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Essay on frederick herzberg motivation theory
Essay on frederick herzberg motivation theory
The impact of organizational restructuring
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1. INTRODUCTION
Barclays is a major global financial services provider engaged in retail banking. Bar-clays is organised within these business clusters: Corporate and Investment Banking, Wealth and Investment Management; and Retail and Business Banking. The Corporate and Investment Banking, Wealth and Investment Management cluster comprises three business units: Corporate banking; Investment banking; and Wealth and investment management. The Retail and Business Banking cluster comprises four business units: Africa Retail and Business Banking (including Absa Group); Barclaycard (credit card and loan provision); Europe Retail and Business Banking; and UK Retail and Business Banking.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 140,000 people. Barclays moves, lends, invests and protect money for 48 million customers and clients worldwide.
2. OBJECTIVE
This paper based on the personal observations and experience of being a part of such a great organisation as Barclays Capital. Having difficult times now company try to restructure all business and at the same time to increase the motivation of all the employees so nobody would feel that he or she is less valuable. Being a part of this process gives me a better view and clear understanding of what company tries to achieve. First time in my life I am a part of restructuring and I am sure it will have a big impact on my further career and business understanding. With writing this paper I try to get a better view of what is Herzberg’s motivation theory and how it could be aligned with real company experience. Using his two factor theory I want to understand the processes that are going on now and make my own conclusions.
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...n and its goals.
Now that it is clear that businesses should be concerned about the challenges posed by restructuring, it is appropriate at this time to set goals that address these issues. The ex-pected end-state is not to remove the need for restructuring, nor would it be appropriate to expect employees to ever enjoy the restructuring process. Instead, the goals are to develop a workforce that understands the importance and inevitability of restructuring, and to minimize the survivor sickness symptoms experienced when layoffs occur.
With a fully integrated program, organizations can maximize employee performance and commitment in ways that help to ensure future business successes.
With a combining together both motivators and hygiene factors, organisations can maximize employee performance and commitment in ways that help to ensure future busi-ness successes.
Canadian Imperial Bank of Commerce, also known as CIBC, is Canada’s fifth largest bank. Established in 1961, the bank that we know today was formed through the merging of the Canadian Bank of Commerce and the Imperial Bank of Canada. At the time, these two banks were the largest banks in Canada. CIBC’s head office is located at 199 Bay Street, Toronto, Ontario. This international company operates in Canada, Europe, the United States and the Asia Pacific region. CIBC`s vision is To be the leader in client relationships. They value Trust, Teamwork and Accountability. Their corporate objectives include building on their financial strength, unlocking value for reinvestment and to culture focus on client relationships. CIBC currently
Investigating How Barclays Communicate With Their Customers There are different types of ways; Barclays can communicate both internal and external customers. If the bank is communicating with internal customers (i.e. employees), this is known as internal communication. If the bank is communicating with external customers (i.e. community, shareholders), this is known as external communication. Verbal communication
Bank of America is an international and widely known banking and financial corporation. Its headquarters are located in Charlotte, North Carolina, and the Bank of America is the second largest bank holding company in the United States of America. A bank holding company is a company that owns and controls one or more banks, but does not necessarily take part in the act of banking itself. This gives it a greater range of flexibility that enables it to raise capital for itself more easier than a traditional bank. Other benefits include: “The holding company can assume debt of shareholders on a tax free basis, borrow money, acquire other banks and non-bank entities more easily, and issue stock with greater regulatory ease.”. In essence, this grants the bank holding company a much more freely moving business that has a distinct advantage over its lesser bank brethren. Bank of America has a variety of interesting topics that will be extensively and thoroughly covered. These include Bank of America’s history, its financial and stock analysis, its multitude of operations, and the large number of controversies that surround the Bank. Once the said topics have been rigorously and exhaustively described, the beautiful conclusion will rear its head and allow the reader to bask in the satisfaction of finishing this extremely interesting paper.
The early decades of the nineteenth century saw the establishment of banks in the Caribbean largely as a convenience for the local governments. Throughout much of the nineteenth century, most Caribbean banks operated as an oligopoly with limited government influence – this directly translated into higher profits. However, over time, the banking environment could best be described as complex and dynamic. Competition increased, resulting into greater need for improved customer service, product innovation and cost reduction strategies. In order to achieve this, the banking sector was undergoing major structural reforms characterized by mergers and acquisitions. On July 23, 2001 Barclays and CIBC announced that they were in advanced discussions which were intended to lead to the combination of their retail, corporate and offshore banking operations in the Caribbean.
Currently, the Bank of Tomenak employees 20,000 people, which only 35% are female or minority. The average biannual turnover rate for our females and minority employees is 65%. The average turnover cost for one employee is estimated to be 18% of their annual salary.
BCB Holdings formerly BB Holdings Limited is a company incorporated in Belize under the International Business Companies Act of Belize. It is a parent company that solely holds no other business operations or assets other than that of its investments in it subsidiaries of intercompany balances, services to individual, holdings cash and cash equivalents, and corporate customers in the Caribbean region. The Company primarily operates financial services businesses through The Belize Bank Limited "Belize Bank" and the Belize Bank International Limited “Belize Bank International", both located in Belize, and "Belize Bank TCI", located in the Turks and Caicos Islands. They have two primary assets: OneSource Inc., which is one of the world's leading outsourced facility services companies; and Belize Bank Ltd., which is the leading financial institution in Belize. The US formed OneSource, which was a branch of Denmark's ISS, it operates primarily in the United States, and is one of the market's leading outsourced services providers and operates in nearly 200 major metropolitan areas in 45 states, as well as in Puerto Rico. Belize Bank is the largest full-service bank in Belize, claiming a 50 percent market share in the country. Belize Bank has 12 branches throughout Belize, with their headquarters in Belize City. Their principal operations are consumer lending, commercial lending, deposit taking, and other related bank activities.
-formed by Frederick Herzberg in 1959 states that there are 2 factors that motivate a person to work. This is also known as Motivation-Hygiene theory. Herzberg’s 2 factor theory states there are factors in the workplace that causes job satisfaction, and a separate factor that causes dissatisfaction.(MacRae & Furnham, 2017). Hygiene factors are factors that are basic for the motivation to exist in an organization these includes salary, company policies, working environment and interpersonal relationships (Management Study Guide, 2013). In short, these are factors that conciliates workers,for them not to be dissatisfied (Management Study Guide, 2013). On the other hand, Motivation factors are factors that pleases or gratifies
At the time of its collapse, Baring Brothers & Co., Ltd was the longest established merchant banking business in the City of London. Since the foundation of the business as a partnership in 1762 it had been privately controlled and had remained independent. In 1890 Barings Brothers was founded. In November 1985, Barings plc acquired the share capital of Barings Brothers and became the parent company of the Barings Group. In addition to Barings Brothers, the other two principal operating companies of Barings plc were Barings Asset Management Limited (BAM), which provided a wide range of fund and asset management services, and Baring Securities Limited (BSL), itself a subsidiary of Barings Brothers, which generally operated through subsidiaries as a broker dealer in the Asia Pacific region, Japan, Latin America, London and New York. Barings Brothers acquired Barings Securities Limited from Henderson Crosthwaite in 1984. BSL was incorporated in the Cayman Islands, although its head office, management and accounting records were all based in London. BSL had a large number of overseas operating subsidiaries including two, Baring Futures (Singapore) (BFS) and Baring Securities (Japan) Limited (BSJ).
Moreover, the company has placed great significance on open and honest communications with the employees on many levels. Even more, leadership expected a plan that would utilize all human assets in a way that would support the organization’s attitude in servicing customers and employees. As such, they found it important to centralize the staffing initiative in order to maintain the unique corporate culture created in the beginning. Every one of these strategies would be focused on centralizing staffing, brining in the best possible employees, and retaining each on a high
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).
A Report on NatWest Bank and an Analysis of the Banking Industry 1. Introduction This report focuses on NatWest and the industry in which it operates. The purpose of the report is to give a concise but accurate view of how NatWest operates as an organisation and the links between its environment, in this case the banking industry. Company History =
In daily life, we need motivation to improve our performance in our job or in studies. Motivation is an internal force, dependent on the needs that drive a person to achieve. In the other words, motivation is a consequence of expectations of the future while satisfaction is a consequence of past events (Carr, 2005). We need to give reward to our self when we did correctly or we has achieve our target. Reward is something that we are given because we have behaved well, worked hard, or provided a service to the community. Theories of motivation can be used to explain the behavior and attitude of employees (Rowley, 1996; Weaver, 1998). The theories include content theories, based on assumptions that people have individual needs, which motivate their action. Meanwhile according to Robbins (2001), motivation is a needs-satisfying process, which means that when a person's needs are satisfied by certain factors, the person will exert superior effort toward attaining organizational goals. Schulze and Steyn (2003) affirmed that in order to understand people’s behavior at work, managers or supervisors must be aware of the concept of needs or motives which will help “move” their employees to act.Theories such as Maslow (1954), McClelland (1961), Herzberg (1966) and Alderfer (1969) are renowned for their works in this field. The intrinsic reward or also be known as motivators factors is the part of Herzberg motivation theory. Motivators are involve factors built into the job or the studies itself such as achievement, recognition, responsibility and advancement. Hygiene factors are extrinsic to the job such as interpersonal relationship, salary, supervision and company policy (Herzberg, 1966. There have two factors that are called hygiene fac...
In today's complex business environment; traditional approaches like monetary incentives are not the only prime motivators. In addition to expecting financial incentives for their performance, employee's expectations are much more. Appreciation, recognition and opportunities for personal growth; must be catered for to harness maximum productivity. Furthermore in an era where change is imperative for the organisation's survival, highly motivated employees, represent flexibility and show willing to change; a vital component for the success of any organisation.
Reorganization of people- required to retrain people and check on their capabilities to perform the work (Cross training and flexible workforce are critical components in the organization to meet the complexity of the products)
Motivation, as defined in class, is the energy and commitment a person is prepared to dedicate to a task. In most of organisations, motivation is one of the most troublesome problems. Motivation is about the intensity, direction and persistence of reaching a goal. During the class, we have learned a substantial theories of motivation and many theories of motivations are used in real business. Each theory seems to have different basic values. But, they all have been analysed for one reason, recognising what motivates and increases the performance of employees. Ident...