The World without Bankruptcy Laws
Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]
The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers
What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]
Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks
How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]
Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies
Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]
Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises
In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]
“I am in this job because I have no other option.” If this is what an employee of your company feels, read on to know how this statement can be changed to something more positive - “I love what I do.”
First things first - whose responsibility is it to ensure that an employee loves his job? While an employee would say - the employer, the human resource experts have a different point of view which sounds fair. It’s both the employer and the employee who should work together to make work fun for each other.
It is interesting to know here, that employees do not rank ’salary’ as the top factor in determining whether they like their jobs or not. What is important to them then - the opportunity to do what is ’important’. Almost all the employees would like to feel part of the big picture and would want to contribute to the organizational goals in some way or the other. Doing the mundane, routine work will never excite them - what excites them is - work that challenges them to use their talent. Right Management Consultants conducted a survey sometime back and found that 83% of about 500 workers surveyed were motivated by “challenges at work”. Also, as per an executive editor of the Harvard Business Review, while salary and promotions could do a great job of demotivating people if handled ineffectively, they aren’t so much effective in motivating people.
So then what needs to be done for effective motivation at workplace?
 | Link Rewards directly to Performance- An organization should adopt a fair reward structure which provides incentive to the most deserving employee. Have an incentive structure in place doesn’t solve the problem... what makes it workable is the employees trust in the system and believe that they will be rewarded if they perform well. |
| Compliment employees- Even though an employee’s name has not appeared in the list of people getting incentives, go ahead and compliment that employee for a job well done - no matter how small. There is nothing more satisfying to an employee than a pat on his back. |
| Be transparent- While there may be some strategic decisions which you might want to share with the employees at a later stage, make sure employees do not give in to the rumours. Stay in touch with the employees. |
| Work on your PDP- Every employee is responsible for his/her own career. He/she should work towards his ’Personal Development Plan’ [PDP] as discussed and agreed by his manager. Find out what are the training company offers and which is best suited to his development needs. How this will motivate you - remember training always increase your marketability and enhance your career. |
| Participate and Network- Remember you work for a company where a one-on-one attention might not be possible. Do not wait for an invitation to participate in a discussion. If you are a part of a forum, then you have full right to express your opinion and be a part of the process. Expressing yourself is a good way of motivating yourself. |
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