Determine how you could best motivate employees
Determine how you could best motivate employees
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Date Created: 11/15/15
Determine how you could best motivate employees or students in an environment that suffers from economic distress Provide specific examples leveraging the concepts discussed in Chapter 6 and the expected resultant benefits to support your response To motivate employees is to provide them with motives to give them reasons to act Therefore providing quotmotivatorsquot such as recognition responsibility empowerment discretion and growth advancement is a great step toward their selfactualization However do not forget that the lower needs must continue to be satisfied to get 110 from your employees The quotmaintainersquot needed to continue fulfilling the lower hierarchy needs are things like compensation Employees must be compensated fairly and adequately They must be given benefits to maintain their health They must feel that they have job security and good working conditions that ensure their safety Probably the most wellknown approach to motivation is Maslow39s Hierarchy of Needs theory Maslow felt you needed to satisfy human needs in different levels in order to motivate people to higher levels According to Maslow people have five levels of needs They start with the basic needs that are biological and physiological The second level is the safety and security needs The third is the need to belong or social needs Finally the last two levels consist of the highest motivational needs selfesteem and selffulfillment To put it in simple business terms the first thing you have to do is make sure your employees are getting paid well so they can buy food and pay for a home Then you need to make sure they feel safe on the job and they have a sense of job security Next you need to surround them with a pleasant place to work good coworkers and be a fair boss You must let them know their personal lives matter Then if you39ve satisfied those basic needs and want to more highly motivate them you39ll do it by giving them recognition training and opportunities for advancement At this point they need to feel good about themselves What Motivates Employees as Ranked by Employees 1 Interesting work 2 Appreciation of work done 3 Being well informed 4 Job security 5 Compensation 6 Growth and promotion opportunities 7 Good working conditions 8 Personal loyalty to employees 9 Tactful discipline 10 Help with personal problems What Motivates Employees as Ranked by Managers 1 Compensation 2 Job security 3 Growth and promotion opportunities 4 Good working conditions 5 Interesting work 6 Personal loyalty to employees 7 Tactful discipline 8 Appreciation of work done 9 Help with personal problems 10 Being well informed A good way to motivate employees in an enVironment that suffers from economic distress would be to listen to them Hold weekly meetings to find out what39s on their minds and take their suggestions to make their work life better into consideration Give employees gifts for excellence and let them know how valuable they are to the organization Also consider taking employees out for breakfast or Visit them in the field and treat them to lunch httpnasjeorgnewsnewsletter0202managersmotivationhtm httpcontractingbusinesscomfeaturecb imp 24934 httpmyventurepadcomrobini elliott 3 6739howmotivateVouremploVeesduringreces sion From the eActivity outline a rewards program you believe would be especially effective at your current or future place of work Provide evidence that supports that your program would likely be effective successful The reward program that is especially effective at my current place of work is the exible benefit program Flexible benefit plans allow employees to choose the benefits they want or need from a package of programs offered by an employer Flexible benefit plans may include health insurance retirement benefits such as 401k plans and reimbursement accounts that employees can use to pay for out of pocket health or dependent care expenses In a exible benefit plan employees contribute to the cost of these benefits through a payroll deduction of their before tax income reducing the employer39s contribution In addition the ability to pay for benefits with pre tax income lowers an employee39s taxable income while raising the amount of their take home pay an added quotbenefitquot In the short term companies obviously benefit from sharing costs with employees But a business may also choose to cap its future contributions to benefits by passing along increased costs to employees through these plans Flexible benefit plans have become increasingly popular with employers Health and child care costs have risen tremendously over the past several decades This has had a major effect on a business39 ability to offer benefits yet most employees still expect to receive benefits as a result of employment Small businesses in particular are often unable to take advantage of the economies of scale that larger companies can use to their advantage in securing benefits programs These companies as well as larger ones have subsequently sought palatable means by which their employees can contribute to the cost of benefits One option is a exible benefit plan Indeed many businesses have begun to offer exible benefits in order to retain a competitive benefits package for employees There are several types of exible benefit plans including cafeteria plans and exible spending accounts A type of exible benefit plan known as a cafeteria plan enables employees to choose between receiving some or all of an employer39s nontaxable benefits or receiving cash or other taxable benefits such as stock These plans were established by the Revenue Act of 1978 and are regulated by Section 125 of the Internal Revenue Code Only certain benefits can be offered under a cafeteria plan though employers may offer any or all of these benefits These include health and group life insurance as well as medical reimbursement plans for non insured expenses disability dental and vision coverage day care or elder care 401k plans and vacation days Tuition assistance and other fringe benefits are exempt from the plans even if they are not taxable Funding for cafeteria plans may come from the employer employee or both Often the employee receives a spending credit with which he or she may choose to quotbuyquot benefits from a list of options such as health insurance life insurance etc The benefits themselves may be provided in cash or via actual coverage In order to ensure these plans are fair to all employees and to limit the number of changes employees can make to their plan the IRS has set up a number of restrictions For example employees are unable to carry over unused credits or benefits to the next plan year In addition employers need to be sure that no more than 25 percent of the tax favored benefits go to quothighly compensatedquot employees These employees could be officers earning above a certain salary range or those who have a percentage of ownership in the company greater than 1 percent if they earn over 150000 or greater than 5 percent for others A exible spending account FSA is a tax deferred savings account established by an employer to help employees meet certain medical and dependent care expenses that are not covered under the employer39s insurance plan FSAs allow employees to contribute pre tax dollars to an account set up by their employer They can later withdraw these funds tax free to pay for qualified health insurance premiums out of pocket medical costs day care provider fees or private pre school and kindergarten expenses There are three main types of FSAs First premium only plans which allow employees to set aside funds to pay medical and life insurance premiums Second unre imbursed medical expense plans which allow employees to set aside money for projected health care expenses not covered by insurance Third dependent care reimbursement plans which allow employees to set aside money for day care of dependent children Employees must prove they have a legitimate expense in order to be reimbursed from these accounts Invoices from health care professionals or day care facilities would serve this purpose However employees must also prove that the claim has not been reimbursed by other coverage such as a spouse39s insurance Funds placed in reimbursement accounts generally must be used during the calendar year in which they were contributed otherwise the employee forfeits the funds For this reason participating in a exible spending account requires careful planning on the part of both employees and employers My employer39s support for a exible spending program is an extremely helpful benefit which I have used to pay for health care costs for myself and dependent care for my child The benefit not only provides me with tax savings it enables me to pay for services that otherwise might be difficult to afford I contribute the maximum amount allowable to my account each year and have used it to pay for dental and vision expenses doctor s office copays overthecounter medications and emergency situations ihttDzllwwwjnccanalsno 10 edia exiblebenefit f
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