From an Employee Behavioural Perspective,what Steps Need to Be Followed

question 21

Essay

From an employee behavioural perspective,what steps need to be followed to design an effective reward system?

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Definitions:

Maximize Profits

Strategies and actions taken by businesses to increase the difference between their total revenues and total costs.

Individual Profits

The net earnings obtained by a person after subtracting all relevant expenses from their revenue.

Cartel

An association of manufacturers or suppliers created to maintain high prices and restrict competition.

Strategic Interactions

Actions taken by entities in which each one's success depends not only on their own actions but also on the actions of others.