BusinessPlan Portfolio
BusinessPlan Portfolio
Employeemotivation is an important aspect in the success of any organization.A motivated employee plays a huge role in improving the productivitylevels of a company. In that respect, there exist several factorsthat affect motivation including rewards, organizational climate,leadership styles, and work structure among others. Due to themerger, many workers have been left in distress as a result on thenew staff. When an employee fears for his/her job, they tend to beless motivated thus resulting in lack of productivity. The workforcefeelthat the merger would mandate the corporation to adopt new managementapproaches that could disregard some of their positions thusrendering them jobless. The probable outcomes include eliminatingsome jobs to avoid redundancy. The corporation may decide to narrowdown the workforce with the aim of heightening profits. A system thatdoes not recognize the efforts the workforce tends to suffer in termsof productivity. As such, it is paramount to change the existingsystem so as to increase the productivity levels. The reward andrecognition program will help in motivating the workers thusbenefiting the organization.
Projectplan
Theword compensation denotes a combination of salaries, benefits, andwages afforded to the employee for their work. It may entail hourlyor annual salary, plus additional incentives, benefits, and bonuspayments like health care coverage, retirement savings, anddisability insurance. Therefore, the overall compensation packagecontains several elements. The core components of a compensation planinclude hourly wage, annual salary, retirement savings, grouphealth, and bonuses, raises, and incentives [ CITATION Kel12 l 1033 ].
Aselucidated above, the project is intended to solve the motivationalissues among the workers. An accurate compensation plan could helpalleviate such a problem. A rewarding and recognition program can bequite comprehensive. One such approach entails caring programs. Inother words, the employees would be set up in programs that care forone another when in need. In the Caring Unites Partners (C.U.P)program, employees give funds and assist each other whenever there isan issue. The model allows partners to associate even in times ofhardships. Likewise, this approach can be implemented by thisparticular organization to enhance recognition. Showing care to theemployees is one the main ways of boosting unity hence heighteningmorale and productivity [CITATION Gee101 l 1033 ].
Motivationof an employee is an important aspect in any company. It entailsgiving a worker the desire to perform his/her task with enthusiasm,determination on a daily basis. The employees in this organizationcan be highly motivated through the creation of a stock optionwhereby employees are made partners. As such, the employees are givenownership of the company and share financial rewards. This criteriais quite fruitful since the employees become intellectually andemotionally attached to the company’s success. This mechanism ispracticed at Starbucks and has been successful. For instance, a 2003survey revealed that the company’s partners are highly engaged withthe company. Whenever they market the company, they show great desireto do more than is required of them indicating their desire to stickwith the company [CITATION Mey l 1033 ].
Recognizingemployees can be done in numerous ways. By instating programs thatseek to identify and reward the achievements of the workers, theywould be motivated to undertake their duties diligently. Recognitionin this aspect entails, acknowledgement of profound effects ofparticular employees on the organization as well as commendation fortasks well done. Recognition of particular acts of the workers tendsto boost morale and other employees may want to receive the samehence work harder to get the rewards. Whenever the workforce pusheach other in terms of performance the company benefits accordinglydue to improved productivity levels. Recognition is also a way ofmaking workers feel valued and appreciated by the company. When aworker performs well in a certain subject, the corporationreciprocates appropriately. Formal programs that are costly would beinstituted to award hardworking employees. Recognition will be doneon a monthly basis with overall results to be given annually. Inother words, workers who are commended the most in the respectivemonths would receive an overall reward at the end of the year.Performance entirely drives this section. Employees receive raises insalary that is determined by performance ratings and ranking. Forinstance, an astounding performance can be compensated via a payrise. Organizations also include some additional incentives to boostthe employee’s morale. Since they are costly, theyshould only target a small percentage of employees (1% – 10%)[ CITATION Kel12 l 1033 ].
Anothermotivational idea that can be utilized by the corporation entailsinformal programs. This includes celebrating special occasions ofthe employees like birthdays, anniversaries among other professionalor personal milestones. When a worker is celebrating a particularmilestone, the entire corporation ought to join in the same. They canhold a joint celebration or reward the particular individual. Thisacts tend to strengthen bonds thereby creating a better workingenvironment. Instead of fearing for their jobs, the workers wouldfeel appreciated and work with a sense of motivation [ CITATION Ovi13 l 1033 ].
Informalrecognition can also be in the form of performance achievement andgoal accomplishments. The program can be directed towards teams orindividuals on a monthly or quarterly basis. Low-cost awards, giftcards, certificates, refreshments, or point-value incentives can beutilized in this program. The approach ought to be all-inclusive toachieve the prospected objectives [CITATION Gee101 l 1033 ].
Rewardand recognition is also effective if communication is adequate.Communication generally entails how information is relayed betweenemployees and management. How they relate with each other for thebenefit of the company. Accordingto a Forbes Insight (2010) Strategic Initiatives Research, “AdaptingCorporate Strategy to the Changing Economy,” nine out of ten CEOsthink that communication is paramount to the attainment of theirstrategic objectives. Additionally, half of them state that “it isan integral and active element of planning and implementation of theprocess.” As per the Project Management Institute (PMI), most ofthe project managers agree that communication is fundamental toproject management [CITATION Pro132 l 1033 ].As a matter of fact, the pulse of the profession research affirmedthat some of the contributing factors to project failure include:poor communication (56 percent), inadequate requirements management(47 percent), ineffective engagement of executive sponsors (34percent), and untimely transfer of knowledge (34 percent) [ CITATION Pro132 l 1033 ].
Assuch, top management should communicate the changes in due time toprevent confusion. With effective communication, it is easier tomanage a workforce in all the necessary aspects. For example, whenproviding moraland financial incentives, they should be communicated appropriately.Additionally, they can offer benefits such as retirement pensions,free utilization of the exercise equipment, free meals, and medicalinsurance. In general, some of the additional reward and recognitioncriteria include:
Allowing employees to come to work with their pets.
Onsite childcare amenities that favor parents who work in the company
The company can also have sports amenities as well as laundry services to benefit their employees.
Allthese aspects are meant to improve the relationship between theworkers and the top management in a means of heightening theirmorale. With successful implementation of the same, the company isbound to benefit.
Outcomes
Heightened productivity of the workers: the employees will perform their duties diligently thus increasing efficiency that culminates in enhanced productivity.
Increased profits due to the heightened productivity levels and cost reduction incurred in training new employees
Reduced employee turnover rates: when employees are recognized and awarded accordingly, they will stay loyal to the corporation hence resulting in reduced turnover
Enhanced customer satisfaction: A satisfied workforce leads to quality provision of services to the customers. In that regard, the customers will be satisfied.
Allthese outcomes revolve around boosting employee morale.
Qualificationand Experience
Havingreviewed some of the successful corporations such as Starbucks andGoogle, my expertise in this subject is considerably high. Some ofthe measures have been implemented in this corporations to muchsuccess. For instance, in a company like Starbucks, employees areregarded as partners, which makes them more involved with theorganization. They know that if profits are high, the dividends willrise for their own benefit. I also have knowledge on how Googlemanages to keep its employees motivated. Even though the companymakes numerous partnerships, it still maintains its employees. Suchknowledge boosts my understanding of this project. With thisextensive knowledge of the same, I can instigate changes and ensurethe project runs smoothly to completion. Most importantly, theproject will be a success.
EstimatedBudget
Thebudget estimations will depend on the number of employees in theorganization and the time frame in which they will be rewarded. It isvital to determine the starting point. For instance, a milestoneprogram will be estimated by multiplying the corporation’s totalnumber of workers by $45 per employee. In that regard, if the companyhas 5000 people, the rewards may range around the $225,000 region.The bonuses will be given according to the task and experience of theworkers.
|
Entry level employees |
|
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Working hours (8) |
|
|
Qualifications |
|
|
Over time |
$15 per hour |
|
Bonuses as per performance |
$21 per month |
|
Medium level employees |
|
|
Working hours (8) |
|
|
Qualifications |
|
|
Over time |
$17 per hour |
|
Bonuses as per performance |
$21 per month |
|
Experienced employees |
|
|
Working hours (8) |
|
|
Qualifications |
|
|
Over time |
$20 per hour |
|
Bonuses as per performance |
$21 per month |
Drawingfrom the tables above, it would be easier to narrow down on thegeneral costs.
Conclusion
Themain aim of the proposal is to ensure workers stay motivated whileundertaking their duties. Though there are many systems that can beused to ensure the same, a reward and recognition program would bethe most efficient. In this system, workers would be given the chanceto own shares, formal and informal recognitions will be guaranteed,and communication as well as rewards will be offered consistently.The program will heighten employee productivity, improve customersatisfaction, and increased profits among others.
References
Burton, K. (2012). A Study of Motivation: How to Get Your Employees Moving. 1-33.
Dobre, O.-I. (2013). Employee motivation and organizational performance. Review of Applied Socio- Economic Research, 53-60.
Geereddy, N. (2013). Strategic Analysis of Starbucks Corporation. 1-17.
Meyer, P. (2015, September 13). Starbuck`s Coffee Company Organizational Structure. Retrieved from http://panmore.com/starbucks-coffee-company-organizational-structure
Project Management Institute. (2013). The High Cost of Low Performance: The Essential Role of Communication.
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