Motivation starts with employee and finding out what is important to them. The more you can find out and learn about the people working for you, the more you can discover their background on how to motivate them. Every employee wants to be magnificent, to be a part of something larger than them. Want to be able to feel excited at work and to feel important. Ask yourself, what makes employees stay with the company for a long time?
Q1) A convenience store chain attempts to be responsive and provide customers what they need, when they need it, where they need it. What are some different ways that a convenience store supply chain can be responsive? What are some risks in each case? A convenience store can be more responsive if they focus on what the customer wants and by doing just what Seven-Eleven Japan is doing, many locations, rapid replenishment, suitable technology deployment, and an equally responsive supplier. ( 7-eleven knows who is buying which product and at what time, it knows it because the system is really efficient.)
The group began contributing to foreign economies by building facilities in the US, the UK and Portugal. Samsung also invested considerable resources into fostering Korea’s rich heritage by supporting a wide range of cultural and artistic activities. The final decade of the 20th century saw the evolution of Samsung 's new approach to management. Chairman Kun-Hee Lee 's insightful vision and the introduction of the "New Management" in 1993 acknowledged the need to transform management philosophy in or-der to keep up with a rapidly changing global economy. More recently in 2000, a "Digital Management" approach was adopted to ensure that Samsung maintains a leading position as the Information Age continues to transform global business and culture.
The awards do not solely have to be perceived, but the employee has to attach to it a high value, that he really wishes to obtain them. Therefore the outcomes of his work will have more and more value if the rewards meet his own needs or desires of the moment. If the perceived value of the reward is not sufficient in the employee’s eyes, there will be no motivation. As much aspects that a manager must look at, but this part will be studied in the next sections. So, for the combination of these three notions, and to make the motivation process work, the three parameters must work together, because if at any time one of the factor is missing, the whole motivation will be missing à Motivation = V x I x
It is true that when well executed, performance based related reward system will enhance the organization performance as emphasized by the authors provided the rewards system are link to the employees work performance. The important of business strategies as the fundamental to performance related rewards system is not discussed in this articles. Without a good business strategies in place, performance related reward system failed to contribute significantly to the performance of an organization. Rewards are one of the most important items in motivating employee to enhance their work performance subsequently boost organization performance. When rewards are given to a team or work group basis, it will help in promoting knowledge sharing among
It will help to understand people better and motivate them by addressing their motivational factors. If a person is motivated by financial rewards, a suitable milestone can be set so that he will get motivated to achieve it. If another group of people like travelling as their hobby a ‘vacation package’ as a reward will be a good incentive to motivate them. Motivation can be of different types. There will be internal factors and external factors that motivate a person.
Improving motivation in the workplace can have various positive advantages regardless of whether you are the employee or the employer. For the employer, improving motivation in the workplace may lead to better employee maintenance, enhanced employee morale, enhanced productivity, and finally increased profits. For the employee, improving workplace motivation can result in quicker promotions, a more satisfying career, and better potential for progress. Certainly, there is a multitude of advantages to increasing motivation at work. In today's modern settings, there may be several barriers and stressors to feeling inspired and fulfilled in a workplace.
In sales and marketing jobs managers motivate the sales workforce by providing offering higher incentives to the target achievers. Many organizations have also introduced the concept of performance based pay system to improve the efficiency and motivation of the employees. The IT company managers also use incentive pay system to motivate the workforce but there is need for continuous upgradation of incentives pay system in all the organizations (ComputerEconomics, 2008). The managers should be use innovative approach in offering promotions and incentives to the workforce (Hemsley, 2004). Rewards are management tool from traditional time.
Therefore, this study attempts to test for the previous studies using other countries which have different result compared to Malaysia. Hence, this study will focus only on FDI at Malaysia. 1.2 Problem statement In Budget 2013, the Prime Minister announced from the first focus the boosting investment activity stated to transform Malaysia from producer to a global integrated trading hub 3 for oil and gas industry. The existence of valuable mineral resources, such as oil and natural gas make blessed Malaysia to get more revenue from oil and gas. Therefore, the government have to undertake several strategic measures to enhance the nation’s capability, particularly in providing an ecosystem to support the development of the chain of refining, storage and trading.
Teamwork: Teamwork in a company is vital for the success of a company. Financial incentives like bonuses can inhibit teamwork since under such schemes, individuals may be rewarded rather than teams. For example, several firms give bonus on bases of the amount of work performed by the individual (Roland, 2003). This means that employees would eventually learn to hoard work than to share it for the welfare of the organisation and in this way, the overall productivity of the company may be affected. Burn-out of employees: Another disadvantage associated with the financial reward system is that it may lead to physical and moral burnout where the employees may work extra hours to earn the money and may eventually be frustrated by the monotony of the work situation.