Friday, January 24, 2020
America in 1934 In the Midwest, farmers were losing their land to mortgage foreclosures. American tourist deaths were attributed to a terrorist attack. A president known for his effective use of the media governed the United States. The U.S. cooperated in a change of government in the Philippines. Parents and churches criticized motion pictures for eroding American morals. And Appalachian State, after setting a new enrollment record, received favorable publicity in a national magazine. Sound familiar? Think again; you're 55 years off. The year was 1934 in the U.S.A. The Federal Emergency Relief Administration, part of Franklin D. Roosevelt's New Deal, provided relief funds to just under seventeen million Americans to offset "the hardships and suffering caused by unemployment" in the Great Depression. Leading the state relief parade was North Dakota, 34% of whose population received federal funds. In New York just under two million were on the dole (Lyman 71-72). By manipulating gold and silver prices, President Roosevelt hoped to cut Depression inflation. The Gold Reserve Act established a maximum limit of 60% for the gold value of the U.S. dollar. It allowed the President to set the price of gold at $35 per ounce. The Silver Purchase Act directed the Secretary of the Treasury to buy silver until the metal reached 25% of U.S. money reserves or until its price reached $1.29 per ounce (Leuchtenburg 13). On 9 February President Roosevelt ended all government air mail contracts with airlines and ordered the Army to fly the mails. Roosevelt took this measure to deprive commercial airlines of scandalously high financial arrangements, but his plans failed because of the Army Air Corps' inability to handle the job. After the ... ...t Record at A.S.T.C." Watauga Democrat 4 Oct. 1934: 1. "Normal Child." Time 27 Aug. 1934: 50. "North Carolina Builds Shrine to First Colony." New York Times 1 July 1934: 18. Old Gold. Advertisement. (Raleigh) News and Observer 13 June 1934: 14. "Poor White's Art." Time 10 Sept. 1934: 33. Phillips, Cabell. The New York Times Chronicle of American Life: From the Crash to the Blitz 1929-1939. New York: Mac Millan, 1969. "Receive Honorary Degrees." (Raleigh) News and Observer 13 June 1934: 1. Reichler, Joseph L., ed. The Baseball Encyclopedia. 4th ed. New York: Mac Millan, 1979. Shale, Richard, comp. Academy Awards. New York: Ungar, 1978. "Ruth's Record of 700 Home Runs Likely to Stand for All Time in Major Leagues." New York Times 14 July 1934: 8. "Sophisticates Abroad." Time 16 April 1934: 77. Stern Brothers. Advertisement. New York Times 1 July 1934: 10.
Thursday, January 16, 2020
Every manager has a theory on how to motivate employees to perform his or her job. One of the oldest motivational methods is the Carrot and Stick method, which is a combination of rewards and punishments to bring about a desired behavior. Although this method of motivation can still be found in one form or the other in many organizations today, managers are learning new methods of motivating employees. This paper will analyze two different job positions the author has held, and how the theory of achievement motivation would and would not be applicable to those job positions. The author will also analyze the need to develop and create new theoretical models of motivation in todayÃ¢â¬â¢s changing work environment. Theory of Achievement Motivation AtkinsonÃ¢â¬â¢s Achievement Motivation Theory suggests that some individuals have a greater need for achievement and success than other individuals. Those individuals that have a high need to achieve and be successful will take on more difficult tasks than those individuals that are not highly motivated to succeed. The following two workplace scenarios will show how the theory of achievement can affect employees. Workplace Scenario One One workplace scenario that works well with the achievement motivation theory is the Wal-Mart organization. Employees of Wal-Mart are paid by the hour; however, individuals are able to increase his or her salary through yearly raises and quarterly bonuses as a direct result of his or her job performance and production level. The basis of this pay system depends on the motivation of its employees. EmployeesÃ¢â¬â¢ raise is based on a scale of one through 4. Employees that have consistently high production levels and provide excellent customer service will receive the maximum yearly raise. The quarterly bonus Wal-Mart offers its employees is determined by performance markers which include sales, customer satisfaction levels, inventory levels, and employee attendance. This type of work setting demonstrates achievement motivation theory clearly. Without the willingness to succeed average employees will not achieve the same monetary results as the harder working employees. Wal-Mart rewards employees for quality productivity, work ethics, and attendance. The combination of these factors is what motivates the employees in reaching the desired result for the organization. Workplace Scenario Two Another workplace scenario which demonstrates where the achievement theory does not work will is in the union; specifically the grocery stores that make us the United Food and Commercial Workers (UFCW). UFCW is a national union made up of Ã¢â¬Å"more than 1.3 million people working primarily in grocery and retail stores, and in the food processing and meat packing industriesÃ¢â¬ (UFCW, 2012). Individuals that belong to this union have negotiated wages and benefits. The combination of contracted wages and benefits, and the unionÃ¢â¬â¢s backing removes a large amount of achievement motivation. The union employees in a grocery store usually work independently; whereas, in Wal-Mart the culture is more of a team. Through the negotiated contracts between Dierbergs and the union, employees know the amount of pay or the amount he or she will receive for an annual raise, regardless of experience or work productivity levels. Union employees also know the amount of pay or raise will not change, therefore there is little motivation to increase productivity, or work at a higher level than a coworker. In the grocery store setting employees are paid the same amount if they check out an average of 20 customers an hour or 2 customers an hour. The Need for New Theoretical Models of Motivation Decades ago working conditions we not as good for most employees in the work force. Unions, such as the UFCW, were formed to insure workers received fair wages and their workplace was safe. Since then laws have been passed and organizations behave toward their employees much better. Many non-union organizations reward their employees for exceptional productivity and work ethics. The union workerÃ¢â¬â¢s motivation is greatly reduced, because there is no incentive to increase productivity or practice good work ethics outside of what the contract outlines. The workforce of today is increasingly diverse with differing needs and demands of the workforce of decades ago. Technology has changed the way organizations do business and where that business is conducted. Global companies and e-commerce organizations with highly knowledgeable employees are now common. Another influence on in the workforce today is organizational tasks and goals are increasingly organized around teams. Managing these diverse, knowledgeable employees can be challenging and have a profound influence on how organizations attempt to motivate employees. The need to understand the influences of obvious and hidden motives and perceived abilities on motivation is needed. (Steers, 2004) Also, an understanding of Ã¢â¬Å"how participation in groups have a powerful influence on motivation above and beyond what can be understood by focusing exclusively on individual-level effectsÃ¢â¬ (The Road Ahead). Failure to meet the need for new motivational models will result in influencing how organizations attract, retain, and motivate employees. Without motivating this new type of workforce organizations may lose their profitability and will not stay competitive. Conclusion Individuals are motivated to work for various reasons; however, most work for financial stability. The challenge for managers is too continual finds ways to motivate employees to achieve organizational goals in a changing workforce. TodayÃ¢â¬â¢s workforce has new challenges such as technology, globalization, and team efforts, which did not exist before. Ã¢â¬Å"What all types of achievement situations have in common is that the person has encountered a standard of excellence and has been energized by it, largely because he or she knows that the forthcoming performance will produce an emotionally meaningful evaluation of personal competenceÃ¢â¬ (Reeve, 2009, p. 176). References Reeve, J. (2009). Understanding Motivation and Emotion (5th ed.). Hoboken, NJ: John Wiley & Sons. Steers, R. M. (2004). THE FUTURE OF WORK MOTIVATION THEORY. Retrieved from
Wednesday, January 8, 2020
Sample details Pages: 10 Words: 3096 Downloads: 8 Date added: 2017/06/26 Category Business Essay Type Research paper Did you like this example? In the past few decades organizations are very concerned about the development and orientation of their employee and also pondering on performance management (Murphy Cleveland, 1991). Organizations are following the new patterns of working and doing jobs to adhere the aims and mission of it. To fulfil this new modernized concept of fast and technological revolution they are realizing the importance and implementation of new methods of performance management (Cardy Dobbins, 1994). DonÃ¢â¬â¢t waste time! Our writers will create an original "The Importance of Performance Appraisal Schemes" essay for you Create order Organizations have indentifies the importance of performance appraisal and its as it has been found in the cases of all big multinational companies that they have implemented the performance appraisal systems to enhance the productivity of their employees. There are variety of different perspectives that evident the importance of performance management and its measurement (Whitney, 1994). Organization should present true and fair view of performance appraisal to gain the trust of employees, (Robinson Rousseau, 1994) their loyalty and job satisfaction are the main core of any organizational success. Through rational performance measurement organizations management can get the maximum reliance of employees. This research papers aims to explore the performance appraisal system within the banking sector of Pakistan and its comparative study with JS (Jahangir Siddqui) bank. This research study will also explore the effects of performance appraisal on the employees considering motiv ation, job satisfaction and employee loyalty as key factors in HR function. The Research Topic: To explore the role of performance appraisal system in HR function within the banking sector of Pakistan. Aim: This research aims to investigate the role of performance appraisal system and its effect on employees considering motivation, job satisfaction and employee loyalty as the key factors in HR function within the banking sector of Pakistan and comparative study with JS Bank. Objectives: What is performance appraisal? What are different performance appraisal systems? How appraisal system interlinked with motivation and employee loyalty within banking sector of Pakistan? What are different problems with performance appraisal system? What are different strategies in HR department to enhance productivity? Pakistani Banking Industry: Every country has a main financial regulatory body to cycle all the financial institution; alike State Bank of Pakistan (SBP) is the regulatory body and integral part of financial services. Vision Statement: Our vision is to develop the SBP BSC (Bank) into a strong and dynamic institution, equipped with an efficient and professional human resource base, having the requisite technology and fully capable of providing quality service to stakeholders, while complementing the State Bank of Pakistan in achieving its objective. (SBP, 2011) Mission Statement: To provide reliable banking services to Government, financial institutions, public and to act as an operational arm of State Bank of Pakistan. (SBP, 2011) SBP is taking effective supervision of all financial institutions, this sector comprises of different categories like; commercial banks, non commercial banks, scheduled and non scheduled banks, micro and macro finance banks, development financial institutions, leasing and investment banks, agri-finance institutions, brokers and discount houses, venture capital companies, modarbas and musharika companies (Islamic banking) stock exchange and insurance companies. Thus SBP is carrying all the financial services within its umbrella (SBP, 2011). As a central financial body of a developing country, it has many economic, traditional and developmental function to gain the macroeconomic goals. Traditional functions are categorize as: issuance of currency, regulating the interest rates (IRR), balance of payments, keep an eye on inflat ion and deflation, supervision of all other sub-financial institutions, lender and last resort, regulating the monetary policy, bankers bank, governments bank and other functions are: management of foreign exchange, public debts, government debts and also to make understanding and negotiations with international financial bodies i-e; International monetary fund (IMF). SBP is also making frame work for the saving and investment patterns. All interest rates (six month KIBOR, nine Month KIBOR) also monitored by SBP. The main developmental function SBP is performing in current time is the Islamization of all banking infrastructure (SBP, 2011). Being an integral part of Pakistans economy SBP is trying to regulate all its departments in most effective and professional way. Insight to SBPs Human Resource Department: State Bank of Pakistan always give confidence to fresh banking graduates to be a part of its operations to get the wide knowledge of banking sector. It also offers the employees the chance of endorsement and rotation within bank by posting internal jobs. This opportunity enables the employees to meet their personal aims and objectives in their banking career (SBP, 2011). Quite few units are working under HR department of SBP. Performance Management Unit (PMU) is main authority for carrying performance measurement and appraisal process and suggests the employees to increase their annual goals that will definitely smooth the progress of them to get the promotional objectives and also rise in the salaries (SBP, 2011). The Reward Recognition Unit (RRU) is the main unit that gives the notion of and recognition of personal and professional milestones of an employees and also acknowledge the services within bank by giving ground-breaking business practices. This unit encourages emp loyees to take part in the decision making process to increase their trust on organization and they are held responsible for enhancing the corporate name in the public. To bring about this recognition an admiration letters are being issued by RRU and also some monetary rewards (SBP, 2011). The Succession Planning Unit (SPU) weighs up and measures the employees performance and their skills through different tools and also tries for the development, orientation and training needs of new employees and the potential successors (SBP, 2011). There is a separate unit called Employee Motivation Retention Unit (EMRU) that is responsible for conducting different surveys to check the level of employees motivation, their job satisfaction level and also the loyalty of employees with SBP. This unit also works on the frame work of different strategies to get the maximum efforts from employee by polishing their skills (SBP, 2011). The Job Evaluation Unit (JEU) measure the job posts and al so the position and its structure to ensure that job is done by a capable person and it is performed well with certain grade points (SBP, 2011). The amalgamation of all units working under HR department makes it a well functioned department. Following part will be putting light on JSBL bank and its operation. Jahangir Siddiqui Bank Limited (JSBL): Jahangir Siddiqui is the merger of two giant banks of Pakistani banking industry, Jahangir Siddiqui Investment Bank Limited and American Express Bank Limited Pakistan (JSBL, 2011). Vision Statement: To provide quality and innovative range of banking services and products to our customers by a highly motivated team of professionals whilst maintaining high ethical and regulatory standards thereby, generating sustainable returns to our shareholders. (JSBL, 2011). Mission Statement To be a preferred partner of our customers by providing complete financial solutions exceeding service expectations, though a single relationship via conventional and non conventional, conveniently accessible distribution channels. (JSBL, 2011). JSBL is a big wing of Jahangir Siddiqui investment and securities and a unification of two banks, It originate its operation as a scheduled bank with SBP on December 2006 with a innovated investment practices. JS bank is one of the premier in the brokering and discounting licence from State Bank of Pakistan. Besides the banking services the primary objective of JS bank is to provide quality financial solutions to all common customer of bank. They are issuing new and innovative products for the customer to give them maximum ease in modernised banking (JSBL, 2011). Js bank is performing multiple services and activities which can be categories as follows: Retail and Consumer Banking Treasury Securities Corporate Commercial Banki ng Investment Banking (JSBL, 2011) These departments are performing innovative solution with technological ease to final customer plus JSBL is also opening its branches all over the country and going international in coming year (JSBL, 2011). Insight to JSBLs Human Resource Department: ? Rational of Study: The system that indentifies the Performance evaluation and review is called Performance Appraisal system. Performance appraisal system highlights the individual and groups performance over the period of time and reviews for the promotion and raise in monetary funds. To get the real meaning of performance appraisal system can be elaborated to the concept of performance management. Performance Management can be define as: An approach to create shared vision of the purpose and aims of the organization, helping each individual employee understand and recognise their in contribution to them, and in so doing manage and enhance the performance of both individuals and the organization. (Fletcher, 1992) Performance management is a process where it describes the performance of individuals that shapes a group and become the collective success of the organization with the set of objectives, time period, reviewing the performance and recognition of the performance with rewards (Connock , 1991). The main objective of performance management is to show the real picture of the employees performance over a period of time and this can be achieved through framed standards (Beaumont, 1993). In the Performance management the appraisal system is the most significant part where it may be define a structural and formal system that helps the manager and subordinate to interact with each other to evaluate performance. This interaction usually comes into process annually of semi-annually in shape of some structured interview or questionnaire; in this process supervisor examines the performance of subordinate where supervisor indentifies strengths and weaknesses and also highlights the area of improvements (Connock, 1991). In different sectors of economy including banking sector results of appraisal of employees are use for the future employee planning, their rewards management and promotion. These rewards are directly or indirectly linked with the recognition of employees milestones in the personal and professional skills. Thus this indentifies the rise in pay, cash bonuses, promotions and job satisfaction majorly (Beaumont, 1993). As performance appraisal encourages the good performers on the same hand performance appraisal also highlights the poor performers and tells about their weak areas and it helps the management to remove the leaning hurdles and makes them to achieve the set objectives and aims. Plus this system also indentifies the employee who needs guidance and counselling from management to improve their performance at work. Organization believe that performance appraisal is best tool to see into deep about the levels of employees and their performances and making the decision about their rise in salary, promotions, demotions and penalties. There are many factors influencing performance appraisals systems at work. Internal and external factors always plays an important role in appraising the employees. Internal factors could be labo ur unions, managements attitude, the employees behaviour and their stance in the direction of work. External factors are legislations in relation to the employees. Labour union always get into the matters of employees well being at work and also in their personal lives so that they can give their full at work. But some time it may give the negative effect on performance appraisal and ask the management to give promotion or rise in the salary on the bases on seniority. Internal factors can also affect the performance appraisal in shape of bad corporate culture that can be a big hurdle in the performance management. The main objective is to set the specific goals and make framework of getting those objective, for all this management should inform the employee that what is expected from their jobs and what should they do to make hundred percent out of it. At the end management sees and evaluates on the whole performance and also communicate this efforts to employees. This communication also develops relationship between employees and supervisors. As the managers are aware of the importance and criticality of performance appraisal, and its ultimate effect on the motivation, loyalty, job satisfaction plus its has a big effect on the growth and success of the organization, so while documenting, communicating, and describing the job particulars, they are more concerned. It has been noticed that in the current time, job performance systems have improved a lot, but still the outcomes shows that it has negative effects on the job satisfaction and motivation of the employees and if it is not been appraised systematically. So, it results in counter of an organization that employees are demoralised and also lose their loyalty, which affects the organizational aims and objectives. Human resource officials use performance appraisal for decision making such as planning payments and salary scale of the employees, they also determine what professional developments are needed to equip their employees with a proper feedback. Performance appraisal could also help the officers to decide what are the factors that can be employed to increase the productivity of employees (Natalie Ann 2005). Performance appraisal is a system in which HR managers measures the performance of the employee, either he is performing his job rightly, is he achieving what organization wants from his job, what is his behaviour and attitude towards his job, either he is showing positivity towards his job, is he the right employee for the right job, as all this comes under the HR function of an organization (Randhawa 2007). The main objective of performance appraisal is to make assurance that employees performance is up to the mark, to communicate this job performance measurement makes the employee enable to enhance his productivity and cover his loopholes where he is lagging behind. The main objective behind performance appraisal is make insure that organizational goals are being m et, because meeting organizational objective is a individual as well collective efforts. Strategic objectives on banking sector and any financial institution are to multiply their profits by gaining the top performance from its employees. By monitoring employees performance, they actually see what is the criticality of the importance and the effect that job is making on the organizational objectives. An effective performance appraisal must have collaboration between the management and the subordinates. An employee should work according to the job description, which is decided by the immediate manager, by this there will be no conflict between management and the works. An object of performance appraisal is to influence the employees job performance with the systematic process appraisal, what are the major impacts on the employees to get the certain level of motivation to improve the productivity of the organization as well as the job satisfaction (Natalie Ann 2005). In the past t he wholly purpose of performance appraisal was just to calculate the financial position of the company, either it has made some progress in terms on monetary , what influence it has made on the department growth and what are the effects of performance of the organizational objectives but now the things are getting change, now researchers are seeing beyond the monetary terms, they are not discussing the financial aspect but they are measuring the job performance in terms of employees job satisfaction and his level of motivation, because ultimately the manpower of an organization is its labour force, if this labour force is getting what they want then they will perform according to the job description they have with them within their departments. In the banking sector as credit crunch has been taken place all of the investment and financing in Pakistan has stopped, it has very negative impact on the employees working in the banking industry, and the HR department of the banks are a ctually working on the moral and motivation of the employees. There are different techniques and method used for the performance appraisal, and it gives an outline to measures the performance, that are in use of different organizational and it also varies from industry to industry, there are no hard and fast rules to use specific performance appraisal systems, but it always suggested to use same performance criteria within one organizational and it applies to all of the employees. These models and techniques include, Six Sigma, Balance Scorecard, 360 degree feedback, etc. These models and techniques to measures the performance is widely in use of many MNCs and local organizations, in the banking industry of Pakistan and in JS bank. While designing performance appraisal management should keep in view the nature and type of the business to conducts these performance management techniques, in the performance management 360 Degree is common and Six sigma is operational management tec hniques both leads to performance appraisal measurement and where the HR function is able to the appraisal and it involves the motivational factors, employee loyalty, and job satisfaction aspects. Extensive and appropriate use of these techniques will makes the appraisal very unbiased (Natalie Ann 2005). Employees motivation and job satisfaction can never push aside, as these are elementary aspects of any Job, in the process of appraisal system employee always aspects the some feedback from the employees which gives him motivation and the satisfaction from the job done, so these are the complementary part of any job. when any employee is being appraised then he always gets the communication and feedback of that appraisal and it actually indicated the level of satisfaction of job the employee has and plus the loyalty he has for the organization. In the banking industry, as the recession hits and many of the employees being fired so at time of performance appraisal, employee are so d issatisfied as they dont know when they are going to part of sacked list of employees, keeping in this view, the performance appraisal system plays role in the Hr department to indicated the key factors such as motivation, job satisfaction and loyalty (Caruth and John 2008). Performance appraisal plays in managing human resources (Cardy Dobbins, 1994), there has been a great deal of research conducted to understand appraisals. Murphy and Cleveland (1991) says much of this research has focused on such issues as appraisal formats and minimizing bias from raters. Rating the performance appraisal and giving the feedback is not an easy task for the HR department, as the criteria of apprising is the job is a complex job, there are contain strategies underlying to make more accurate than the traditional ways, and the likelihood of correct appraisal will be increased. These strategies can categories as some practical training to the HR officials , new learning techniques, method should be true n fair for all set of employees, transparent, and should be computerized so there are no chances on intermingled results which will removes the chances of favouritism, very main strategy and objective of the performance appraisal that it should be conduct for the motivation of the employees not the negative aspect associated with it, as it will decrease the morale of the employees. There should be some reward or bonus announced so this will be stimulation for other employees and they will try to excel their jobs too, proper communication and feedback session should be introduced so the employee come to know their loopholes (Natalie Ann 2005).