Question
Start by reading Chapter 6 (Motivating Others) Download Link: http://www62.zippyshare.com/v/mN9pSZcF/file.html Than answer this Discussion Question 2 – CLO4: You are a successful manager in a leading commercial bank and are attending a meeting with the CEO of your firm. Early in the discussion, he says, “Nobody questions that employees will be happy and motivated in times of prosperity. Employees will freely give their all when they are well treated, appreciated, and compensated with full salaries and nice bonuses. The challenge for us is that we are now under extreme pressure to justify every cost. Although we are still profitable, salaries and bonuses are frozen and there is no way that we can continue to spend as much on our HR programs and benefits.” He then looks at you and asks directly, “So given that we hope to keep morale and motivation high, what do you recommend? Is there anything we can do to enhance motivation and engagement without spending the money we traditionally have?” No much background info is required. It’s just a 1-page paper. Just answer question. |
Answer
The motivation of the employees requires much dedication from the employer. A budget must be set aside to help boost employee morale through monetary benefits and bonuses. Employee motivation, however, does not entirely rely on monetary rewards. It is possible to keep the level of motivation high and increase engagement through other means that do not involve spending of money. Non-monetary forms of motivation are also widely used due to their effectiveness.
Maintaining employee morale can be done through setting of the goals for the organization. The goal setting process involves the input of the workers. It helps them to feel a part of the organization (Temminck, Mearns, & Fruhen, 2015). Employees are motivated to conquer the set goals because they want to feel that they have achieved something. Companywide objectives thus help to make the workers feel a part of big project hence will work hard to meet the goals.
It also important to explain to the employees the ways in which they stand to gain by being part of the company. It helps them to realize their personal goals that can be achieved by working hard in the company (Mehta, 2014). An employer should talk to his/her employees with an aim of establishing their career goals. The employer then explains to the worker how they can meet their goals by working in the organization.
In case of any vacancies in the company, the employer should always focus on internally recruiting first before thinking of external recruitment. Most employees feel motivated to be engaged in a job that promises a career growth (Peluso et al., 2017). The workers would thus be happy when the company always seeks to promote existing employees.
It is also important for the employer to recognize the employee efforts by offering genuine praise and encouragement. The employer needs to let their employees know when they have done an exceptional work. An honest compliment helps to keep the employee motivated and engaged to the company.
References
Mehta, A. M. (2014). effect of non-monetary benefits on employee enthusiasm and business growth: a study of the insurance sector of Pakistan. International Handbook of Academic Research and Teaching, 1.
Peluso, A. M., Peluso, A. M., Innocenti, L., Innocenti, L., Pilati, M., & Pilati, M. (2017, December). Pay is not everything: Differential effects of monetary and non-monetary rewards on employees’ attitudes and behaviours. In Evidence-based HRM: a Global Forum for Empirical Scholarship (Vol. 5, No. 3, pp. 311-327). Emerald Publishing Limited.
Temminck, E., Mearns, K., & Fruhen, L. (2015). Motivating employees towards sustainable behaviour. Business Strategy and the Environment, 24(6), 402-412.