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Managerial styles of running a business
Management styles
Management styles
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Answer 1- Motivation of workers has a direct impact on productivity and business efficiency. Managers need to understand what motivates employees to reach peak performance. This task is not easy in my opinion, different workers often respond in different ways to their job and the organization’ practices. To gain a loyal and productive workforce businesses need to motivate and manage staff effectively and Netflix has been successful in doing so.
Firstly, they provide their workers with a great workplace and a Great workplace is not lush benefits, sushi lunches, grand parties, or nice offices they do some of these things, but only if they are efficient at attracting and retaining stunning colleagues.
Secondly, Employees get the top of market
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On the other hand, the downsides of not having these policies are workers are not motivated I think the salary of an employee is not the only factor for which workers are motivated to work. Companies should offer fringe benefits which are not- cash forms of reward and are used by business in addition to normal payment systems in order to give status to higher- level employees and to recruit and train the best …show more content…
I argue that very few people would be prepaid to work without financial reward, although pay is necessary to encourage work effort and instituting bonuses and other incentives would increase Netflix employees motivation, Netflix expects consistently very high performance from its employees so it would be a good idea to offer its employees these incentives because it would motivate more and be challenging at the same time for them.
On the other hand, the concentration on individual performance can create division within teams and groups, and this can work against the finding of the Hawthorne effect. There is also widely held view that performance related pay bonuses are often inadequate, even to achieve short-term productivity gains or improvements in an effort. By giving senior managers the power to decide which subordinates have achieved performance above target, it can lead to claims of favoritism and the ability to control staff by means of extra
The company takes great effort in nurturing and developing all of its employees in its quest for delivering superior customer service to its patrons.
Money is still the underlying factor of employee performance, and that’s not to say that noncash factors such as flexible work schedules or casual dress codes can help well. Competitive compensation still attracts and retains top talent.
Motivation in the workplace can be inspired on the team level or individual level. Both of these levels can be determined through the primary factors, intrinsic or extrinsic motivation.
All employees analyze their environment and strive to be recognized and rewarded for their hard work and dedication they put into the company, in a word they are seeking justice. Justice can be defined as a person receiving what they feel they are entitled to and if they do not receive what they deserve the situation may board on injustice. Unfortunately in today’s society justice and appreciation are not given out to all those deserving (Pinder, 1998). A major problem to address is how to keep the motivation level high in a company when the employees do not feel appreciated.
Motivation impacts the type of modulate employees make to an organization and output are affected by the specific motives employees have for working at an exceptional place on a particular job. In much esteem, the job of management is the effective channeling of employee motives across organizational goals.
Netflix says that they do not need to offer as many special bonuses because as the article states” If your employees are fully formed adults who put the company first, an annual bonus won 't make them work harder or smarter" (Nisen). They believe that if they hire people who put everything into the company the pay they offer will be enough. To figure out what they should be paid Netflix went out and scouted to see what people were making in similar jobs. At Netflix they do benchmarking. Benchmarking is when a company compares its practices to the competitors (Noe489). Netflix also realizes that there workers can be scouted. So instead of getting mad they tell the people to talk to the recruiter see what they will pay them then tell the HR department because to them that information is very valued and it may end up helping in the end (Bear).
This author can remember when his former company offered profit sharing for achieving production and it was motivation to do better job. Smart companies recognize that motivated employees are productive employees, which inspires them to create tactics to keep their workforces gratified and inspired. Therefore, it is wise to offer Incentive plans for performance. With that said there are several incentive plans that can be utilized by companies such as “team and group incentives”, “piecework plans”, “stock options”, “non-tangible and recognition based awards”, “employee stock ownership” ,“merit pay”, and “profit sharing plans” (Dessler, 2011).
Most will agree that knowledge is the ‘key’ resource in this post-industrial economy. The challenge for many companies is developing an organization that creates and cultivates knowledge and learning. Pay plays a significant role in shaping workplace behavior. Most of the traditional pay systems reward the job the individual performs rather than the skills he/she brings to the job. The system is not being able to reward the things the company needs and this presents a barrier. The trend has moved away from pay for the value of the job, service and seniority. It is being replaced with paying for skills, knowledge, competency, performance and productivity, all which can be delivered through different invitations, from changes to base pay to introducing gainsharing.
When it is discovered that a worker can fulfill the requirements of their job, but are experiencing shortcomings in doing so, many times it is believed that worker motivation may be the root of the problem (Laird 95). What, though, is work motivation? According to Laird (2006), “motivation is a fundamental component of performance “ and “is the reason that someone chooses to do some things and chooses not to do others”. In other words, work motivation is what energizes workers to the level of output required to fulfill a task, directs their energy towards the objectives that they need to accomplish, and sustains that level of effort over a period of time (Steers et al., 2004). In essence, worker motivation is what gets the job done. Employee motivation has always been a central problem in the workplace, and, as an individual in a supervisory position, it becomes ones duty to understand and institute systems that ensure the proper motivation of your subordinates. Proper motivation of employees can ensure high productivity and successful workflow, while low worker motivation can result in absenteeism, decreased productivity rates, and turnover. A large body of research has been produced regarding motivation, and much of this research is applicable to the workplace. Due to the nature of man, motivation varies from individual to individual, and, because of this, there is no one system that is the best for ensuring worker motivation in every organizational situation, and, as a product, many theories have been created to outline what drives people to satisfactorily complete their work tasks. Throughout the course of this document, the three main types of these motivational theories will be outlined and examples of each as well...
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).
Motivation is best defined as the needs, wants, and beliefs that drive an individual. It is the basis of what people work for and keeps them doing things they otherwise would never do. People act in a whole new manner when they are motivated by something. Motivation gives them a whole new perception of the task at hand. Motivation is not always positive though, and it does not always just come from one place, for example, your boss. Motivation can be negative by not receiving something, and contrary to popular belief it is not always money that motivates people to do what they do. People have different needs, wants, and desires and the finding what is most important to those individuals is the key to motivation. People and companies have used countless techniques and approaches to motivate others and employees, but what works for one person does not necessarily work for the other.
Management spends a huge amount of time to design incentive systems and schemes to motivate their workers and to ensure they work in their best possible manner. Motivating workers by giving them decent pay helps in winning employees heart to make the work done efficiently, significantly and effectively. The most effective way to motivate people to work productively is through individual incentive compensation (Pfeffer, 1998). An attraction of getting more is a powerful incentive to people for high performance. While most people agree that money plays a major role in motivating people, in organizations there is a widespread belief that money may also have some undesirable effects on morale.
Motivation is the force that transforms and uplifts people to be productive and perform in their jobs. Maximizing employee’s motivation is a necessary and vital to successfully accomplish the organization’s targets and objectives. However, this is a considerable challenge to any organizations managers, due to the complexity of motivation and the fact that, there is no ready made solution or an answer to what motivates people to work well (Mullins,2002).
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay
Employee performance defines the individual performance and behavior. It is essential to understand that performance is not merely a tasks and work need to be done to receive bonus or pay increase. Main objective is to enhance the skills set of an individual while helping the business performance (Baker, 1999).