Introduction
Corkery & Finn a regional investment brokerage house has been extremely profitable but the company has decided to expand its operations and open overseas branches. At first the company starts to work in cooperation with other local brokerages and the company believes that within five years it will gain enough business and can be able to operate independently. This is why they set up a small office in London and Tokyo (Hodgetts & Luthans, 2002, p.407). The firm planned to send four people to each of these offices and recruiting the personnel from the local market.
Main text
To motivate the employee the company follows something that is they provide
- Job certainty
- Job satisfaction
- Arrange training
- They try to satisfy different needs according to Maslow’s Hierarchy of needs. That is,
- Physiological needs
- Safety needs
- Social needs
- Esteem needs
- Self-actualization
By motivating employees, company made the personnel are a most important asset for the firm. And the company also is able to make a positive working relationship.
The companies able to follow the basic principles of Frederick Taylor’s concepts are
- Develop a scientific approach for each element of a person’s job.
- Scientifically select, train, teach and develop workers.
- Encourage cooperation between workers and managers so that each job can be accomplished in a standard scientifically (Baker, n.d.).
- Divide work and responsibility between management and workers according to who is better suited to each task.
The firm enforces the Hawthorne effect (Employees’ performances increase when they feel singled out for attention or feel that their welfare is concerned by the management). Motivating employees and building self-managed teams for this we can use these terms.
- Intrinsic reward: It expresses personal satisfaction when you feel, you performed well and complete goals.
- Extrinsic reward: It means someone gives you something else as recognition for good work. It includes increased payment, praise, and promotion.
- Scientific management: It expresses workers’ study to find the most appropriate ways of doing things and then training people those techniques.
- Time motion studies: Means perform to complete the job at a time.
- Principle of motion economy: Job can be broken down into a series.
- Hawthorne effect: Tendency to behave differently when they know they are being studied.
- Maslow’s hierarchy of needs: Theory of motivation based on human needs to actualization needed.
- Motivators: Herzberg’s theory of motivating factors that cause employees to be productive.
- Hygiene factors: Herzberg’s theory of motivating factors that cause dissatisfaction if missing something.
- Job enrichment: Motivating employees through the job itself.
- Job enlargement: It involves combining a group of tasks into one challenging assignment.
By using these motivational factors we can motivate employees. And Corkely & Finn have used many of these factors.
References
Hodgetts, M. Richard., & Luthans, Fred. (2002). International Management. 5th Ed., Tata McGraw-Hill.
Baker, Deborah. (n.d.). Motivating Employees and Creating Self-Managed Teams. In ch. 10 of Gittman’s Management Book. Web.