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Introduction

The business world is a diverse and extremely dynamic area to consider, and approaches to the implementation of management within many organisations have arguably become segmented due to a number of outside influences or external factors in recent years. This report will critically analyse the relevance of traditional (or scientific) vs. contemporary (or human relations) approaches to management and summarise them in a current and objective context. This report seeks to consider the view that a combination of old and new methods is being utilised among the majority of organisations, while also being critical of these theories by suggesting additional elements which may also contribute to the generic overall management model today.

Human relations theory is an approach to management based on the idea that employees are motivated not only by financial reward but also by a range of social factors (e.g. praise, a sense of belonging, feelings of achievement and pride in one's work). The theory, which developed from empirical studies carried out in the 1920s and 1930s. http://www.highbeam.com/doc/1O18-humanrelationstheory.html

There are many methods of motivating employees and one of these are financial methods. Here is a list of different financial methods which businesses can use to motivate their employees.

• performance related pay

• piece rate

• job rate

• time rate

• commission

• bonus

• profit-sharing

• profit related pay

Performance related pay

Performance related pay is used by some organisations to reward employees on an individual or a team basis. It is used in both the public sector and the private sector, where it is used as a way of giving an incentive to employers who have worked well or meet their targets.

Another reason why it could be used is because many businesses might want their current workers to obtain new talent which will be useful and will become beneficial to the...