Final answer:
Team-based rewards are most effective when jobs are interdependent, fostering collaboration. Work content is a key factor in job satisfaction, and rewarding effort and contribution encourages hard work and dedication while ensuring fairness in compensation.
Step-by-step explanation:
Employers should use team-based rewards when jobs are highly interdependent. This encourages collaboration and leverages the diverse skills, experiences, and expertise of each team member. In contrast, rewarding individuals based on independent efforts is optimal when jobs do not significantly rely on collaborative work.
Relating to overall job satisfaction, the most strongly predictive factor is the work content. Work content has a significant impact on how individuals perceive their job and whether they find it fulfilling.
The concept of effort implies that compensation should be aligned with the effort employees expend in their work. This can incentivize hard work and dedication regardless of whether tasks are completed independently or as part of a team.
Finally, when discussing fair treatment and compensation, it is essential to consider the contribution of the work to the wider social product. In a fair system, individuals are rewarded for the value their work adds to society or the business.