Economic Analysis of Participatory and Labor Managed Free Samples

Question: Discuss about the Economic Analysis of Participatory and Labor Managed. Answer: Introduction: In order to achieve the motivation to the employees, RBS has to perform exceptional duties and actions which will ensure that it attains its standards. First, the working conditions for the employees is a key factor which ensures that the organization attract the best employees. In addition, the motivator factors, which include different needs of the employees, are able to play a key role in ensuring that the employees are satisfied. The identification of these factors by the top officials ensures that the employees needs will be delivered. In addition, a good brand name for the company is key and RBS is able to undertake different communal activities to enhance the wellbeing of the community members lives. All in all, monetary benefits to the employees is able to play a key role in their motivation. In addition to other benefits, the RBS is able to offer these rewards to its employees whenever their performance is exceptional. Through performance reviews and employees recognition, R BS is able to motivate its employers and ensure that they are able to meet the different targets which the company has set. The company relies on several theories on individual motivation to achieve these goals. The organization is able to play a key roles in ensuring that the different employees are able to perform according to their capacities. The RBS is able to perform different activities which are targeting the increase of the motivation among its workers. The organization does not rely on the monetary rewarding alone to the employees but also focuses on other methods. Recognition of the employees who are able to make an outstanding job concerning the duties allocated is one of the way the company motivates its employees. In addition, salary bonuses are another way the organization is able to enhance the motivation of the employees. This ensures that the employees are able to target finishing their terms. Moreover, the firm is able to focus on the self-actualization roles and ensures that the organization is able to meet its specific needs (In Buckle, In Wheeler In Halbesleben, 2015). In addition, the employees at the organization and offered a flexible working conditions for the empl oyees. This ensures that the organization is able to maintain the different standards. Flexible working schedule is able to enhance the performance of the county. Companies motivation is a key area which ensures that the companies are able to gain the best of their goals. In addition, the goals of employees is to achieve their satisfaction in terms of their needs. The main lesson from this set is that motivation is able to depend on different factors. Personal satisfaction is able to play a major role in individual and therefore leading to the numerous factors which affect the motivation. In addition, it is clear that monetary terms are not the only source of motivation. Maslow theory is able to define the different factors which affect peoples satisfaction needs and the way they have to satisfy them (Redding Roy, 2015). Motivation is an effort by the individuals to meet and satisfy their own needs. According to different theorists, motivation is an urge which is able to originate from within the people since different people have different needs which they need to satisfy. In simple terms, motivation is an attempt to satisfy the human needs. Different people view motivation from different perspectives. The employers will look the motivation from a different angle from the one, which the employees will look, from motivation. For example, the employers view motivations in promoting the urge of the employees so that the organizations and firms meet their respective needs (Griffeth Hom, 2001). On the other hand, the employees are able to see motivation as an opportunity for them to satisfy their needs. The motivation agenda is able to change from one employee to another. This is brought about by the differences in individuals, job characteristics and the organizational practices in each organization. I n addition, in order to understand motivation, four key theories are developed where the theories explain more on motivation for people. Rational-economic, social, self-actualization and complexity multi-faceted theories are used to explain what motivation is in connection to people (Daniels, 2000). In addition, theories such as Taylor and the piece rate, Herzberg and 'two-factor' theory and Maslow's Hierarchy of Needs have been used in the aim to explain the motivation from different perspectives. According to Taylors theory, each piece of work has a unit price and on attaining the set units, the additional ones are paid to enhance the individuals put more effort. According to him, motivation is associated with the increased pay to the employees so that they meet their daily needs (In Buckle, In Wheeler In Halbesleben, 2015). Later, Herzberg was able to develop the two-factor theory where he was able to note that motivation does not only include the monetary rewards. He noted that even with the monetary rewards, when the basic needs are not satisfied, demotivation would occur. Through this, he created factors which he named as hygiene factor and motivators. Satisfying the motivators would therefore be able to lead to motivation of the employees. On the other hand, Maslow was able to come up with hierarchy of needs which humans need to satisfy in order to meet the motivation standards. He came up with a pyramid of needs which has to be satisfied in order to result to the motiv ation of the employees. As an international organization, Royal Bank of Scotland looks to enhance its operations and make sure that the employees are well satisfied. Moreover, the RBS has international employees and it has to balance between the different rules and regulations to make sure that it attains its goals in the industry (Basedow, 2015). Moreover, the financial industry is much competitive and this is a key area where the organization is able to focus enhancing its competitive nature. Through the motivational nature, the organization is able to make the employees attain the key objectives in meeting the organizational and business goals. Moreover, in any case, the organization is able to ensure that the RBS is able to attain its world-class nature by motivating its employees. From the selection of the employees and their employment to the enhancement of their working conditions, the organizations look to ensure that the employees needs are met (Griffeth Hom, 2001). The organization is able to app ly different theories in the aim to ensure that the employees are well motivated. First, RBS uses the Herzbergs 'two-factor' theory, in order to meet the different needs of the employees. Through this theory, it is noted that the motivation of the employees do not rely on money rewards only. The organization is therefore able to organize other ways to ensure that the employees are well motivated to achieved the different targets which the organization has set. First in this theory, the RBS has focused on recognition of employees good work (Nelson, 2005). Through the recognition, the organization is able to lift the self-esteem of the employees and that they feel they are part of the organization. In addition, through the recognition, the employees are able to feel important as the RBS is able to recognize their well being in the organization and their effort. This recognition is able to motivate the different employees in order to meet their targets. The personal recognition has been key for the organization to ensure that these employees fell the honor of the org anization appreciating them. This makes them more motivated to meet the different need. Inction is able to have collective sense of achievement when the company attains its business goals in order. Through this category, the company is able to collectively call upon all the employees and appreciate them for their efforts in the organization to achieve the targets. Moreover, through this strategy, the employees are able to feel part of the organization and uplifting of their working spirit. In each consideration, the employees are able to feel that they are important figures in the company and therefore they are well motivated to work hard and meet the business needs of the company. In addition, the RBS is able have allocation of extra responsibilities and advancements through regular performance reviews. According to Herzberg, the additional of duties is a way through which the employees are motivated. This shows that the companies have the trust in the employees and this is the main reason they are able to allocate more duties. RBS in this case is able to hold reviews of its employees and analyze the way to allocate duties to those who are able to meet the specific duties which have been allocated (Sirota, Mischkind Meltzer, 2005). Through this, the RBS is able to motivate the employees to meet their duties and be recognized and trusted with more. In addition, the company is able to reward the employees who are able to meet their work and perform it accordingly. The RBS employees are rewarded in different ways when they are able to meet these objectives and duties allocated (Huang, 2015). For instance, the company is able to create opportunities for its employees in order to share common goals and vision (Nelson, 2005). RBS is able to use the self-actualization by offering recognitions, promotional opportunities and other ways to enhance their motivations. The Maslow theory is therefore another theory which the organization uses in order to meet the different aspects of motivating the employees. The power in organizations is able to set who has the authority to decide and the others have the authority to listen and execute the given roles. Power is vital in organization management since the person imposed with the power has to come up with the main ideas on what need to be done. The power ids able to bring about the authority where senior management have to exercise the power to ensure that the duties are carried according to their plan (Marston, 2007). The power is therefore a key factor in ensuring that the duties are well executed in the organization. In addition, communication is another key issue which has to be streamlined in an organization. Both the upward and downward communication strategies are able to enhance the efficiency of operations. The communication in RBS is able to ensure that the deliverables of the different projects are delivered to the employees. In addition, through the proper communication channel, the employees are able to enhance their working ra te. In addition, active listening is a key issue which the employees and employer must possess. This ensures that the different issues, which are able to arise at their site, are well addressed. The active listening is a factor which the management must possess in order to solve employees issues (Ilgen Pulakos, 1999). The RBS has a well structured listening employees who are able to ensure that they collect all information regarding their working conditions. Conflict management is a key deliverable which the management team for any organization should be able to come up better solutions. The RBS is able to enhance and motivate its workers and this ensures that the employees needs are well addressed. In addition, the organization is able to enhance the working condition of the employees without further confrontation. Benefits of applying the systems approach The application of the systems is acritical components of the organizations to achieve their required goals. The systems approach helps to coordinate between the different elements of the companies ensure that the systems are working in the same direction. The system approach is able to ensure that the different activities within the organization are taken in organized manner. This ensures that the different levels of management and employees in the organization are achieved. The use of the system approach is able to enhance the organizations are able to set up goals (Ginsberg, 2015). Through the system, the organizations are able to come up with what need to be achieved and the timeframe, which will be taken to meet those goals. The system of the approach is therefore key in the definition of the responsibilities of the different employees at their levels. This ensures that the organization is able to allocate duties to employees, which they can execute effectively, and help the org anization to meet its needs. Moreover, the system approach is able to ensure that the different needs of the different parties are looked at (Nelson, 2005). The company has its own needs, which need to be addressed, and the employees have their own needs as well. In the use of the system approach, both parties needs must be addressed and the system is able to come up with a formula where the needs are addressed. The use of the system approach is evident in RBS where the needs of the employees are satisfied and the companys goals of achieving the set goals and profitability is achieved. The organization of the different systems in RBS is able to ensure that the employees issues are analyzed and sorted out. In the process, it is made sure that the needs of the employees are as well addressed at any given moment. Moreover, the system approach is able to ensure that the different employees are able to focus on their set goals and durations. This ensures that the coordination of the activities is taken from a single point (Ilgen Pulakos, 1999). The system approach has therefore been able to RBS in achieving the different targets which the business has been able to satisfy. Failure to motivate the employees has its own effects. First, the failure for the organization to meet the set goals may result from the lack of motivation among the employees. In this case, the employees will be able to do their daily part and in many time fail to complete their tasks (Eriksson, 2010). This means that the companies will be lagging behind each time in the accomplishment of the duties. At the end, the companies may end up making losses due to the failure to motivate the employees. In addition, the failure to motivate may result to the failure to get the best talent and committed workers (Sirota, Mischkind Meltzer, 2005). Considering the competitiveness of the industry, motivation of the employees in firms is used a way to get the best in the industry. Since the staffs look to enhance their personal needs and career, the best will consider the way, the different organizations are able to value their contribution. The staffs will choose the organizations, which has the best motivational values (Marston, 2007). This means that the firms without the motivational values for the employees will get the unqualified personnel for their work. Lack of the best work force and employees is therefore one of the painful results which the companies are able to pay their failure to motivate the workers. In addition, the employees will move out of a company the moment they recognize another firm, which is able to recognize their efforts. The performance of the companies is able to rely on the output of the staffs. The failure to motivate the employees means that the companies will in most cases pay the price of unproductivity in its cycles. In terms of the motivation of the employees, RBS is able to achieve its targets in terms of business operations. The company is able to set targets and through the motivation of the employees, these targets are met (Redding Roy, 2015). This ensures that the profitability of the organization is achieved. In addition, the motivation of the employees ensures that RBS is able to get the best employees who are able to drive their agenda. This ensures that the organization gets the best due to their level of appreciating the employees in its organization. References BASEDOW, J. (2015). The Law of Open Societies: Private Ordering and Public Regulation in the Conflict of Laws. Leiden, Netherlands, Brill Nijhoff. https://public.eblib.com/choice/publicfullrecord.aspx?p=2065157. DANIELS, A. C. (2000). Bringing out the best in people: how to apply the astonishing power of positive reinforcement. NewYork, McGraw-Hill. https://accessengineeringlibrary.com/browse/bringing-out-the-best-in-people. ERIKSSON, T. (2010). Advances in the economic analysis of participatory and labor-managed firms. Bingley, Emerald. https://public.eblib.com/choice/publicfullrecord.aspx?p=647726. GINSBERG, M. B. (2015). Excited to learn: motivation and culturally responsive teaching. https://www.overdrive.com/search?q=3F238091-AC4D-4AA2-B030-1E44152C6368. GRIFFETH, R. W., HOM, P. W. (2001). Retaining valued employees. Thousand Oaks, Calif, Sage Publications. https://public.eblib.com/choice/publicfullrecord.aspx?p=996809. HUANG, Y. (2015). Cultural Differences in Social Media Communications of Tech Companies An Examination of Effectiveness from a Motivation Perspective. https://nbn-resolving.de/urn:nbn:de:101:1-201510233100. ILGEN, D. R., PULAKOS, E. D. (1999). The changing nature of performance: implications for staffing, motivation, and development. San Francisco, Jossey-Bass Publishers. IN BUCKLE, M. R., IN WHEELER, A. R., IN HALBESLEBEN, J. R. B. (2015). Research in personnel and human resources management. MARSTON, C. (2007). Motivating the "what's in it for me?" workforce: manage across the generational divide and increase profits. Hoboken, NJ, J. Wiley Sons. https://www.123library.org/book_details/?id=8203. NELSON, B. (2005). 1001 ways to reward employees. New York, Workman Pub. REDDING, L., ROY, R. (2015). Through-life engineering services: motivation, theory, and practice. https://public.eblib.com/choice/publicfullrecord.aspx?p=1967930. SIROTA, D., MISCHKIND, L. A., MELTZER, M. I. (2005). The enthusiastic employee: how companies profit by giving workers what they want. Indianapolis, IN, Wharton School Pub.