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MOTIVATION algorithm vs heuristic (6 MITHS about COMPENSATION Labor…
MOTIVATION
algorithm vs heuristic
WHAT TO REWARD
Big and small wins
Being a team player
Actions that align with the business's strategy and goals
HOW TO REWARD
Herzberg's Two-Factor Theory:
Hygiene Factors
Motivators
Extrinsically: money, office space, lunch, car
prevent dissatisfaction
Intrinsically
Autonomy
Mastery
Purpose
WHY?
Performance=capability*motivation
People are more:
persistent
energetic
positive
focused
6 MITHS about COMPENSATION
Labor rates: wages divided by time
Labor costs: cost and productivity
low labor cost is a competitive advantage
individual incentives pay improve performance
"Drive" by Daniel Pink
reduce intrinsic motivation, performance, creativity, reduce good behavior and increare bad behavior, short term, addictive
labor costs is mostly the total costs
lower labor costs by cutting labor rates
People work for money
Labor rates = labor costs
STRATEGIES
Goal Setting theory
A
ttainable
M
easurable
R
elevant
T
imetable
S
pecific
Equity Theory
Output/Input
Output: pay, promotion, security, recognition, autonomy
Input: time, effort, cooperation, sharing resources
Overpayment: O is bigger
Underpayment: I is bigger
Fairness between people
INTRINSIC REWARDS:
achievement
praise and recognition
interesting work itself
responsibility/Purpose
advancement/Mastery
growth
autonomy and flexibility
group challenges
EXTRINSIC REWARDS:
company policies
supervision
relationship with others
work condition
salary
status
security