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Applied Performance Practices I pay you -> you provide me service, skills and time -> together we have an output
Four types of Financial Rewards (MJCP) - Membership and seniority - Job status based rewards - Competency based rewards - Performance based rewards
Membership and Seniority - Benefits an employee receives depend on firm he joins - In the same firm, a senior employee receives more benefits than his or her junior employee
Job Status Rewards Every firm rewards employees for the status of the jobs they are holding
Job Status Rewards : how to determine the job status? Firms use job evaluation system, which helps establish differentials in status of jobs
Competency Based Rewards the more you learned, know, experienced, the more you get
why Competency Based Rewards? motivate employees to become aspirational, build on their existing skills and apply these in their jobs
Performance Based Rewards pay based on how well you work
Performance Based Rewards : reward on three levels individual, team and organization
Performance Based Rewards : individual rewards - bonuses - commissions - piece rate
Performance Based Rewards : team rewards - bonuses - gainsharing
Performance Based Rewards : organizational rewards - stock options - profit sharing - share ownership - balanced scorecard
balanced scorecard strategic planning and management system that is used to: - align business activities to the vision and strategy of the organization - improve internal and external communications - monitor organization performance against strategic goals
balanced scorecard: what perspectives to include in the vision and strategy? - financial - customer/stakeholder - internal business process - organizational capacity
Financial Rewards have multiple meaning - symbol of success - reinforce and motivate - reflection of performance - reduce anxity
what influences the value of money - gender - cultural differences
Intrinsic rewards - non-physical rewards - the feeling you get out of success
extrinsic rewards - physical rewards - the best extrinsic rewards can be emotionally attached by the employees
Potential Problems with Rewards - reduce intrinsic motivation - create competition - create inequity - difficult to implement
how to improve reward effectively - link rewards to performance - ensure rewards are relevant - ensure rewards are valued - watch out of unintended consequences
how to design job - make sure the tasks are independent with each other - create jobs that allow work to be performed efficiently + employees are motivated and happy
job specialization the process of focusing one's occupational concentration on a specific area of expertise
scientific management - created by Frederick Winslow Taylor - for any given job, there is a best way to structure that job to maximize performance
scientific management: two principle - job simplification - job specialization
job simplification deconstructing work into the simplest individual components
advantages of job specialization - less time changing activities - lower training costs - job mastered quickly - better person-job matching
disadvantages of specialization - job boredom - discontentment pay - higher costs - lower quality - lower motivation
Job characteristics theory a model of five "core" job characteristics affect four work-related outcomes through three psychological states
Job characteristics theory: five core job characteristics - skill variety - task identity - task significance - autonomy - feeback
five core job characteristics: skill variety Employees experience more meaningfulness in jobs that require different skills and abilities than when the jobs are elementary and routine
five core job characteristics: task identity Employees experience more meaningfulness in a job when they are involved in the entire process rather than just being responsible for a part of the work
five core job characteristics: task significance Employees feel more meaningfulness in a job that substantially improves well-being of others than a job that has limited effect on anyone else
five core job characteristics: autonomy Employees experience greater personal responsibility for their own successes and failures at work
five core job characteristics: feedback they have better overall knowledge of the effect of their work activities, and what specific actions they need to take to improve their productivity
Job characteristics theory: three Critical psychological states - meaningfulness - responsibility - knowledge of results
Job characteristics theory: four work-related outcomes - work motivation - growth satisfaction - general satisfaction - work effectiveness
3 job design practices that motivate ppl - job rotation - job enlargement - job enrichment - employee empowerment
job rotation the practice of moving employees between different tasks to promote variety
Job enlargement increase the scope of a job through extending the range of its job duties generally within the same level to add greater variety
Job enrichment assigning employees additional responsibility normally reserved for higher level employees
why job enrichment employees feel like their work has meaning and is important to the company
Employee empowerment give employees a certain degree of autonomy and responsibility for decision-making regarding their specific organizational tasks
advantage of empowerment - rast problem solving - increase in productivity - greater degree of employee commitment - lower levels of management stress
disadvantage of empowerment - decreased efficiency because decisions may not be uniform - blurred relationship
self leadership practices - individual regulates own actions - personal goal setting - constructive thought patterns - designing natural rewards - self monitoring - self reinforcement
Created by: sky58658
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