The
majority of BPO organizations are competing to survive in this volatile and
fierce market environment. Motivation and performance of the employees are
essential tools for the success of any organization in the long run with
expected profits ( Naseem
et.al, 2011).Nowadays most of the BPO organizations are facing an experience
of high turnover of employees and also they are not in the expected output of
the company so it is very important to motivate the employees to retain by
giving financial or non-financial benefit to improve the organization revenue
and performance (Ramlall, 2004).and on the other hand, measuring
performance is critical to the organization’s management, as it highlights the
evolution and achievement of the organization. On the other hand, there is a
positive relationship between employee motivation and organizational
effectiveness, reflected in numerous studies (Wang
et.al, 2011).
On a teamwork basis Frequent,
positive feedback provided within an enjoyable team oriented environment, makes
a tremendous difference in employees' sense of being valued with or without
financial rewards (Bari, 2013).These cultural aspects of
the workplace make an excellent morale raising investment in your staff and
business. This applies even in a strictly goal driven environment. Strive to
maintain an enjoyable, family-orientated atmosphere in which all employees
focus on achieving team goals (Yousaf, et.al, 2014).Currently
most number of organizations are target oriented and they implemented several
standards and as well as the monthly, weekly targets for their employees and
the company needs to be maintained a better quality and quantity levels of
their work for surviving with their global competitors. There for, different
kind of motivation technics are very important and essential for decreasing the
dissatisfaction and increase the productivity of the employees of the
organization (Lam and Gurland, 2008).
According
to Young et.al (2012)
can divide those technics as follows
1. Financial
Techniques
2. Non-Financial
Techniques
- Financial Techniques
According to Young et.al
(2012) money is the foundation of everyone's
lifestyle and money is a strong motivator and using bonus. Money as an employee
incentive is one of the best way to get the most from your staff, according to
"Entrepreneur" magazine. You can reward the staff with cash bonuses
based on individual and team performance as measured against company-determined
metrics. Giving simple incentives and rewarding cash engaged employees and
rewarding employees could also be a part of the company benefits.
Pay and Allowances
According
to Chiu et.al (2012) the employers offer various kinds of additional benefits
in monetary terms to their employees over and above the basic salary, which are
known as salary allowances. These salary allowances are given to meet the
expenditure of particular nature. According to Income Tax Act, allowances are
added to the salary of an individual and taxed under the head Income from
Salaries. The salary allowances can be bifurcated into three broad categories,
taxable, non-taxable and partly taxable allowances. Good pay and
allowances help the organization to retain and attract capable persons. However,
good pay and allowances effect to motivate the people.
As an examples: Most of companies paying a better basic salary
for their employees and other than that an attractive medical cover for them
and their family members when their hospitalization situations and also paying
the percentages of their nursing home bills for the delivery period as well.
Not only that most BPO companies provide a spectacles allowance to them once a
year and specially a hearing test allowance for their audio recognition team
members in every six month. Also paying telephone and internet bills for the
management staff is another motivational technic of most organizations.
Incentive pay
According to Sung et.al
(2017) incentive
pay plans are meant to increase output, which can be measured quantitatively.
For making proper incentive plans for their monthly or weekly targets, the
employees must have confidence that they can achieve the targets.
As an examples: Most of companies paying a production incentives
other than their salary in weekly or monthly basis when they reached for the
extra levels of the company production standards. The company have a criteria
and also a proper calculation system to measure that and the maximum total
bonus they can be reached is already set up by the management.
Gain sharing
According to Arthur and Smith (2001) it is a reward system mostly
the organizations can use to maintain the team performance in which the team
members earn bonus for increasing productivity and reduce wastages. To
illustrate, if the wastage is reduced from a certain percentages to less, the
benefits may be shared equally with the team.
As an examples: Most of BPO companies need to reduce their
printing and paper cost so they have implemented a weekly bonus scheme for
their document controlling staff members for paperless cue sheet distribution
process. And also these kind of companies more concern about time wastages of
their employees so implemented several production bonus schemes when the team
members and also the teams are in over the production levels or within the
onetime deadlines. According to that always the employees trying to reach tease
targets during their working hours as well as their free times.
Profit sharing
According to Poole and Jenkins (2013) sharing of profits with
the employees by way of distribution of bonus. Profit sharing plan has its
shortcomings one, which it has become a regular feature in government
departments irrespective of performance and two, it may have no relation with
individual efforts. But most organizations not follow this method with their
employees but some companies sharing their yearly profits with only with their
senior staff members or the company adding these yearly profits to the
employees’ gratuity allowance or their pension schemes as an extra benefit.
Stock
Options
According
to Brandes and Dhawadkar (2003) many companies use employee stock options plans
to compensate, retain, and attract employees. These plans are contracts between
a company and its employees that give employees the right to buy a specific
number of the company’s shares at a fixed price within a certain period of time.
Employees who are granted stock options hope to profit by exercising their
options at a higher price than when they were granted. In India, stock options
have primarily been used as a retention tool for a more selective group of
employees.
Retirement
Benefits
According to Yousaf et.al (2014) most
organizations investigates the impact of retirement of the employees on or
before age 60 and to explore the effective pension plans and retiree health
insurance on the expectation of their retirement. With respect to pension plans
and effects were explored for retiree health benefits. The results indicate
that retirement pension benefits and the availability of retiree health
benefits have a significant influence on workers' retirement age expectations.
It mostly includes the
accumulated provident fund, gratuity, leave encashment
and pension. The provision of terminal benefits provides assurance to employees
during the service for their future.
Pay for Performance
According to Sung et.al
(2017) there is pay for performance pros and
cons. Among the pros are the motivation of individuals to perform better and
teamwork for groups that will get a team reward. It might not seem like there
are any negatives to using money as an incentive, but there are. It can create
animosity and frustration with those who don't qualify for the reward. This is
especially true if rewards are "top performer" rewards but can also
lead to poor morale with someone who tries hard but just never gets to that level.
As an examples: Most of
companies implemented the team performance allowance when they achieving the
priority task with deadlines and according to their educational backgrounds,
individual performance and continues appreciation which received from the
organization directly consider as an extra advantages for the yearly production
increments of the employees. And the junior management and the team leaders
eligible for a monthly reasonable pub allowance when they reach for the company
targets without any delay.
Reward Effort
According to Hansen
et.al (2002) some
employees try their best but they never see their name on the wall of fame.
Offer rewards to the entire group whenever a team meets specified goals.
Another option is to allow employees to create their own employee recognition
program. This type of plan often showcases employees who work quietly in the
background and who don't outwardly seek recognition for themselves. The rewards
given for this can be as simple or elaborate as budget allows.
Attendance bonus and other bonus schemes
According to Khan,
et.al (2013) the
organizations can emphasize several bonus program by paying bonus money
separately from base pay, and individual incentives are often more effective
than group incentives. Create a simple system to the employees can track their
daily progress toward their incentive and bonus payments, and encourage
employees to ask how they can improve their work habits to take advantage of the
bonus pay programs. Monetary as a motivator can actually be structured in
different ways. A business leader can survey employees and consider industry
standards as the starting point in developing the structure of money incentives.
As an examples: Most of companies
provided an attendance bonus for their employees to motivate them to control
their absenteeism. And also a production bonus provided for their job related
tasks when they reached more for the expected individual targets of the
company. And also considering their yearly total performance, achievements,
seniority and the total marks of their annual performance appraisals which done
by their superiors for the maximum amount of their yearend bonus schemes.
Salary advance, out sourcing and the personal loan
facility
According
to Ude and Coker (2012) the credit facility is a
pre-approved loan facility provided
by the companies to
their employees wherein they can borrow money as and when required for its
short term or long term needs. Many employers offer loans to their employees, but this practice can
throw up some unexpected pitfalls of which employers should be aware and these loans are frequently made on a low-cost or
interest-free basis.
Outsourcing is the business practice of hiring a party outside a company
to perform services and create goods that traditionally were performed in-house by the company's own employees and staff.
As an examples: Most of
companies provided the loan facility to their employees for their higher
education payment, unexpected medical covers and as well as the personal
category and allow them salary advance for the festival season and for their
sudden but acceptable reasons. Most team members are professionals of their
company tasks so most BPO companies provide the outsourcing facility for their
selected employees to earn extra monthly income from the company.
References
·
Arthur,JB and
Aiman L Smith (2001). Academy of Management Journal, journals.aom.org
·
Brandes,P
and Dharwadkar,R (2003) . Academy of Management, journals.aom.org
- Bari,N,
Arif,U and Shoaib, A (2013). International Journal of Scientific ,pdfs.semanticscholar.org
·
Hansen,F, Smith,M, and Hansen,RB
(2002) . Compensation & Benefits,journals.sagepub.com
- Khan,I,
Shahid,M, Nawab,S
and Wali,SS (2013) Academic Research, savap.org.pk
- Lam, CF and Gurland, ST (2008). Journal of research in
personality, Elsevie
- Naseem,
A, Sheikh, SE and Malik, KP (2011). International journal of
multidisciplinary- ijmse.org
·
Poole,M and Jenkins,G (2013).
books.google.com
- Ramlall, S (2004). Journal of American academy of
business, academia.edu
- Ude, U and Coker, M. A (2012). Incentive Schemes,
Employee Motivation and Productivity in Organizations in Nigeria:
Analytical Linkages, s.l.: s.n.
- Wang, H, Tsui,
AS and Xin, KR (2011). The leadership quarterly, Elsevier
- Yousaf,S, Latif,M, Aslam,S
and Saddiqui,A (2014) Middle-East journal of business,
academia.edu
·
Young, GJ, Beckman, H and Baker,
E (2012) Journal of Organizational, Wiley Online Library
No comments:
Post a Comment