Hi ppl,
Placing a monetary value on the employees will affect their performance, Is this true? i request group to throw different views on this sissue. how the employee's performance can be increased.
Regards
Sridhar
MBA
ICFAI Business School
Chennai
From India, Madras
Placing a monetary value on the employees will affect their performance, Is this true? i request group to throw different views on this sissue. how the employee's performance can be increased.
Regards
Sridhar
MBA
ICFAI Business School
Chennai
From India, Madras
Hi Sridhar,
This is Hema-HR consultant.
This is absolutely true. But, situations are different:
1. Never have disparity in salary structure for the same qualification - post.
2. Never try to quantify monetary ceilings on performance.
Problem arises only in cases where more knowledgeable and capable person happen to report to a lesser capable one. Once this is sorted out, money need not be the motivating factor.
We have a system of choosing best performing teams every month and publish in our journal and it has created more results than salary hike. If a person looks only for salary hike as a result of his appraisal, then there is some thing wrong with his motivational levels and try to handle this separately with him. It is better not to fix increment slabs based on performance.
Thanks
Hema
From India,
17This is Hema-HR consultant.
This is absolutely true. But, situations are different:
1. Never have disparity in salary structure for the same qualification - post.
2. Never try to quantify monetary ceilings on performance.
Problem arises only in cases where more knowledgeable and capable person happen to report to a lesser capable one. Once this is sorted out, money need not be the motivating factor.
We have a system of choosing best performing teams every month and publish in our journal and it has created more results than salary hike. If a person looks only for salary hike as a result of his appraisal, then there is some thing wrong with his motivational levels and try to handle this separately with him. It is better not to fix increment slabs based on performance.
Thanks
Hema
From India,
Hi Sridhar,
Monetary alone is not the factor for ensuring high performance from employees..it can at times lead to uneasy questions if they come to know the others salaries( trust me grapevine tends to be very strong)..better performance is the prerogrative of the managers..as mentioned below..
Eight Things Managers Need to Do the First 90 Days on the Job
--------------------------------------------------------------------------------
Congratulations you have just been promoted to supervisor. Now what do you do? Whether this is your first supervisory position or even if you are a seasoned manager, you should proceed with your transition carefully. It begins with a plan and proceeds one step at a time. Here are a few ideas to consider:
Identify the informal leaders-Informal leaders will make you or break you. Informal leaders are those who are not in formal positions of power or authority, but have the ability to influence actions and attitudes over those in your organization. Keep in mind that during your transition, they have more power than you do. Sometimes the informal leader has the respect of others . . .or on the other hand they are major irritants. Nonetheless, try to make them your allies so they don’t sabotage what you are trying to do. If you work in a unionized environment make sure you keep union officials informed and involved as much as possible.
Study past success-Discover what major accomplishments your group is proud of. A new leader will gain respect quicker when he or she recognizes and appreciates what the group has done in the past. By recognizing past accomplishments you will build a solid foundation for the future.
Delay making major decisions-Don’t allow yourself to be pressured in making major changes or big decisions too soon. If possible, take a low-key approach until you are ready. Gather information, see how things are done and get to know your people first before making major changes. Once you start gaining "acceptance," and begin to understand why they do what they do, then they will be more supportive and willing to support your decisions and style of leadership.
Do one on one interviews-In every leadership position I held I invested time in interviewing everyone I could—a time consuming process that paid dividends. This allows you to establish yourself quickly, gain respect, build trust faster and learn important information. During the interviews ask these questions:
-What can I do to help you accomplish your job?
-What is keeping you from doing your best?
-What makes you feel appreciated?
-What did my predecessor do that we should continue?
-What did my predecessor do that we should stop?
-Are you considering leaving this job for another? Why?
-What do you see as my role in this organization?
-What direction do you think we should go?
Start solving problems-With information gained from the interviews begin making changes. Start with improving productivity related issues affecting your group. This will show them you are serious about improving their worklife further improving your reputation and credibility as a supervisor.
Conduct a meeting-Avoid having a meeting until you have something specific to say and enough background information to speak with authority. At the meeting highlight their past successes, some of the issues or problems affecting the group and what you plan on doing. Talk about some of the changes you are considering and why. Here are some other items to cover in this meeting:
Your background and experience
Just enough personal information to show you are human
Your expectations
Your pet peeves
Your leadership style
How they should approach you with problems
What to do with new ideas and suggestions
Set Goals-Now that you have established yourself as reputable and knowledgeable it is time to set goals for the future. There are many ways to set goals, but the main thing is don’t do it in the dark. If you followed these steps goal setting will be a piece of cake. Involve your people as much as possible. Let them help you and your role as supervisor will be easier and more effective.
Cheerio
Rajat Joshi
From India, Pune
Monetary alone is not the factor for ensuring high performance from employees..it can at times lead to uneasy questions if they come to know the others salaries( trust me grapevine tends to be very strong)..better performance is the prerogrative of the managers..as mentioned below..
Eight Things Managers Need to Do the First 90 Days on the Job
--------------------------------------------------------------------------------
Congratulations you have just been promoted to supervisor. Now what do you do? Whether this is your first supervisory position or even if you are a seasoned manager, you should proceed with your transition carefully. It begins with a plan and proceeds one step at a time. Here are a few ideas to consider:
Identify the informal leaders-Informal leaders will make you or break you. Informal leaders are those who are not in formal positions of power or authority, but have the ability to influence actions and attitudes over those in your organization. Keep in mind that during your transition, they have more power than you do. Sometimes the informal leader has the respect of others . . .or on the other hand they are major irritants. Nonetheless, try to make them your allies so they don’t sabotage what you are trying to do. If you work in a unionized environment make sure you keep union officials informed and involved as much as possible.
Study past success-Discover what major accomplishments your group is proud of. A new leader will gain respect quicker when he or she recognizes and appreciates what the group has done in the past. By recognizing past accomplishments you will build a solid foundation for the future.
Delay making major decisions-Don’t allow yourself to be pressured in making major changes or big decisions too soon. If possible, take a low-key approach until you are ready. Gather information, see how things are done and get to know your people first before making major changes. Once you start gaining "acceptance," and begin to understand why they do what they do, then they will be more supportive and willing to support your decisions and style of leadership.
Do one on one interviews-In every leadership position I held I invested time in interviewing everyone I could—a time consuming process that paid dividends. This allows you to establish yourself quickly, gain respect, build trust faster and learn important information. During the interviews ask these questions:
-What can I do to help you accomplish your job?
-What is keeping you from doing your best?
-What makes you feel appreciated?
-What did my predecessor do that we should continue?
-What did my predecessor do that we should stop?
-Are you considering leaving this job for another? Why?
-What do you see as my role in this organization?
-What direction do you think we should go?
Start solving problems-With information gained from the interviews begin making changes. Start with improving productivity related issues affecting your group. This will show them you are serious about improving their worklife further improving your reputation and credibility as a supervisor.
Conduct a meeting-Avoid having a meeting until you have something specific to say and enough background information to speak with authority. At the meeting highlight their past successes, some of the issues or problems affecting the group and what you plan on doing. Talk about some of the changes you are considering and why. Here are some other items to cover in this meeting:
Your background and experience
Just enough personal information to show you are human
Your expectations
Your pet peeves
Your leadership style
How they should approach you with problems
What to do with new ideas and suggestions
Set Goals-Now that you have established yourself as reputable and knowledgeable it is time to set goals for the future. There are many ways to set goals, but the main thing is don’t do it in the dark. If you followed these steps goal setting will be a piece of cake. Involve your people as much as possible. Let them help you and your role as supervisor will be easier and more effective.
Cheerio
Rajat Joshi
From India, Pune
Hi Hema,
" Never try to quantify monetary ceilings on performance". But the fact is that in many organisations, monetary slabs are purely driven by KRA's (key result areas) which in non IT companies are just numbers. By sheer market and shareholder pressures, the HR also is forced to toe the line of the organisation being purely 'number driven'. In such situtations what can the HR do to infuse appreciation / monetary benefit for QUALITY of job done alongwith ofcourse quantity (the numbers)?
From India, Madras
" Never try to quantify monetary ceilings on performance". But the fact is that in many organisations, monetary slabs are purely driven by KRA's (key result areas) which in non IT companies are just numbers. By sheer market and shareholder pressures, the HR also is forced to toe the line of the organisation being purely 'number driven'. In such situtations what can the HR do to infuse appreciation / monetary benefit for QUALITY of job done alongwith ofcourse quantity (the numbers)?
From India, Madras
Hi,
That's true and that is the reason why we are not able to extract the full performance from the employees. As you say, in many of the non-It companies, offer is based on what the candidate demands and not on the job specifications. It means, if the candidate settles down for a lower salary, that's it... Confusion starts when he enters the company and finds that persons of his calibre are drawing a better salary than his. The cases are many... and this is the reason why appraisals fail.
We need to tend to eliminate parity in salary structure and match perfectly to the job descriptions across the organisation and once this is established, you can have more meaning appraisals with dashing results.
Let me have your feed back.
From India,
That's true and that is the reason why we are not able to extract the full performance from the employees. As you say, in many of the non-It companies, offer is based on what the candidate demands and not on the job specifications. It means, if the candidate settles down for a lower salary, that's it... Confusion starts when he enters the company and finds that persons of his calibre are drawing a better salary than his. The cases are many... and this is the reason why appraisals fail.
We need to tend to eliminate parity in salary structure and match perfectly to the job descriptions across the organisation and once this is established, you can have more meaning appraisals with dashing results.
Let me have your feed back.
From India,
Hi Hema,
It' s all depends on type of industries. Yes Putting the employees name on the journal or putting his name on the Notice board will definetly boost the morale of the employees but Money is also one of the motivating factor. Few employees motivates with achievement, recognition, work itself, responsibility, advancement, and personal growth. Monetary and Non monetary incentives has to parallel to each other.
Why employees work because of Money, Every employee have a life to live and his desires to be fullfilled on all fronts.
Incentives should be both like recognition and monetary rewards. Employees performance will improve if you have both. Its also depends on the industries you are working.
Every employee is not Interested in Monetary rewards because basic needs to be fullfilled.
Please Read this article :
1990's adapted hierarchy of needs including transcendence needs :
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Cognitive needs - knowledge, meaning, etc.
6. Aesthetic needs - appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
8. Transcendence needs - helping others to achieve self actualtization
Please Read this article for your information :
True motivators were found to be other completely different factors: achievement, recognition, work itself, responsibility, advancement, and personal growth.
People commonly argue that money is a primary motivator. It's not. Surveys repeatedly show that other factors motivate more.
For example : a survey by Development Dimensions International published in the UK Times newspaper in 2004 interviewed 1,000 staff from companies employing more than 500 workers, and found many to be bored, lacking commitment and looking for a new job. Pay actually came fifth in the reasons people gave for leaving their jobs. The main reasons were lack of stimulus jobs and no opportunity for advancement - classic Herzberg motivators - 43% left for better promotion chances, 28% for more challenging work; 23% for a more exciting place to work; and 21% and more varied work.
From United Kingdom, London
It' s all depends on type of industries. Yes Putting the employees name on the journal or putting his name on the Notice board will definetly boost the morale of the employees but Money is also one of the motivating factor. Few employees motivates with achievement, recognition, work itself, responsibility, advancement, and personal growth. Monetary and Non monetary incentives has to parallel to each other.
Why employees work because of Money, Every employee have a life to live and his desires to be fullfilled on all fronts.
Incentives should be both like recognition and monetary rewards. Employees performance will improve if you have both. Its also depends on the industries you are working.
Every employee is not Interested in Monetary rewards because basic needs to be fullfilled.
Please Read this article :
1990's adapted hierarchy of needs including transcendence needs :
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Cognitive needs - knowledge, meaning, etc.
6. Aesthetic needs - appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
8. Transcendence needs - helping others to achieve self actualtization
Please Read this article for your information :
True motivators were found to be other completely different factors: achievement, recognition, work itself, responsibility, advancement, and personal growth.
People commonly argue that money is a primary motivator. It's not. Surveys repeatedly show that other factors motivate more.
For example : a survey by Development Dimensions International published in the UK Times newspaper in 2004 interviewed 1,000 staff from companies employing more than 500 workers, and found many to be bored, lacking commitment and looking for a new job. Pay actually came fifth in the reasons people gave for leaving their jobs. The main reasons were lack of stimulus jobs and no opportunity for advancement - classic Herzberg motivators - 43% left for better promotion chances, 28% for more challenging work; 23% for a more exciting place to work; and 21% and more varied work.
From United Kingdom, London
Hi Hema,
It' s all depends on type of industries. Yes Putting the employees name on the journal or putting his name on the Notice board will definetly boost the morale of the employees but Money is also one of the motivating factor. Few employees motivates with achievement, recognition, work itself, responsibility, advancement, and personal growth. Monetary and Non monetary incentives has to parallel to each other.
Why employees work because of Money, Every employee have a life to live and his desires to be fullfilled on all fronts.
Incentives should be both like recognition and monetary rewards. Employees performance will improve if you have both. Its also depends on the industries you are working.
Every employee is not Interested in Monetary rewards because basic needs to be fullfilled.
Please Read this article :
1990's adapted hierarchy of needs including transcendence needs :
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Cognitive needs - knowledge, meaning, etc.
6. Aesthetic needs - appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
8. Transcendence needs - helping others to achieve self actualtization
Please Read this article for your information :
True motivators were found to be other completely different factors: achievement, recognition, work itself, responsibility, advancement, and personal growth.
People commonly argue that money is a primary motivator. It's not. Surveys repeatedly show that other factors motivate more.
For example : a survey by Development Dimensions International published in the UK Times newspaper in 2004 interviewed 1,000 staff from companies employing more than 500 workers, and found many to be bored, lacking commitment and looking for a new job. Pay actually came fifth in the reasons people gave for leaving their jobs. The main reasons were lack of stimulus jobs and no opportunity for advancement - classic Herzberg motivators - 43% left for better promotion chances, 28% for more challenging work; 23% for a more exciting place to work; and 21% and more varied work.
Hope this will give you more input.
Thanks
shravan
From United Kingdom, London
It' s all depends on type of industries. Yes Putting the employees name on the journal or putting his name on the Notice board will definetly boost the morale of the employees but Money is also one of the motivating factor. Few employees motivates with achievement, recognition, work itself, responsibility, advancement, and personal growth. Monetary and Non monetary incentives has to parallel to each other.
Why employees work because of Money, Every employee have a life to live and his desires to be fullfilled on all fronts.
Incentives should be both like recognition and monetary rewards. Employees performance will improve if you have both. Its also depends on the industries you are working.
Every employee is not Interested in Monetary rewards because basic needs to be fullfilled.
Please Read this article :
1990's adapted hierarchy of needs including transcendence needs :
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Cognitive needs - knowledge, meaning, etc.
6. Aesthetic needs - appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
8. Transcendence needs - helping others to achieve self actualtization
Please Read this article for your information :
True motivators were found to be other completely different factors: achievement, recognition, work itself, responsibility, advancement, and personal growth.
People commonly argue that money is a primary motivator. It's not. Surveys repeatedly show that other factors motivate more.
For example : a survey by Development Dimensions International published in the UK Times newspaper in 2004 interviewed 1,000 staff from companies employing more than 500 workers, and found many to be bored, lacking commitment and looking for a new job. Pay actually came fifth in the reasons people gave for leaving their jobs. The main reasons were lack of stimulus jobs and no opportunity for advancement - classic Herzberg motivators - 43% left for better promotion chances, 28% for more challenging work; 23% for a more exciting place to work; and 21% and more varied work.
Hope this will give you more input.
Thanks
shravan
From United Kingdom, London
Hi Sridhar,
It' s all depends on type of industries. Few employees motivates with achievement, recognition, work itself, responsibility, advancement, and personal growth. Monetary and Non monetary incentives has to parallel to each other.
Why employees work because of Money, Every employee have a life to live and his desires to be fullfilled on all fronts.
Incentives should be both like recognition and monetary rewards. Employees performance will improve if you have both. Its also depends on the industries you are working.
Every employee is not Interested in Monetary rewards because basic needs to be fullfilled.
Please Read this article :
1990's adapted hierarchy of needs including transcendence needs :
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Cognitive needs - knowledge, meaning, etc.
6. Aesthetic needs - appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
8. Transcendence needs - helping others to achieve self actualtization
Please Read this article for your information :
True motivators were found to be other completely different factors: achievement, recognition, work itself, responsibility, advancement, and personal growth.
People commonly argue that money is a primary motivator. It's not. Surveys repeatedly show that other factors motivate more.
For example : a survey by Development Dimensions International published in the UK Times newspaper in 2004 interviewed 1,000 staff from companies employing more than 500 workers, and found many to be bored, lacking commitment and looking for a new job. Pay actually came fifth in the reasons people gave for leaving their jobs. The main reasons were lack of stimulus jobs and no opportunity for advancement - classic Herzberg motivators - 43% left for better promotion chances, 28% for more challenging work; 23% for a more exciting place to work; and 21% and more varied work.
Please read this BASIC theory :
Maslow's hierarchy of needs -
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
Hope that this information will be useful for you.
Thank you
Shravan
From United Kingdom, London
It' s all depends on type of industries. Few employees motivates with achievement, recognition, work itself, responsibility, advancement, and personal growth. Monetary and Non monetary incentives has to parallel to each other.
Why employees work because of Money, Every employee have a life to live and his desires to be fullfilled on all fronts.
Incentives should be both like recognition and monetary rewards. Employees performance will improve if you have both. Its also depends on the industries you are working.
Every employee is not Interested in Monetary rewards because basic needs to be fullfilled.
Please Read this article :
1990's adapted hierarchy of needs including transcendence needs :
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Cognitive needs - knowledge, meaning, etc.
6. Aesthetic needs - appreciation and search for beauty, balance, form, etc.
7. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
8. Transcendence needs - helping others to achieve self actualtization
Please Read this article for your information :
True motivators were found to be other completely different factors: achievement, recognition, work itself, responsibility, advancement, and personal growth.
People commonly argue that money is a primary motivator. It's not. Surveys repeatedly show that other factors motivate more.
For example : a survey by Development Dimensions International published in the UK Times newspaper in 2004 interviewed 1,000 staff from companies employing more than 500 workers, and found many to be bored, lacking commitment and looking for a new job. Pay actually came fifth in the reasons people gave for leaving their jobs. The main reasons were lack of stimulus jobs and no opportunity for advancement - classic Herzberg motivators - 43% left for better promotion chances, 28% for more challenging work; 23% for a more exciting place to work; and 21% and more varied work.
Please read this BASIC theory :
Maslow's hierarchy of needs -
1. Biological and Physiological needs - air, food, drink, shelter, warmth, sex, sleep, etc.
2. Safety needs - protection from elements, security, order, law, limits, stability, etc.
3. Belongingness and Love needs - work group, family, affection, relationships, etc.
4. Esteem needs - self-esteem, achievement, mastery, independence, status, dominance, prestige, managerial responsibility, etc.
5. Self-Actualization needs - realising personal potential, self-fulfillment, seeking personal growth and peak experiences.
Hope that this information will be useful for you.
Thank you
Shravan
From United Kingdom, London
Hi Sonu,
You are absolutely right. Money is one of the motivators and this cannot be the utlimate reward.
Nature of industry - it means a lot and I was talking of the IT industry and if you take indian factories into consideration, appraisal means more money.
Your article is pretty good.
Do keep in touch.
Thanks
Hema
From India,
You are absolutely right. Money is one of the motivators and this cannot be the utlimate reward.
Nature of industry - it means a lot and I was talking of the IT industry and if you take indian factories into consideration, appraisal means more money.
Your article is pretty good.
Do keep in touch.
Thanks
Hema
From India,
Hema is right on dot. Better appraisal means more money for brick and mortar companies. IT industry could be different.
I do agree that we need to look at the job descriptions and decide the salary structure. Right now, the desperateness with which recruitments happen in some of the non IT engineering industries, invariably it is the best "negotiator" who gets the best result irrespective of what the role specifications are or what is the compensation level for similar roles in the prganisation.
Even in "multinationals" with local management, appraisal means more money. I have even listened to the "Head" saying - 'what is the point in giving a shield / non cash award/ Give them some cash and be done with it"!!!
From India, Madras
I do agree that we need to look at the job descriptions and decide the salary structure. Right now, the desperateness with which recruitments happen in some of the non IT engineering industries, invariably it is the best "negotiator" who gets the best result irrespective of what the role specifications are or what is the compensation level for similar roles in the prganisation.
Even in "multinationals" with local management, appraisal means more money. I have even listened to the "Head" saying - 'what is the point in giving a shield / non cash award/ Give them some cash and be done with it"!!!
From India, Madras
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Light-graffiti3 -400x267.jpg
Manual of the Warrior of Light.pps