3.5.3 HR strategies to improve employee performance Flashcards
1
Q
What are examples of strategies to improve employee performance?
4
A
- Financial rewards
- Employee share ownership
- Consultation strats
- Empowerment strats
2
Q
What is consultation?
1
A
- Seeking/listening to views of employees as part of decision making
3
Q
What is share ownership?
1
A
- Giving staff a stake in the firm (dividend payments to shareholders inc employee)
4
Q
What are the benefits of financial rewards?
3
A
- Feel valued, ^motivation, ^productivity
- ^Staff retention, stability
- Surging + culture, based on achievement
5
Q
What are the drawbacks of financial rewards?
3
A
- Hygiene factor = temporary improvement
- Employee adapt what they do to boost their bonus, harmful to firm
- Costly, >prof margins
6
Q
What are the benefits of employee share ownership?
3
A
- ^Productivity, staff know they work better = >labour costs per unit = ^prof
- ^Staff retention
- Compensate for >salaries, + for cash flow
7
Q
What are the drawbacks of employee share ownership?
3
A
- Short termism
- Dilute control
- Shares exposed to stock market, >share price, >motivation
8
Q
What are the benefits of consultation strategies?
3
A
- ^Motivation (Esteem needs)
- Technology enhance comm (chat rooms)
- ^Job satisfaction, know what business is trying to achieve
9
Q
What are the drawbacks of consultation strategies?
3
A
- Diseconomies of scale (comm) due to growth
- Language barriers if global org
- Lack of access to tech, uniformed
10
Q
What are the benefits of empowerment strategies?
3
A
- ^Productivity, no wait for manager approval
- ^Job satisfaction
- ^Motivation (make own decisions), ^quality, >waste
11
Q
What are the drawbacks of empowerment strategies?
3
A
- Slow decision making
- > Efficiency/productivity, feel to not work
- Blurred chain of command (conflict)
12
Q
What is empowerment?
1
A
- Delegating power to decide how to tackle a task
