The benefits are far greater for business to offer what employees desire: opportunity to grow, flexible hours, recognition, opportunity to contribute, and autonomy, than to compensate employees with cash. This paper will discuss the advantages of using non-monetary incentives in the workplace. Monetary Rewards Although everyone needs money to obtain the smallest of essentials to live, employees prefer the benefits of non monetary gifts and incentives for motivation in the workplace. When employees receive money as a reward, the money is generally spent on bills and other expenses or purchases that the employee needs. The reward is considered an impersonal gift, as it will not be spent on something that the employee will enjoy.
Six Sigma focuses on improving current business processes and performance while Lean Manufacturing focuses on the improvement of the processes of an organization by using highly skilled employees to increase speed and quality. Combining the two methodologies creates an organization that focuses on quality, efficiency and speed to lower operational costs and increase profits. By following the Lean Six Sigma methodology, many companies have attempted to create a lean, waste-free environment ultimately at the expense of the employee and occasionally at the expense of the organization. Variability and Failing the Lean Test Creating a process is not always the answer to every organization. Organizations attempting to reduce waste may find themselves stuck trying to understand precisely where vital financial cuts need to take place.
According to societaI beliefs, an organization's most valuable asset is its employees. This is a statement so simple, yet often misinterptreted. However, contrary to popular belief and given the shifting dynamics of the modern workplace, it comes as no surprise that employees yield less influence in the decision-making processes of a business. It must be borne in mind, that employees constitute a critical link of any business and should subsequently be given the opporunity to develop. The essence of establishing a business is "the bottom line," or in simplistic terms, to make a profit.
Over the years businesses have adopted the strategy ... ... middle of paper ... ...e options for outsourcing of work, co-shoring is arguably the one that has the lowest information security risks. It pulls advantages from off-shoring and near-shoring into one business model while reducing disadvantages associated with adopting any of them in isolation. For information security concerns, a company can decide to manage jobs that contain sensitive information near-shore instead of moving it to their offshore partners. This helps companies have sufficient control over their data because of the proximity. Furthermore, costs are further reduced especially if the critical jobs that require constant travel are done by near-shore partners and not so critical jobs done off-shore.
Many businesses benefit from the organizational discipline CRM imposes, as well as from the technology itself. CRM can benefit and organization in that it can develop better communication channels; collect vital data, like customer details and order histories; create detailed profiles such as customer preferences; deliver instant, company-wide access to customer histories; Identify new selling opportunities. (Is4Profit, 2006, 1). CRM involves centralizing all customer data and automating much of the tedious work in managing sales, marketing, and customer service so that professionals can spend more time helping their customers become more successful and less time on administrative tasks. CRM has also come to include a new type of business intelligence software called analytics that provides managers with a real-time snapshot of their sales, marketing, and service efforts.
Once there is an aim, there is purpose and fulfilling that purpose increases performance as there is realization of achieving success. REWARD VS. RECOGNITION While businesses are looking to get more from their employees, employees are also looking to get more from them. Through employee reward and recognition programs, employers can motivate employees to change work habits and key behaviors to increase the business’ profit. Employee reward system refers to programs set up by companies to reward performance and motivate employees on group or individual levels.
For a business to perform certain functions within itself may cost significantly more than if they were to hire an outsource provider who, for example, already owns all the equipment needed to do the job. It is clear here how a small monthly bill to an outside organization would cost significantly less in overhead cost than buying all the needed equipment and then paying employees to perform the needed task. Efficiency can also be seen in the work load of a given employee. Take for example the fol... ... middle of paper ... ... know that what you see is what you get; to put your trust in something wholly. It is important for me to look the leader of a business in the eye and say thank you.
Moreover by outsourcing the need to hire individuals in house eludes, which minimizes the recruitment cost for the company. If the company has branches in other countries, it may be difficult to manage the clients over there. In that case, it can offshore some of its job functions. To decrease the cost many companies offshore their call centers to the places where the wage rate for employee is less ( Ilan, Kotlarsky and Willcocks, 2009). IT Infrastructure at Schaeffer Schaeffer ... ... middle of paper ... ...f its job functions then it should consider all divisions equally and then decide what are the possible jobs that can be outsourced, so that all the divisions have equal advantage.
As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. This is called unlimited liability. Advantages * The firms are usually small, and easy to set up. * Generally, only a small amount of capital needs to be invested, which reduces the initial start-up cost. * The wage bill will usually be low, because there a few or no employees.
The franchisor will expect a cut of the profit. Franchisees do all the hard work and still have to pay franchisor for the privilege of using their brand name and support. When times are hard, this might mean a further reduction in already low profits and a struggle for your business. Start own business will often be the better choice, as there will be fewer restrictions on how to operate the business and more potential avenues for profit, without the overheads. 1. http://blog.thecompanywarehouse.co.uk/2010/10/04/advantages-and-disadvantages-of-a-franchise/ 2. http://hotandroll.com/franchise-oppertunity/