Compensation packages that include bonus , salary increments , extra benefits, allowances and pre - requirements depend on the performance assessment. The criterion is usually focused on merit rather than seniority. Performance evaluation is also designed to foster employees’ communication strategies. Effective communication between employees and employers is essential for an organization. One important benefit of communication is that it aids maintain a warm and congenial labor relationship.
Aflac insurance is focused on maintaining the best staff members through implementing various strategies that can make them attain full satisfaction. Irrespective of working in a competitive market, it prides itself on being ahead of the curve from a consumer viewpoint and desires to mirror that philosophy in its treatment to the staff members. The company uses its services as one way of improving employee satisfaction and retention. For instance, it provides its products to the staff members at little or no cost. This comprises of offering employer-paid life insurance, company-paid cancer policy, and company-subsidized accident protection insurance cover.
For instance, a certain company promises an employee $100 upon reaching performance targets or specific sales threshold (“The What and Why of Motivation,” n.d., p. 146). •Intrinsic motivation It refers to a form of motivation that is nurtured in one self, instead of being “dependent” on external considerations, such as money or other incentives, for good performance. It relies on self-satisfaction, enjoyment and positive emotions on the work or task that one does (“The What and Why of Motivation,” n.d., p. 146). •McGregor's Theory X and Theory Y This theory is formulated by Douglas McGregor. Theory X pertains to “a pessimistic view of employees,” in which they are not satisfied with their work, must be constantly “monitored,” and must be compensated or punished.
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.
According to Keininham & Aksoy(2009), success of any enterprises in long term is heavily depend on the quality and loyalty of its employee. Loyal employees are assets to an enterprise, the key for its success is their retention; for one, their loyalty can attract customers for enterprise. Given their significance, employers need to find out how to identify and keep loyal employees. The truth that an employee who has been working in an enterprise for many years does not mean that he or she is loyal to the enterprise. For example, he or she may lack of skills to get a better job or he or she just think this job is enough for live but no motivation to improve.
Importance of Job Satisfaction In the organizational behavior researches, it is found that job satisfaction plays a positive role on both the employer and the employee. Importance of job satisfaction from these two interest groups are discussed below: For the employer, if the organization gets a group of satisfied workers, it will enjoy a better turnover and productivity. The organization will have a goodwill and a mystique will be created. As a result, employee retention rate will be high resulting stability within the organization. Customer, client or citizen satisfaction will be ensured through a group of distinguished, self-esteemed and satisfied workers.
The company does not have an aggressive culture. They value their customers and employees above all else. The company also has an outcome-oriented culture. Employees are rewarded based on the work they have done. This can be seen through the performance appraisals, merit rating cards and an annual bonus based on your
This is to say that a staff who feels that his job is more dynamic tend to feel satisfied. Additionally, due to the positive correlation that exists between organizational structure and job satisfaction, to some extent the latter can be used to predict the employees’ feelings of the former. What is more, promoting a workers welfare ameliorates their output production ad performance leading to competitive organizations especially in an outbreak of a financial
Transformational leadership style with idea indicator, the influence of leader behavior, intellectual stimulation and a consideration of individual has a positive influence towards motivation. This leadership style has positive influence toward job satisfaction. (Risambessyet) job satisfaction has been studied in parallel with many aspects of work and in many work places and fields around the world, the employees has experienced job satisfaction as an outcome of leadership styles. In general, research results suggested that in organizations which are more flexible and adopted the management type in communication and employees reward the latter more likely to be satisfied which results in the organization’s success. (Jill, McKinnon et al.
Ethical leadership is related to employee job satisfaction by impacting a positive influence on employee performance (Resick et al., 2011). The ethical leadership also found to increase the intrinsic motivation and job responses (Piccolo, et al., 2010). The willingness of the employee to report any concern and problem also depends on the organization culture and leadership behavior (Brown et al., 2005). It is also studied that a leader with strong ethical traits can affect positively to task significance and autonomy of the employee job (Ruiz, Ruiz & Martinez, 2011). According to them, the followers have willingly perceived the good traits of their leaders and thus good moral, values are practiced in an organization that can shape the overall