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Business Chapter 3- Motivating employees (Financial motivation strategies,…
Business Chapter 3- Motivating employees
Relationship between employees and business objectives
Human resource Management:
The effective management of the formal relationship between the employer and employees
Human Resource Manager:
Coordinates all the activities involved in acquiring, developing, maintaining and terminating employees from a business's human resources
Maslow's Hierarchy of Needs
Hierarchy of Needs: Maslow's Sequence of human needs in order of their importance
Hierarchy of Needs (1 start, 5 end)
Physiological needs: Food, shelter, clothing.
Satisfactory pay for survival
Safety and Security needs: Physical and emotional.
Safe working conditions, Job security
Social needs: Love, affection, Sense of belonging.
Teamwork, Involvement in decision making, Supportive management
Esteem needs: Respect and sense of accomplishment.
Responsibility, Promotion, Recognition
Self-actualisation needs: Fulfilment, Personal growth and development.
Creative, interesting jobs, Opportunities for advancement
Motivation:
refers to the individual, internal process that directs, energises and sustains a persons behaviour
Locke and Latham's Goal setting theory
5 Goal setting principles (CCCFT)
Clarity:
Important that goals are clear and specific.
"Increase sales by 8%"
Challenge:
More challenging the goal is = more motivation.
Cannot be overwhelming!!!
Commitment:
Employee is committed to achieving the goal which provides more motivation.
Collaboratively setting goals = drive for commitment
Feedback:
Regular feedback maintains momentum and keeps the employee on track towards their goal.
Can be formal or informal
Task complexity:
Tasks should be so complex that the employee doesn't expect they can achieve it
Four Drives theory
Acquire:
Includes the desire to own material goods, and economic passes the desire for status, power and influence
Bond:
Includes the strong need to form relationships with other individuals and groups
Learn (Also seen as comprehend):
Includes our desire to satisfy our curiosity, to learn new skills and to explore the world around us.
Defend:
The desire to remove threats to our safety and security and to protect what we regard as 'ours'.
Financial motivation strategies
Pay increases:
Pay rises for employees who work hard
Bonuses:
One-off payment given to an employee for good work
Commissions:
Fixed percentages of sales made
Share plans
Profit sharing:
Fixed percentage of profits
Gain sharing:
Rewarding employees for making suggestions that improve the productivity in a business.
Non- Financial Motivation Theories
Career Advancement:
May move into a more challenging position
Investment in training:
To increase personal growth
Support:
Encouragement to do better
Sanction:
Penalty or punishment