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Motivation theory for employees
Sources of employee motivation and reward
Sources of employee motivation and reward
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Vancity’s competitive advantage over other types of financial institutions is that they are now Canada’s largest credit union, and they still remain committed to their original values, as they know that healthy and committed workplace helps with productivity snd success with their competitive industry they are in. They focus on employee satisfaction to allow for a competitive advantage over other financial organizations, with employee surveys which they analyze and allow for individual goals to align with those of Vancity’s best interests. They invested in people, tools and processes to deliver better service to members. Vancity is an a healthy financial position due to the fact that it takes an innovative and unique approach to serving the
financial needs of it’s members in many different ways, being the first to offer mortgages to women and the first to market directly to the gay and lesbian community using traditional media. With impact lending—loans and investments that sustain the environment and improve people’s lives, they allow their members to prosper as an individual by allowing the member to be a part of a healthy, vibrant community. A total of $234 million dollars has been shared with it’s members in effort to help their members and the community they serve. Along with all this, they were rthe first carbon-neutral North American-based financial institution. Vancity’s competitive advantage over other financial institutions comes from their revolutionary and innovative ways to sustain future growth and further the economy by allowing members and communities to build a better future.
1) Vancity manages to deliver significant competitive advantages over its competitors through multiple trials. Mastering a competitive advantage sets apart a company from its rivals in a distinct way. Overall there are three ways Vancity accomplishes this feat. Firstly, through costs by retaining employees with competitive wages, bonuses and incentives. This investment into the employees guarantee community in the workplace which is proactive in the completion of job tasks. Some competitors loose focus of this and treat employees in a derogatory manner to make money which inhibits productivity. Secondly, through delivery by serving local customers and staff. With Vancity being dedicated to help and consistently give
Employee motivation and rewards are effective means to retain employees. When an employee is motivated, his or her needs are being met. When an employee is unmotivated, his or her needs are not being met which results in a high employee attrition rate. Riordan Manufacturing is experiencing a high attrition rate. Riordan Manufacturing has 3 plants and employs 550 people. Recently, Riordan hired Human Capital Consulting to perform an analysis on the underlying issues that are causing the decreasing employee satisfaction and to recommend courses of action that will address the underlying issues. Research has been done to identify the issues and opportunities, the stakeholders and ethical dilemmas, and the end state vision. A gap analysis has also been performed to determine the gap between the current situation and the end state goals. Riordan Manufacturing will use this information to determine the best way to proceed towards improving its working environment for the employees.
At Wells Fargo, teamwork and sales are important skills needed in order to succeed as a teller. At Wells Fargo, I plan to incorporate a system where each teller gains the skills necessary so that each task runs efficiently. To begin, I will start observing each banker’s, and each teller’s normal routine. I will be listening carefully to the conversations the tellers, and bankers are having with customers. As an observer, I will be taking notes on what the employee’s strengths and weakness are when lobbying to a customer, and working with coworkers. I will continue this process for a week. Once the week is complete, I will have one on one meetings with each employee. After the employee’s one on one meeting is complete, a proposed course of
Target must compete vigorously and fairly in the marketplace using our independent judgment to make the best decisions for the Company.
In light of an evolving market, faced with new competitors, and after a careful analysis of their current customers, the Vanguard Group (hereinafter referred to as “Vanguard”) realizes it must rethink its entire marketing strategy. However, in order to protect and leverage their competitive advantage, which is their low management fees, and to optimize the loyalty that their customers continuously demonstrate toward their organization, they must now target the most profitable segment for them, and develop the best way to serve and delight these customers.
Canadian Tire rewards employees who contribute to them. Further, Canadian Tire offers sufficient welfare and training for employees (Canadian Tire Corporation, Limited, 2009, p9).
Hertz operates its car rental business through various brands in 145 different countries. Hertz was named, for the thirteenth time, by Travel + Leisure readers as the Best Car Rental Agency (Hertz Annual Report, 2013). Hertz is one of the top companies in the car rental industry by obtaining 18.6% of the market share (IBISWorld, 2014). In addition to the leading position that Hertz has built within its industry, the focus was to add more value offerings while recreating the experience in car rentals across the globe. Hertz employs both growth and competitive strategies to sustain competitiveness.
This article is about Harrah’s Entertainment; one of the largest casino entertainments made a decision to move away from being a product based company to a strategic marketing company geared towards customer satisfaction by implementing a customer focused rewards program. Bill Harrah, the founder of the company established the company’s reputation on the premise of pride of the employees working for “the best in the business” while given more attention to the condition of the properties. However, when Gary Loveman joined the company as the new Chief operating officer, he made a move towards customer service. Gary Loveman hired Marilyn Winn, the head of Human Resources, to change how the company engaged in people development. Winn came up with a strategic plan to develop Harrah’s human capital. As a result, Winn is faced with the difficult task of improving employee motivation and job satisfaction in a rough economy after 9/11, which changed our nation forever. Although, the company gained market share it did not quite meet the company’s projected level.
Over the past 150 years, Wells Fargo Bank has become one of the largest financial institutions in the North America. Wells Fargo Bank is much more than a bank. It’s a premium financial service provider. It believes in its people and products to help them to succeed. So how has Wells Fargo become such a leader in the financial world? It measures its success by its management staff and team members. Wells Fargo has developed and implemented its own management structure and answers the following questions regarding existing success:
This case study will examine the key management practices that make Trader Joe’s successful. Sound management practices have been a catalyst for the long-term financial success of Trader Joe’s. The literature review examines Trader Joe’s approach to management practices. The research will analyze the: employee job satisfaction, management practices, importance of human capital, and contingency planning.
Tesla Motors Inc. is an American public company which is known worldwide because of its experience in designing, manufacturing and also the selling of electric cars and electric components for vehicles. The motor was started back in the year 2003 in San Carlos, California in the United States (Teslamotors.com, 2014). The company had its headquarters in Palo Alto and at the time of its inception, Elon Musk was its chief executive officer (CEO) (Hunger, 2010).
First, in relation to the organization’s most important asset, people, Sears has failed to recognize the distinctive competences that lie in the skills and abilities of their own employees. Sears once was a very successful organization in relation to how they treat their employees. Sears was one of the pioneers of measuring employee engagement in the retail industry by creating a set of measures known as Total Performance Indicators. People who enjoy going to work every day, as a result of a high-performing company culture, increases their productivity, giving them a higher return on salary. This model of employee engagement worked very well for Sears in the past, however, in recent years, Sears has strayed away from this core competency.
Competitive advantage is the advantage for the competitors and gained by the offerings from the consumers that have the greater value either by the low prices of the products and by providing the benefits and services to the consumers that denotes the high price. It is a set of the innovative and different features of the company and the products and services sale to the consumers so that company can achieve the targets what they have decided and it is the betterment for the enterprise in the competitive market (Porter, 2011). There are three determinants which can be used in the competitive advantage that what the company produce for their consumers, their target market that what they have to achieved and the competition from the other entity
Value chain analyses a firm 's internal activities such as planning, production, and development, packaging and distribution so as to create value for clients. The function of the value chain is to identify the sources for cost reduction along with quality improvement. It means value chain is used to identify the strong and weak points, positive and negative points, the scope of improvement; in a nutshell, the advantages and disadvantages of the activities taking place in the system. The value chain is also called as a strategic analysis tool and it is a well-known concept in business management industry.
“Training is the systematic acquisition of skills, rules, concepts, or attitudes that result in improved performance” (Goldstein & Ford, 2002). Pal’s Sudden Service has focused their hiring practices on hiring the right people first, providing the best training possible and reinforcing training everyday. The investment in training has much more to do with the company other than low errors, reduced customer wait times, which lead to high customer satisfaction. The focus on training reduces employee turnover. The costs of hiring and training new employees greatly reduces customer loyalty, both significantly will impact profit. The challenge, comprehend the training requirements, formulating who will train and how the process will be trained. The repeated success of a training program must be quantifiable and re enforced. An efficacious training program with continual re enforcement will pay strong dividends in business profit, employee satisfaction and customer loyalty.