IB Business Management Topic 2.4.7 Non-financial Rewards Revision Notes (SL/HL)

IB Business Management Topic 2.4.7 Non-financial Rewards Revision Notes (SL/HL) | RevisionDojo

Written by official IB examiners

Non-Financial Rewards: Enhancing Job Satisfaction and Engagement

Imagine working in a role where your tasks are repetitive and uninspiring.
Even with a good salary, you might find it hard to stay motivated.
This is where non-financial rewards come in, strategies that focus on making work more meaningful, engaging, and fulfilling.

Why Non-Financial Rewards Matter

While financial incentives like bonuses and raises are important, they aren't always the most effective motivators.
Non-financial rewards address deeper needs, such as personal growth, autonomy, and a sense of purpose.

Note

Non-financial rewards are particularly valuable in roles where financial incentives are limited or where intrinsic motivation is key, such as in creative industries, non-profits, or volunteer work.

Key Types of Non-Financial Rewards

Job Enrichment: Adding Meaningful Tasks

Job enrichment involves redesigning roles to include more challenging and meaningful tasks.
This approach, championed by Frederick Herzberg, focuses on increasing responsibility and autonomy.

Example

Consider a software developer who is given the opportunity to lead a project, make design decisions, and interact directly with clients.
This not only enhances their skills but also boosts their sense of ownership and achievement.

Benefits of Job Enrichment
1. Increases engagement by making work more interesting.
2. Encourages personal and professional growth.
3. Fosters a sense of accomplishment and recognition.

Tip

When implementing job enrichment, ensure employees have the necessary training and support to handle their new responsibilities.

Job Rotation: Variety and Skill Development

Job rotation involves moving employees through different roles or tasks within the organization.

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Definition

Paywall

(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Duis aute irure dolor in reprehenderit

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Note

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam quis nostrud exercitation.

Excepteur sint occaecat cupidatat non proident

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione voluptatem sequi nesciunt. Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit.

Tip

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum.

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Non-Financial Rewards: Enhancing Job Satisfaction and Engagement

Imagine working in a role where your tasks are repetitive and uninspiring.
Even with a good salary, you might find it hard to stay motivated.
This is where non-financial rewards come in, strategies that focus on making work more meaningful, engaging, and fulfilling.

Why Non-Financial Rewards Matter

While financial incentives like bonuses and raises are important, they aren't always the most effective motivators.
Non-financial rewards address deeper needs, such as personal growth, autonomy, and a sense of purpose.

Note

Non-financial rewards are particularly valuable in roles where financial incentives are limited or where intrinsic motivation is key, such as in creative industries, non-profits, or volunteer work.

Key Types of Non-Financial Rewards

Job Enrichment: Adding Meaningful Tasks

Job enrichment involves redesigning roles to include more challenging and meaningful tasks.
This approach, championed by Frederick Herzberg, focuses on increasing responsibility and autonomy.

Example

Consider a software developer who is given the opportunity to lead a project, make design decisions, and interact directly with clients.
This not only enhances their skills but also boosts their sense of ownership and achievement.

Benefits of Job Enrichment
1. Increases engagement by making work more interesting.
2. Encourages personal and professional growth.
3. Fosters a sense of accomplishment and recognition.

Tip

When implementing job enrichment, ensure employees have the necessary training and support to handle their new responsibilities.

Job Rotation: Variety and Skill Development

Job rotation involves moving employees through different roles or tasks within the organization.

Definition

Paywall

(on a website) an arrangement whereby access is restricted to users who have paid to subscribe to the site.

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Note

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam quis nostrud exercitation.

Excepteur sint occaecat cupidatat non proident

Tip

Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris.
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum.

Unit 1: Introduction to Business Management - Core operational components and business functions6 subtopics

Unit 2: HR Management - Motivation, Structure, Hierarchy7 subtopics

Unit 3: Financial Management - Accounting, Ratio evaluation, Core Financial Documents9 subtopics

Unit 4: Marketing Management - The 7 P's, strategies and forecasting6 subtopics

Unit 5: Operations Management - Production Methods, Production planning and management9 subtopics

BM Toolkit - Core business frameworks and tools15 subtopics

IB Business Management 2.4.7 Non-financial Rewards Notes

Unit 1: Introduction to Business Management - Core operational components and business functions6 subtopics

Unit 2: HR Management - Motivation, Structure, Hierarchy7 subtopics

Unit 3: Financial Management - Accounting, Ratio evaluation, Core Financial Documents9 subtopics

Unit 4: Marketing Management - The 7 P's, strategies and forecasting6 subtopics

Unit 5: Operations Management - Production Methods, Production planning and management9 subtopics

BM Toolkit - Core business frameworks and tools15 subtopics

Non-Financial Rewards: Enhancing Job Satisfaction and Engagement

Why Non-Financial Rewards Matter

Key Types of Non-Financial Rewards

Job Enrichment: Adding Meaningful Tasks

Job Rotation: Variety and Skill Development

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Excepteur sint occaecat cupidatat non proident

Unlock the rest of this chapter with a free account

Non-Financial Rewards: Enhancing Job Satisfaction and Engagement

Why Non-Financial Rewards Matter

Key Types of Non-Financial Rewards

Job Enrichment: Adding Meaningful Tasks

Job Rotation: Variety and Skill Development

anim nostrud sit dolore minim proident quis fugiat velit et eiusmod nulla quis nulla mollit dolor sunt culpa aliqua

Duis aute irure dolor in reprehenderit

Excepteur sint occaecat cupidatat non proident

Unlock the rest of this chapter with a free account