works hard because the company offers those benefits like pension plan benefits. Allowances are very effective in motivation of employees. Firms give different allowances depending on the financial status of the firm. Some of the allowances include the medical allowances. Many employees will be motivated to works hard because the company offers those allowances like medical allowances. The medical allowance is the money that the firm is willing to pay for the