JWI 520, People Management, Week6 Summary, 8/12/12
This was another excellent week of learning.
I learned how to motivate employees using monetary as well as non-monetary incentive systems.
I. Maslow's classic theory of human needs and motivation (1954)
*****************************************************************
Level1 Physiological needs: Food, water, shelter; obtaining them takes precedence over everything else
Level2: Safety needs: Security
Level3: Social needs: Friendship, Belonging, Acceptance, Giving and receiving love; "what do others think of me?"
Level4: Ego needs: Adequacy, Achievement, Strength, Freedom; "What do I think of me?"
Level5: Self-Actualization:Need to realize your full potential; strive to become everything you are capable of
Money makes physiological & security needs evaporate.
Money is not everything in society but does get cultural acceptance and entree.
Self-esteem grows with wealth and income.
Money ultimately becomes irrelevant.
II. Critical factors to get to employee happiness
******************************************************
- a meaningful job
- rich relationships
- adequate money
People need to enjoy their work (Fit, challenge, variety, a continuous quest to get better)
enjoy the co-workers they work with (work with great people)
respect the boss they work with (not a jerk boss)
they need to get paid enough to make it worth their efforts (decent money)
Lose one of those, and people will walk
What people look for in a job (Aaroz, 2007, 245)
*******************************************************
- a job where they can do their best
- with a challenge that matches their skill level
- in a place they can grow and develop
- in an organization they like
- with a good boss
- with a great group of peers
When hiring people, don't just focus on money but paint a picture
**************************************************************************
a well paid miserable existence is still a miserable existence
life is too short to stay in a job you don't like
III. Motivate employees to invest heart and soul in the jobs (Business Week 2006)
*****************************************************************
Basics: Motivate employees through money, interesting work, enjoyable co-workers
Tools: Recognition, Celebration, Great Mission, Balance Achievement & Challenge
Other levers: open appreciation, a sense of fun, an exciting shared goal, individual attention to the challenge of each job.
IV. To manage older employees (Welch & Welch, JWI 520, Week6 Video)
***********************************
Pay respect, give voice and dignity - the two most important things you can give
Build an organization organization where Quality of ideas counts more than age, experience or anything else
V. Give Incentives - Financial & Non-financial - to impact employee performance (Week6, Lecture1)
***********************************************
Reward, Recognition & Performance Feedback
*******************************************************
Most HR manager's think in terms of Reward and Recognition
Reward = financial compensation
Recognition = plaques, awards, less important touchy-feely stuff warm and fuzzy inside
But performance feedback is also a great reward - helps people behave more productively in the future.
VI. Problems with Financial Rewards
********************************************
(i) Unavailable
(ii) Can be matched
(iii) Difficult to administer
VII. Motivate without Money
*********************************
VIIa. Use Prestige rewards (Kerr, 2009)
***************************************
increase people's stature, inside the company or out
eg. Job Titles, direct access to top leadership, size location amenities of one's office
VIIb. Offer Job Content rewards [Easy to administer; but Usually not thought of at all; overlooked, underutilized]
************************************
Increase employee's job satisfaction through
- work on important and interesting tasks
- Performance feedback
- Recognition
- Responsibility
- Challenge
- Autonomy
- opportunity to participate in decision-making
- opportunity to develop professional and leadership skills
VIII. Rewards Administration Issues
*****************************************
Availability - Job content reward, unlike money, are always available
*************
- you create your own supply; you are limited by your own imagination
- performance feedback, opportunities to participate in decision making can always be given
- "Value comes from scarcity" mindset prevents people from using it more
Timeliness - Rewards should be received soon after a reward-worthy action occurs.
*************
Reversibility - Financial rewards are irreversible; Job content rewards are reversible
***************
Fundamental principle: For a reward to be reversible, it must look and feel reversible.
If you don’t vary your routine from the start, you may not be able to change it later.
Beware Thanksgiving Turkey experience at Hughes Corporation. Good intentions have to be weighed carefully against human nature.
Additionally, the Citibank HBS case assignment helps reinforce performance evaluation principles and internalize best practices.
Great training in people management.
Dr DP
This was another excellent week of learning.
I learned how to motivate employees using monetary as well as non-monetary incentive systems.
I. Maslow's classic theory of human needs and motivation (1954)
*****************************************************************
Level1 Physiological needs: Food, water, shelter; obtaining them takes precedence over everything else
Level2: Safety needs: Security
Level3: Social needs: Friendship, Belonging, Acceptance, Giving and receiving love; "what do others think of me?"
Level4: Ego needs: Adequacy, Achievement, Strength, Freedom; "What do I think of me?"
Level5: Self-Actualization:Need to realize your full potential; strive to become everything you are capable of
Money makes physiological & security needs evaporate.
Money is not everything in society but does get cultural acceptance and entree.
Self-esteem grows with wealth and income.
Money ultimately becomes irrelevant.
II. Critical factors to get to employee happiness
******************************************************
- a meaningful job
- rich relationships
- adequate money
People need to enjoy their work (Fit, challenge, variety, a continuous quest to get better)
enjoy the co-workers they work with (work with great people)
respect the boss they work with (not a jerk boss)
they need to get paid enough to make it worth their efforts (decent money)
Lose one of those, and people will walk
What people look for in a job (Aaroz, 2007, 245)
*******************************************************
- a job where they can do their best
- with a challenge that matches their skill level
- in a place they can grow and develop
- in an organization they like
- with a good boss
- with a great group of peers
When hiring people, don't just focus on money but paint a picture
**************************************************************************
a well paid miserable existence is still a miserable existence
life is too short to stay in a job you don't like
III. Motivate employees to invest heart and soul in the jobs (Business Week 2006)
*****************************************************************
Basics: Motivate employees through money, interesting work, enjoyable co-workers
Tools: Recognition, Celebration, Great Mission, Balance Achievement & Challenge
Other levers: open appreciation, a sense of fun, an exciting shared goal, individual attention to the challenge of each job.
IV. To manage older employees (Welch & Welch, JWI 520, Week6 Video)
***********************************
Pay respect, give voice and dignity - the two most important things you can give
Build an organization organization where Quality of ideas counts more than age, experience or anything else
V. Give Incentives - Financial & Non-financial - to impact employee performance (Week6, Lecture1)
***********************************************
Reward, Recognition & Performance Feedback
*******************************************************
Most HR manager's think in terms of Reward and Recognition
Reward = financial compensation
Recognition = plaques, awards, less important touchy-feely stuff warm and fuzzy inside
But performance feedback is also a great reward - helps people behave more productively in the future.
VI. Problems with Financial Rewards
********************************************
(i) Unavailable
(ii) Can be matched
(iii) Difficult to administer
VII. Motivate without Money
*********************************
VIIa. Use Prestige rewards (Kerr, 2009)
***************************************
increase people's stature, inside the company or out
eg. Job Titles, direct access to top leadership, size location amenities of one's office
VIIb. Offer Job Content rewards [Easy to administer; but Usually not thought of at all; overlooked, underutilized]
************************************
Increase employee's job satisfaction through
- work on important and interesting tasks
- Performance feedback
- Recognition
- Responsibility
- Challenge
- Autonomy
- opportunity to participate in decision-making
- opportunity to develop professional and leadership skills
VIII. Rewards Administration Issues
*****************************************
Availability - Job content reward, unlike money, are always available
*************
- you create your own supply; you are limited by your own imagination
- performance feedback, opportunities to participate in decision making can always be given
- "Value comes from scarcity" mindset prevents people from using it more
Timeliness - Rewards should be received soon after a reward-worthy action occurs.
*************
Reversibility - Financial rewards are irreversible; Job content rewards are reversible
***************
Fundamental principle: For a reward to be reversible, it must look and feel reversible.
If you don’t vary your routine from the start, you may not be able to change it later.
Beware Thanksgiving Turkey experience at Hughes Corporation. Good intentions have to be weighed carefully against human nature.
Additionally, the Citibank HBS case assignment helps reinforce performance evaluation principles and internalize best practices.
Great training in people management.
Dr DP
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