Business Objectives and Employees 4

Question 1

Employees

Answer 1

Biggest expense to a business, important to hire the right employees and train them properly
Also the most valuable asset, since they are an essential part in the production of goods/services and assist in the growth and success of the business

Question 2

Hierarchy of Needs

Answer 2

Maslow

Physiological needs (providing a job, fair wage)
Safety needs (job security, safe and healthy working conditions, superannuation and insurance, fair management)
Social needs (friendly work associates, workplace events)
Self-esteem (job title, promotion, performance related pay, prestigious work facilities)
Self actualisation (challenging work, participative decision making, opportunities for growth and advancement)

SUBSTANTIALLY SATISFY each level before moving up

Intrinsic- motivators that are internal; building skills, having a positive effect on others
Extrinsic- motivators that are external; money, fame

Question 3

Goal Setting Theory

Answer 3

Locke and Latham

Management and employee work together to establish SMART goals that are related to the overall business goals
Employees undertakes job with effort
Periodic feedback is imperative
Management determines outcomes
Outcomes- achieved the goal, recognition, training, promotion, termination

Variables that increase chances of success: challenging goals, commitment, feedback, task complexity
Setting of goals leads to empowered employees who work more productively, better performance, increased effort, focus and persistence

Question 4

Four Drive Theory

Answer 4

Lawrence and Nohria

The drive to acquire (basic needs or status/power)- career pathway, reward system
The drive to bond (family, friends, workmates)- work events like parties or outings
The drive to comprehend/learn (understand things around, learn)- interesting and challenging jobs that serve a purpose in the whole business
The drive to defend (defend ourselves and loved ones from external threats)- fair and transparent process

Each drive differentiates from person to person and each drive should be satisfied by the business
One drive cannot substitute another drive

Question 5

Motivation strategies

Answer 5

Performance-related pay system
• Financial reward
• Can improve productivity because it rewards good performance
• But reduces equality in employees’ pay

Career advancement
• Higher pay for employee
• A more challenging job leads to new skills, experiences
• Satisfies ambition and gives a higher status
• But can demotivate employees who were not given the promotion

Investing in training
• Shows that business values employees leading to positive corporate culture
• Development of employees
• But extra expenses
• If employees are in the wrong job, it won’t motivate them

Support and sanctions
• Employees feel supported, encouraged and acknowledged
• Proud to work for the business and are committed to the values and beliefs
• Sanction is a warning or threat to take job seriously (short-term motivator)
• Support is a long-term motivator but needs a positive corporate culture and a manager with good communication skills

Question 6

Define business objective

Answer 6

stated, measurable targets of how to achieve business goals (profit,market share)