Question

assume that you are the ceo of a midsize company that needs to increase employee retention and productivity. based on the theories you read about and the texts discussion of money as a motivator, what sorts of payment/bonus strategies and benefits would you focus on providing or improving? why?

Answer 1

Introduction

Assuming that i am the CEO of a midsize company, i will use some effective payment strategies for increasing the productivity of my employees. As we all know an attractive payment is a great motivating factor for the workers, so i will try to offer some attractive bonus for achiving the organization's goal. There are some effective payment strategies, which are the great motivating factors for an employee.

Performance-related pay

Performance related pay is the most popular and common strategy of an organization. Top business industries are using this strategy for increasing the work productivity of their employees. This Performance based pay can motivate an employee to achiving his job target.As this bonus are not given in any standard and equal amount , every employee wants to achive this performance-based pay.Sales organization are most commonly using this strategy for increasing the work productivity of their employees. I also would like to use this strategy for my motivating my employees.

Skill-based Payment

This is another benefitial strategy for motivating workers. In this strategy, the company will give financial reward on the based of skills of an employee. In some companies, employees will get an option for receiving a skill oriented training. In such cases employees will get a good amount of financial reward in during their training process. This strategy is very much benefitial because most of the employees are interested to attend the training and their professional skills can be developed for attending these kind of training.So i will use this strategy for developing the skills of my worker.As we all know a well skilled employee is always more productive for a business company, so it can increase my company's productivity.

Sharing the profits

This is an another effective strategy to motivate an employee. It refers to distributing the profit of the organization with the employees. It is kind of using a pre-negotiated formula. This kind of strategy really works in achiving a goal. As the profit of the company is the main concern, so the employees can become more efficient in their job.So it seems to be a benefitial strategy for any business organization.I would like to provide this facility to my employees for improving them.

Other financial reward

A business organization can offer many kinds of economical reward to their employee. Such as travel expenses, Holiday package, medical expenses etc.This kind of economical reward is also very much effective in increasing the performance of an employee.

Conclusion

As we all know economical reward is a great motivator. According to Maslow's Hierarchy theorey, an attractive bonus or incentive always influence the work productivity of an employee.Here my all the strategies are offering an attractive incentive and my employees need to perform well for getting these incentives. As my all employees will try to achive the bonus, so they will be more focused on their job role.

So,after discussing all these strategies, i can conclude that these strategies will help me to improve my workers.