There should be some way of connecting pay to job performance. The best way of doing this would be to award bonuses to those workers who are at the top of their class. This would not only motivate workers to do a good job, but also reward the employees that do succeed. TOP EXECUTIVES DESERVE THE MONEY THAT THEY MAKE INTRODUCTION It is a well-known fact that many people holding high positions in companies make an exorbitant amount of money. Some, however, say that they do not deserve the amount that they are paid.
Do you know that employers are overly concerned with the employees they hire nowadays, unlike in the recent past? Now you do. Essentially, the process of hiring an employee can have a great impact on the future of a company, and hence there are several key concerns employers raise during interviews. In fact, according to a recent research, it has emerged that finding and keeping the right employee has become one of the trendiest issues with employers nowadays. This can be attributed to the fact that HR professionals believe that only the top talent is quite indispensable to the company’s success especially during the modern day harsh economic times.
Understanding the reasons people leave is the first real step in addressing the issues of retention and attraction. Once you have a clear understanding of these reasons, you are ready to move to the next stage of developing an attraction and retention strategy to get and hold talented people. The formula for attracting and especially retaining top talent lies in creating a high level of job satisfaction which includes not only the work itself but factors relating to the climate or work environment. One of the most over-estimated reasons companies think they attract and retain top talent is through financial compensation. However, financial compensation is ranked very low by many employees when compared to achieving job satisfaction.
By enforcing appropriate HR practices and policies, organization can instigate this feeling amid their employees.” To me this shows that there is more to retaining employees than just money or benefits, as this explains the nature of the job and type of employees you have will really dictate to you and the company what type of programs or recognition you should be doing because it is right for your company and your employees. If you give your employees a voice where they can feel heard and you can honestly attempt to keep them satisfied through their suggestions as a leader and as a corporation you will successfully see your turnover/ attrition rates drop and your retention rate rise. When this occurs you have achieved your goal and the company becomes more profitable.
Motivation is defined as, “the reason for the action; that which gives purpose and direction to behavior.” Motivation is key in personal life as well as the career world. Motivation in the work place is highly dependent on employers being able to understand the needs and wants of their employees. When employers can understand and satisfy an employee’s needs, the employee is more inclined to perform well in his position. “The ranked order of motivating factors were: (a) interesting work, (b) good wages, (c) full appreciation of work done, (d) job security, (e) good working conditions, (f) promotions and growth in the organization, (g) feeling of being in on things, (h) personal loyalty to employees, (i) tactful discipline, and (j) sympathetic help with personal problems.” (Accel-Team) In order to achieve all or some of these key motivating factors in the work place, an employee generally will want interesting work, good wages, and recognition from superiors and peers. Interesting work is most important to employees.
If employers want people to be committed to their work they have to pay them an adequate amount of money. Human beings in the workplace and in general are very much in tune to the criterion of decency. If you have two people doing the same work and one person is getting paid less than the other for doing the exact same work and that person finds out, then this creates a considerable motivation problem. Money matters a lot, but one of the best uses of money as a motivator is to pay people enough to take the concern of money off their mind. There is a theory, that if an employer increases their employees pay then people function better at their jobs.
The higher their salary the more valued they feel within the organisation and so the more likely they are to work hard in their job and be motivated in their work. Cash awards can be a very effective way of motivating employees to meet targets and excel in their work. McGregor's theory of the reasons why people work shows that using these sorts of 'carrot' methods of motivating employees are often successful with the Th... ... middle of paper ... ...ir needs have been met at a lower level before moving upward. For example, a person will not be motivated by love until they have had both their physiological and security needs met. Maslow's Model So in conclusion it is not always money that motivates, as although for a lot of people it is money that drives them this is not always the case.
An effective human resource management can always add value to an organization. It goes without saying that monetary always acts as a useful motivator in the workplace, managers can use pay to motivate employees to increase productivity and attain their work goals. Remuneration can be used to motivate from the bottom level of the organization to the top management, even CEOs, it stimulates people to work hard to achieve organizational goals, acts as an inducement to attract people to join and remain with an organization (Weddell et al. 2013 p250). The growing trend that employees reward by cash compensation when they meet or exceed performance goals set and in fact that subordinates tend to be more satisfied and motivated when rewarded by their supervisor (Yammatino et al., 1990).
Question 3 Remuneration is the only real motivator in today’s workplace. The way a manager motivates their workers can greatly affect the productivity of the workforce. That is why one of the most important things a manager must do, is to motivate their workers. A worker can already be motivated, or may not need the involvement with management to become motivated, however most workers need to be motivated, or may lose motivation and need to regain it. So that is why, for the most part, it is up to management to motivate its workers.
This is clearly shown by majority of workers in a number of companies or organisations across the globe. Therefore, money is the driving force in determining the level of commitment workers have towards a particular job or company. For instance, a worker can receive benefits from the organisation he or she works at. Such may include frequent vacations, proper housing, and working conditions, but without good pay, the worker would still not be motivated to work. Poor payment of workers leads to high turnover, where employees move from one job to another as they seek for higher salaries and wages.