Today organizations are seeking the best employees to compete in the cutthroat market environment. In order to achieve their goals, they must have something to offer to their employees to keep them motivated. Employee motivation can come from management strategies, employee incentives, health, school, adoption assistance, and the more the company can offer the better and more valuable the employee can be. With that being said Best Buy might just have what most employees are looking for. Best Buy is considered to be one of the world’s largest consumer electronics retailers, with that being said more that 125,000 people are employed by Best Buy. This is a company willing to go the extra mile to make their employees satisfied which betters the …show more content…
After that first week he realized that employees were not receiving a valuable discount in return on the products they were selling on a daily basis. Employee discounts are motivators in an employee’s performance. Employee discounts allow employees to purchase the products they are trying to sell and have a better understanding by being able to connect with the customers because they have one themselves. Best Buy as a company took on the challenge to create a culture that surrounds learning and the development for its employees. The company created an incentive program called “Path to Excellence” which helps aid the employees career paths but also receiving extrinsic rewards for their outstanding performance. To break it down further, employees earn virtual badges as they progress through different learning levels. Since the program has launched Best Buy has seen improvement in three key metrics:” The close rate improved 129 basis points; revenue per transaction increased $3.31; and services and connections sales increased 37 basis points” (Freifeld, Lorri 2013), overall making it a successful employee engagement program. Another key motivator to success in performance by employees is money. Pay sometimes is a huge motivator when it comes to the …show more content…
Right now they are able to be competitive and securely offer an amount that interests candidates because it is sufficiently over the minimum wage. Though with propositions out there to raise that wage Best Buy may not have that competitive advantage in the long run. Yet in order for these incentives to be worth it for Best Buy they must be able to track that the employees are performing to their best abilities. Every manager is taught how to use a data driven training program called Individual Sales Tracker (IST). IST allows a manager to see every employee’s sales through each metric Best Buy tracks. This gives managers a number to hold employees accountable by to improve what they are doing and give a better experience to the customer. Although feedback is always important, especially when it allows employees and customers to have a voice and be heard. A way that Best Buy gathers information relative to the front line employees who are working with its customers on a daily basis is a survey called a net promoter score (NPS). This is another practice adopted by Hubert Joly to measure employee performance and customer satisfaction. When the customers are happy it insinuates that the employees are doing their job who in turn are happy. The NPS is a great
The Nordstrom department store empire has been one of the leading companies in the fashion market. They generated over 2.5 billion dollars in sales last year, yet they are facing several internal problems. While Nordstrom strives to have the best customer service in the industry, living by the “Nordstrom way” has caused some hardships on the companies’ employees. An in-depth analysis of the sales position at Nordstrom using the job characteristic model reveals that the job design may moderately increase employees intrinsic motivation, but it is lacking in several areas.
Best Buy operates in an oligopolistic market where there are significant barriers to entry and few large firms dominate the market by selling identical goods. Best Buy is a non-collusive oligopolist, existing in a strategic environment where firms do not cooperate, yet are interdependent due to the fact that a firm’s action affects the market. Recently, Best Buy experienced an increase in demand, increasing its revenues and profits.
In a business or a workplace, it is essential for the organization, which consists of the employers, the managers, and their employees, to work towards reward programs within the human resources in order to create a healthy and cordial work environment and most importantly, to efficiently achieve business’ goals. In Carol Patton’s (2013) article, Rewarding Best Behaviors, she explains the importance of several companies that are beginning to recognize their employees, not just for the end-results, but for reflecting good behaviors towards the business’ values, such as demonstrating creativity on certain projects, problem solving towards certain issues, and also collaborating with fellow co-workers. Patton stresses that these reward programs could help suffice the overall being of a company as long as the rewarded behaviors correlate with the corporate strategy. Patton expresses that some things human resources must comprehend include “how its company creates success, what drives its business strategy and what behaviors are needed from employees to achieve that success” (Patton, 2013 para. 15). Moreover, the employee would be reflected as a role model for others and perhaps influence them to demonstrate comparable behaviors.
The roots of Best Buy Co., Inc. can be traced back to St. Paul, Minnesota. This is where founder Richard Schulze opened the doors of his Sound of Music store in 1966. Understanding a demand for consumer audio components and systems in the St. Paul area, Schulze managed to provide a combination of great prices and excellent service, thus building a strong customer base, which quickly prompted an expansion into home appliances and video products.
Lowe’s tries to foster collaboration and strength in a variety of methods; many are through leadership training tracks and supporting employees and their families. During times economic uncertainty, it is important that individuals know that they an organization that cares and supports them. In a comprehensive report released by Lowes, the company detailed improvements Lowe’s achieved in important focus areas, including the health, safety and engagement of employees, the company’s advancement towards its 2020 goals and its partnership with suppliers to maintain the highest ethical standards and improve the products it sells (Lowe’s Companies, 2015a). According to Lowe’s Companies (2015a), “For the first time in Lowe’s annual Employee Opinion Survey, all of its U.S. stores, distribution centers and customer support centers all reached the company’s benchmark engagement goal of 65 percent, indicating a highly engaged and satisfied staff” (para 4).. “Career Bliss recognized Lowe’s as one of the 10 happiest retailers to work for in 2014” (Lowe’s Companies, 2015, para 5). To keep an organization running efficiently and effectively, you need a good customer base; you cannot achieve this without helpful, courteous and willing employees. Lowe’s understand that to keep up in the industry, they need to ensure they employees are taken care of
Reward and recognition has to be promoted for small and large achievements. An effective reward’s program keeps employees engaged, dedicated, and committed to the organization.
"A simple thing such as giving a employee a little reward for outstanding performance for a month or a year could help motivate other employees to want to do better so that they could have the chance to be recognized for their outstanding work.
First, in relation to the organization’s most important asset, people, Sears has failed to recognize the distinctive competences that lie in the skills and abilities of their own employees. Sears once was a very successful organization in relation to how they treat their employees. Sears was one of the pioneers of measuring employee engagement in the retail industry by creating a set of measures known as Total Performance Indicators. People who enjoy going to work every day, as a result of a high-performing company culture, increases their productivity, giving them a higher return on salary. This model of employee engagement worked very well for Sears in the past, however, in recent years, Sears has strayed away from this core competency.
The company motivates employees by providing “reward” and “engagement”. Reward is evaluating the employees properly and giving reasonable salary, and are divided into three parts:
Winn could nothing or implement a rewards program that rewards the employee with more than cash rewards; employee recognition program namely employee of the month with a paid day off or a gift card. As part of the employee focused plan, the company should allow employees’ input on how to become more customer focused, efficient, and effective organization. This would greatly improve employees’ satisfaction and help the company achieve its overall goal of providing quality customer service.
Research has shown that motivation in an employee is an important factor which determines his performance. Motivation is the “driving force within individuals” (Mullins, 2007, p. 285). It is the concerned with finding out the reasons which shape and direct the behaviour of the individuals. The people act to achieve something so that they can satisfy some needs (Gitman and Daniel, 2008). It is important for the manager to understand this motivation of individual employees in order to inspire them and devise an appropriate set of incentives and rewards which would satisfy the needs that they have individually (Kerr, 2003). Once these needs are expected to be met in return for some specific behaviour or action, they would work more diligently to have that behaviour in them and to achieve that objective (Meyer and Hersovitch, 2001). Since it would lead to early and fuller achievement of the company objectives as the individual would work more diligently, it would lead to better organizational performance (Wiley, 1997).
Different companies and departments of those companies have very different approaches to motivate their workers to being the best they can. For example, I worked for three years at a food Store called Wegmans when I was younger. I worked as a cashier which was interesting to say the least. Managers were always trying to motivate the cashiers to go that much faster, be that much friendlier, and to be more efficient at every opportunity. They took many different approaches to find what would motivate each cashier, which was a difficult task considering how young each cashier was, the large number of us their were, and how different each employee was from the other.
This study examines the performance management and reward strategy used in Unilever to retain and motivate their employees for a long term. Both intrinsic and extrinsic rewards are given to employees to make them loyal and to utilize their skills to further improve the performance of Unilever. Almost all the factors of reward strategies and performance management are discussed and evaluated accordingly. Performance of the employees might be get affected if the rewards are not given to employees, so to motivate them furthermore the Maslow Hierarchy of need theory is also recommended to Unilever to make their employees loyal.
Staying ahead of the competition and increasing profits are the fundamental objectives for every organization. However, many firms today continue to invest extensively in business development activities and less on employee productivity. This mindset ignores the firm’s chief asset and its core foundation, its workforce.
...s in the corporate world by setting new standards to promote and better satisfy their employees. We chose four leading companies in four different industries. The above analysis definitely reveals that perhaps one of the reasons why these companies are the leaders in their industry is because they are well aware of the importance of the work force. They mention in their mission statements as well that yes in deed customers are important but in order to make the customer happy they first need to motivate and satisfy the employee as well. According to Citibank, the general belief is that a happy worker is a motivated and loyal one. So keeping employees' spirits high is a sure-fire way of maintaining a productive workforce. A productive work force would ultimately lead to a healthy organization which would not only promote the society its working for but also itself.