Financial And Non Financial Rewards Commerce Essay

Financial And Non Financial Rewards Commerce Essay This essay is written to understand, argue and evaluate if financial rewards is the one best way to motivate employees within an organization. Motivation can be defined as the goal directed behavior that is initiated, directed and sustained by enabling a cognitive decision making process. (Buchanan and Huczynski, 2010, P.267). Motivation is very important to boost job performance. Employee in the organization can be motivated through financial as well as non-financial rewards or motives. Motive can be defined as a socially acquired need activated by a desire for fulfillment. (Buchanan and Huczynski, 2010, P.266). Motivation pushes the employees in the organization to their fullest and in turn even helps them in personal development. During tough times, employees are the only ones to boost up the level of the organization, thus, motivated employees help in achieving the desired goals of the organization and making motivation a key factor. Financial incentives or motives refer to ince ntives which are in direct monetary form or measurable in monetary term and serve to motivate people for better performance.(NCERT, 2007, P.190). Non-financial incentives or motives are required as all the needs of individuals are not satisfied by money alone. Psychological, social and emotional factors also play an important role in providing motivation. Non-financial incentives mainly focus on these needs. (NCERT, 2007, P.191). The question here is that if financial rewards, motives or incentives are the best way to increase work motivation? In order to thoroughly understand this question, evaluations of both financial and non-financial rewards have to be conducted. To begin, financial rewards have been studied at large by numerous theorists. Some theorists support financial rewards at large. According to Frederick W. Taylor(2011), the most important motivator for employees are salaries and extra benefits such as cash rewards , travel allowances , housing, etc. He also stated that when employees get the same wage regardless of their goals they have to achieve, they tend to work less which may lead the company to an unstable situation Likewise Henry Gantt believed money rewards are a better way for reimbursing the hard work of an employee added to the normal salary. The two methods treat workers as laborers who toiled only for money and has been discouraged by the current form of management system. One theory was by Douglas McGregor, better known as theory X and theory Y, which differentiated between leadership styles/skills and management. Firstly he presumed that motivation and skills are different for all the members of a firm and also that all employees look at the same motivation in a different manner. Theory Y focuses on employees who are able to practice self-control and are able to direct themselves along with a liking towards their job. These employees are not just responsible but are also challenge seekers. New challenges and opportunities motivate these employees. These employees do not require much of supervision as they are self-motivated and show a great morale at work. These employees are not needed to be controlled or punished and help achieve goals and objectives more efficiently. Now when looking at the employees of theory X, one realizes that these employees do not enjoy their job or have a certain amount of disliking towards it. They are high irresponsible a nd need to guided, supervised and directed from time to time when given a certain task or responsibility. These employees burden the managers from time to time as they needed to be forced to work and when behaving not according to the code of conduct, they have to be punished. So people with needs such as self-actualization and more, work better with managers of theory Y as compared to theory X. But a certain amount of balance is needed between theory X and Y so all employees can grow and make progress in their careers. The financial incentives generally used in an organization are listed below: Pay and allowances: For every employee, salary is the basic monetary incentive. It includes basic pay, dearness allowance and other allowances. Productivity linked wage incentives: Several wage incentive plans aims at linking payment of wages to increase in productivity at individual or group level. Bonus: Bonus is an incentive offered over and above the wages/salary to the employees. Profit sharing: Profit sharing is meant to provide a share to employees in the profits of the organization. Co-partnership/stock: Under these incentive schemes, employees are offered company shares at a set price lower than market price. Retirement Benefits: Several retirement benefits such as provident fund, pension and gratuity provide financial security to employees after their retirement. Perquisites: In many companies perquisites and fringe benefits are offered such as car allowance, housing, medical aid, and education to the children etc., over and above the salary. (NCERT,2007,P.190-191) However, if our biological and safety needs are not satisfied, we die. If our needs of love and esteem are not satisfied, we can feel inferior and helpless, but if these needs are satisfied, we feel self-confident. Self-actualization and transcendence, Maslow argued, are our ultimate goals. While the implications if self-actualization have been widely explored, the meta-physical concept of transcendence has been largely ignored by management writers and researchers. (Buchanan and Huczynski,2010,P.268). Maslow argued that self-actualized people are rare, and that creating conditions for us to develop our capabilities to this extent was challenging task. He also argued that these needs are organized in a hierarchy, with lower order biological and safety needs at the bottom, and higher order self-actualization and transcendence needs at the top. (Buchanan and Huczynski,2010,P.268). Abraham Maslows needs hierarchy: Self-actualization: Need to develop our full potential Freedom of equity and expression: Need that is a prerequisite for the satisfaction of other needs Transcendence: A spiritual need, to be at one with the universe Aesthetics: Need for order and beauty To know and to understand: Need to gain and to systematize knowledge, the need for curiosity, learning, philosophizing, experimenting and exploring Esteem: Need for strength, confidence, achievement, self-esteem, independence, and for reputation, prestige, recognition, attention and appreciation, and respect of others Affiliation: need for attachment, belongingness, affection, love, relationship Safety: Need for security, comfort, tranquility, freedom from fear and threat from environment, for shelter, order, predictability, an organized world Biological: need for sunlight, sexual expression, food, water, rest and oxygen-need basic to our survival.(Buchanan and Huczynski,2010,P.268). People working in companies have certain expectations from the environment around them. It is not always the financial incentives but also the people, the manager, the family time and all the given to an employee that motivates them. The needs are not satisfied by money only, emotional, psychological and social factors play a key role in providing motivation. (NCERT,2007,P.190-191). Here is an example, In 2008, The Sunday times newspaper, surveyed over 500 companies and 180,000 employees to identify the best company to work for in the UK the award was won by heat, a central heating installation based in Belfast. W.L. Gore Associates, who won the prize in the previous four years, came eleventh. Companies were rated on eight factors: Leadership: how employees feel about the of the company and senior managers Wellbeing: how staffs feel about stress, pressure and the balance between work and home life My manager: peoples feelings towards their immediate boss and their day-to-day managers My team: peoples feelings about their immediate colleagues Fair deal: how happy the workforce is with their pay and benefits Giving something back: how much companies are thought by their staff to put back into society, and the local community My company: feelings about the company as opposed to the people they work with Personal growth: to what extent the staffs feel they are stretched and challenged by their job Heats managing director said that their success was based on the companys approach communication; we work hard to make it simple. If you make it simple everybody understands and that makes it more likely to last. (Buchanan and Huczynski,2010,P.271). The company in the above example isnt a high paid company, but the working environment around them motivates the employees to work hard and give their best. Yes, financial incentives are important, but without a friendly work force and enough time given by a company to their employees for their family and social ethics, its practically no use. There are disadvantages of financial or monetary motivation, employees in the company might take things for granted. They will expect bonuses even at times when they dont end up working towards organizational goal. But if there arent any monetary incentives given, what will the employee work for. Monetary or financial incentives also help in guiding and moving the employees towards the goal of the organization. Apart from the advantage and disadvantage of financial motive, non-financial incentives also have their own advantages, keeping the employee happy in the company with the friendly environment, companies providing fair amount of break time and activity rooms such as Google. The work timings are at most important as the employees get time with their families and friends and also maintain a great social life along with their work. Some of the important non-financial incentives are discussed below: Status: in the organizational context, status means ranking of positions in the organization. Organizational climate: organizational climate indicates the characteristics which describe an organization and distinguish one organization from others. Career advancement opportunity: every individual wants to grow to the higher level in the recognition. They feel that what they do should be recognized by others concerned. Job security: employees want their job to be secure. They want stability about their future work and income. Employee participation: it means involving employees in decision making of issues related to the company. Employee empowerment: empowerment means, giving more autonomy and powers to subordinates. (NCERT,2007,P.192-193) According to the 2011 Hays Salary Guide, 78 per cent of employers give their employees benefits, or non-financial rewards, in addition to salaries and bonuses. Health is the number one benefit in Hong Kong, offered by 71 per cent of employers. Life assurance is offered by 63 per cent, a pension by 60 per cent, and a housing allowance by 37 per cent. Other benefits include tax equalisation, club or gym membership, a car or car allowance, and private expenses. Typically, benefits increase with experience and the seniority of the position. They are used to motivate and reward top performers, with employers recognising that a motivated employee will achieve the best results. Thus, there is little room to negotiate as your performance and value are the determining factors. There are also countless cases of employers using benefits to reward top performers when they are unable to increase salaries beyond a certain level.   But again, the awarding of additional benefits is based on the employees past performance and is also a tool to motivate future performance. If planning on negotiating benefits package, tread carefully. Employers will only extend their offers so far. So speaking with recruiter to ensure expectations are realistic for the role and industry, or this could leave the employer with doubts over commitment to the role.   As a final note, expatriate packages that include extensive non-financial rewards are a thing of the past. Traditionally, expats brought a wealth of experience and excellent education from abroad to a company, and as such were rewarded accordingly. But today local candidates are viewed on an equal footing since they also possess excellent overseas education and exposure to worldwide markets.(Charnock, 2011) Thus, analysis reveals that nonfinancial factors play a prominent role in influencing employee motivation and engagement worldwide-a finding that could prove useful to employers facing budget constraints. organization. Managers should provide employees with opportunity to improve their skills Job enrichment: is concerned with designing jobs that include greater variety of work content, require higher level of knowledge and skills. Employee recognition: most people have a need for evaluation of their work and due Workers say that being treated with respect is the most important nonfinancial factor, followed by work/life balance, type of work, quality of co-workers and quality of leadership. Among financial factors, base pay ranks highest. Benefits and incentive pay can be important to other aspects of the employment deal-such as attracting, retaining and rewarding employees-but they are considered less important by employees when it comes to their day-to-day motivation and engagement at work. Employee engagement reflects the total work experience, and a big part of it is how you are treated, what kind of work you do and how you feel about your co-workers, bosses and the general work environment, said Colleen ONeill, a senior partner at Mercer and the firms talent leader in the U.S. and Canada. Without a doubt, financial factors like pay and benefits are a vital part of the employment deal, especially in the U.S., but employers need to consider and manage the full range of factors to ensure that their workforce is engaged, ONeill explained. When financial resources are limited, organizations can leverage these nonfinancial factors to effectively boost employee commitment and productivity. (Miller, 2011) And therefore, this proves that both financial and non-financial rewards are important for increasing the work motivation of an organization.

The Role of Women in Society Essay -- Women Females Society Essays

The Role of Women in Society Women are important in our society. Every woman has her own job or duty in this modern society in which men are still the 'strongest gender';. We can ´t forget that women ´s life is a lot more complicated than a man ´s life. A woman has to take care of her own personal life and if she is a mother , she has to take care also about her children ´s life too. Marriaged women have lots of worries and believe it or not , they carry out a more stressfull life than marriaged men. Several times in my life I have heard commentaries about the lack of importance of women. I am personally against these kind of commentaries. In my life the most important person I remember is my mother. She is a professional also , but besides her profession , she always took good...

Victoria Secrets

MAIN ITEMS TO BE COVERED IN THE GROUP PROJECT 1. Overview of chosen company/product and its domestic marketing strategy (in the country in which it is currently based). Victoria's Secret is an American retailer of women's wear, lingerie and beauty products. [2] It is the largest segment of publicly-traded Limited Brands with sales of over US$5 billion and an operating income of $1 billion in 2006. [2] Victoria's Secret is known for its annual fashion show, the Victoria's Secret Fashion Show, and for its catalogs, both of which feature top fashion models. . In-depth Environmental Analysis of key foreign country-market(s) being considered for expansion. This would include Cultural, Political, Economic, Legal and Technological aspects of the environment (all aspects of the macro and micro environment that are relevant to the particular company/product and country-market being looked at need to be covered). †¢ Environmental Analysis must be supported by country-specific research, an d sources must be cited supporting key perspectives on the country. Key similarities and differences between the particular foreign market and the home market must also be identified and discussed 3. Competitive Analysis 4. SWOT analysis – company’s own strengths and weaknesses in the context of the environmental analysis and market audit. 5. Evaluation of companies Objectives (both short and long-term) for the specific products and country-markets being considered (in the light of the environmental analysis) and recommendations. 6.Assessment of the country-market opportunity being considered, and possible market-entry strategies appropriate to the market, including recommendations on most suitable market-entry strategies in the context of the preceding analysis (Note: In situations where the company has already decided on a country-market to enter into, you would evaluate and critique the company decision, and provide your view on whether you agree with the particular country-market choice or not). 7. Marketing Mix Recommendations for the chosen country-market and rationale for the recommendations.Particular reference should also be made to Standardisation and Adaptation (ie. The marketing mix elements that will be 2 carried over from the home market to the foreign market and therefore standardised, and the marketing mix elements that will be customized to suit the needs of the foreign market should be analysed and highlighted) . The marketing mix recommendations should include: a. Target markets and consumer profile b. International Product/Services strategy c. International Marketing Communications strategy d. International Distribution & Channel Management strategy e. International Pricing strategy f.Any other relevant marketing mix elements that you recommend be used a part of the strategy to enter the foreign market Please note that your recommendations will need to logically flow from your Environmental analysis (including the comparison o f the home market and the foreign market), SWOT analysis, evaluation of company objectives, and choice of market and entry-strategies. They also need to provide a rationale for how implementing your recommendations will lead to the company achieving the objectives you have defined. Marks Allocation for Items above: Item 1: 10% Item 2: 20% Item 3: 6% Item 4: 10% Item 5: 4% Item 6: 10% Item 7: 40%

Compare and Contrast the Ways Philip Sidneys Astrophil...

Introduction In the late sixteenth and the seventeenth century, new ideas and motives in arts, inspired by the past but concerned with new concepts, appeared. Building on a courtly love, some writers and poets attempted to discuss the nature of love by commenting on gender issues and sexuality (MacArthur, 1989). Thus, love conventions, based on a passion or an unrequited love, would change, challenging social norms and discussing male and female sexualities. On the one hand, the authors explore male sexualities and a desire for a woman. Phillip Sidneys narrator is a lustful, musing about his chosen woman, her body and a sexual intercourse. Miltons character Comus resembles a similar character when attempting to seduce the Lady, and†¦show more content†¦This male desire is given devious and egotistic connotations, because it overcomes reason, and becomes preoccupied with Stellas body. Stella, on the other hand, is personified Love and Virtue but that body grant to us (AS, sonnet 52.14). However, Astrophil remains lustful, and when he is denied her body, he views her as too too cruel (AS, sonnet 2.3-4), and becomes resentful. John Milton: Comus, A Mask presented at Ludlow Castle (1634) Miltons mask, presenting notions of chastity and a rampant sexuality, uses Comus, a devious character, to address the issue of physical desire. Comus, a passionate and sexual necromancer, captures the Lady, brings her to his pleasure palace, and attempts to seduce her through magic and a persuasion to be not coy (C, p.44). Similarly to Sidneys poet, Comus experiences a narcissistic temptation of a bodily pleasure, which makes him more emotional than his female victim. By using a phallic symbol, his wand, he enchants the Lady, and offers her food and drink to increase her appetite and her desire. Her serve the drink in a cup, symbolically representing a well of sexual pleasures. Thus, his idea of passion is of natural impulses, projected through the body rather than the mind. But the Lady, just like Stella, recognises a higher nature of her virtues, and thus she defeats the Comus. Hence, the two characters represent two opposites: body and mind, desire and rationality, and lust and m orality. The author