‘Incentive’ may be defined as any reward of benefit given to the employee over and above his wage or salary with a view to motivating him to excel in his work. Incentives include both monetary as well as non-monetary rewards. A scheme of incentive is a plan to motivate individual or group performance. It is true that monetary compensation does constitute very important reason for the working of an employee. But this compensation alone cannot bring job satisfaction to the workers. One cannot expect effective performance from a worker who is dissatisfied with its job, even if he is well paid. Sociologists and industrial psychologists also view that the financial aspect is not the only dominant motivating force. Confidence in the management, pride in the job and in firm and concern for the overall good cannot be brought by a bonus. Hence the modern authorities on management science have recognized Continue reading
Human Resource Management
Human Resource Management (HRM) is branch of management that deals with people at work, it is concerned with the human dimensions of management of the organization. As organization consists of people, therefore acquiring them, developing their skills, providing them motivation in order to attain higher goal and ensuring that the level of commitment is maintained are the important activities.
Manager’s Role in Employee Motivation
Motivation is the driving force in which human being achieve their goals. Motivation is the power that strengthens behavior, gives the route to the behavior and it triggers the tendency to continue. Motivation is a course that is concerned with a kind of strength that boosts the performance and directs one towards accomplishing some definite target. Motivation is a force that helps individual to achieve their desires. It is a strength that helps individual to stay focus and determined. Motivation usually formulates an organization more successfully because the provoked employees are constantly looking for the improved practices to do the work. It is therefore important for organization to persuade employee’s motivation. One key factor in employee motivation is the opportunity that the employees want to continue to develop and grow the job and career enhancing skills. Managers are individuals that are responsible for heading organizations. Managers are also accountable for Continue reading
Reward System – Meaning, Objectives and Requirements
Reward is an objective way to describe the positive value an individual ascribes to an object, behavioral act or an internal physical state. Primary rewards include those that are necessary for the survival of species, such as food and successful aggression. Secondary rewards can be derived from primary rewards. Money is a common type of reward. Most of the times, organization rewards its staffs by pay increment or higher bonus. Money is the most direct and easiest way to reward the staff and create a sense of satisfaction. Nowadays, companies are making many modifications on their rewards system to adopt internal and external changes. Reward system is used as a critical tool for driving business growth and boosting staff morale. It is important to align the right measures and reward systems with firm’s structure and culture. However, the reward system is not emphasized when the operational system is designed. Finical Continue reading
Influence of Work-Life Balance Practices on Employees Retention
Before examining how work-life balance programs contribute to increased retention of employees, its better to examine some of the key reasons for employee turnover. It is widely acknowledged that conditions at the workplace affect job turnover. There are many reasons why employees quit because of conditions at the workplace such as long hours, conflict with colleagues and superiors, lack of appreciation shown by employers and unclear job descriptions. For example, long hours at work and increased work intensity both contribute to adverse physical and psychological conditions and lead to negative family functioning. Workplace stress can be caused by long working hours, excessive workloads, weekend duties, inadequate physical activity and an unhealthy lifestyle. All these lead to a reduction in the quality of health. When employees are severely overworked and excessively strained, they experience symptoms of fatigue, depression, musculo-skeletal pains, sleeping disorders and an increase in chronic diseases. When the situation Continue reading
Features of Management By Objectives (MBO)
Management by Objectives (MBO) was first popularized by Peter Drucker in 1954 book ‘The Practice of Management’. Drucker drafted MBOs as an approach to get the management and employees to jointly set goals to achieve known as objectives. The main purpose for setting objectives was to give both the managers and employees a clear understanding of what they were expected to do in the organization in order to achieve the objectives set. The objectives were set during certain time periods which at the end of the period to evaluative performances are carried out to determine the extent to which the set objectives had been achieved. An example of an objective includes attaining a sales or profit target by the end of a financial year. In the modern world of business where gaining competitive over competitors has became one of the main goals by organization, Management by Objective has become one Continue reading
The Role of Human Resource Management in Organizations
Nowadays, Human Resource Management (HRM) has become one of the major partners of an organization. Human resource management deals with managing people in an organization that means recruiting efficient and skilled employees in the right jobs at the right time at the right cost. Human resource management plays a major role in achieving organizational aims and objectives. To achieve these aims and objectives, human resource management has to apply some strategies to the organization and organizational management and follow the strategic processes to face and overcome the completion of the outside world. Strategic human resource management is one of the parts of human resource management which links with the implementation of strategic goals and organizational objectives that improves business performance and development of the organization. Strategic human resource management focuses on the key areas of HR, where long-term strategies can be implemented for the improvement of productivity. It also solves Continue reading