What are the objectives of compensation programs? The main objectives of a compensation program are to attract and motivate employees to achieve retailer’s objectives and reward them for their effort that they have contributed to the company. In the developing process of a compensation program, the store manager must strike a balance between providing attractive compensation to retain the high quality good employees and the labor costs control. Compensation plans are most effective for motivating and retaining employees if the plan is fair and compensation is base on the employees work productivity that they have contributed to the company. There are several types of compensation plans.
When dealing with the expectancy (Effort) of a company or seniority, employees have to know what the job expects of them to perform. The company will provide employees the proper training if necessary in order for one to perform it’s job or tasks. This relates to job fit and why it is important when hiring individuals who are more likely suited for the job based on his or her knowledge, experience, physical, mental abilities and personality. The company needs to know that the individual has the capability to perform the job well. Some ways companies improve its organizational instrumentality (Performance) is to motivate its employees for rewarding them with bonuses or incentives.
Having the satisfaction of completing a task and feeling pride and personal growth has been related to intrinsic motivation. Different from internal motivation, there is external or extrinsic motivation. Extrinsic motivation means that one participates in behavior or performs a task to earn a tangible award or avoid punishment. Unlike intrinsic behavior, people may engage in this type of motivation even if they don’t find it satisfying. In terms of employment the types of motivation and the goals trying to be reached are defined and executed differently by various employees.
1. Based on your quality knowledge, what are the critical factors that accounted to Parker Hannifin's success? What lessons can other companies learn from this case study and Parker Hannifin's success? In my opinion, the most important factor that contribute to Parker Hannifin’s success is their responsibility to their employees and their company. They always look for improvement, and they understand that employees are as important as customers.
He makes them realize that by translating plans into action, they can earn adequate rewards. He, thus, inculcates a sense of collectivism in the employees and forces them to work as a team. Leadership is essential to group action. Without sound leadership, cooperative action is impossible. Leadership provides character to the group and paves the way for integrated efforts at various
Extrinsic is when you use external factor to encourage you team to do what you want. Pay rises, time off, bonuses or the threat of job loss. Intrinsic is internal. About having the personal desire to overcome a challenge, to produce high quality work or to interact with team members you like and trust. Intrinsically motivated people get a great deal of satisfaction and enjoyment from what they
The society makes use of and encourages this illusion to benefit society. For instance, in work, one may believe that he/she is very important to the company and the boss makes use of this believe by encouraging the staff, giving rewards, be it tangible or verbal, to make the staff feel worthy in the company. This mutual bluff benefits the company because the staff will feel motivated to work hard for the company. This channels and manipulates the staff into holding work as his/her ikigai as satisfaction is derived from
The employee is the frontline, point of contact and the face or voice of the company. How the employee feels about their job and their role in the company will be communicated indirectly through the level of service they are providing customers. Management’s top priority is attracting and retaining top performing customer service employees. Reward and recognition programs factor greatly in this challenge. Employees who are satisfied with their company’s reward and recognition
The employee commitment comes from those employees who believe that their future is tied to the future of the organizations they are working for. Those who are quite committed sacrifice their willingness and effort for the sake of the company. The more the company is dedicated to taking care of employees, the more likely that the employee will take care of its organization just like their home. Ethical culture also contributes to customer satisfaction over the given products or services that the company are holding. The company really makes the difference from its competitive environment through being the best in everything they do, so is the employee encouragement.
Motivation for work can come from monetary rewards, employee benefits, job promotions, as well as an inspiring team leader. If you are one who is only concerned with the stability of the job, and is satisfied with having a fixed income, then all you have to do is to complete the expected duties and go about having a routine job scope. Unless you are someone who is ambitious and wants to climb up the corporate ladder, you will try to spur yourself to work even harder to impress your bosses, so that there is a higher chance of a job