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Q) Can companies motivate employees to maintain/increase productivity and performance without significantly increasing compensation?
A) Employee motivation and retention is one of the more important aspects of human resources. At my place of employment, employee dissatisfaction is increasing. The main concerns are low wages, no raises, and little recognition for employees taking on multiple responsibilities. Our hospital, and sister hospital, was acquired by an investment company in 2017. Since then, they have started the process of upgrading both equipment and furnishings. They have also had to pay fines and penalties to The Center for Medicaid and Medicare Services (CMS). They have stated that they have paid upwards of $20 million. The employees were under the assumption that this was why we had not received raises. But it has been made known that management and administration have both received raises and year end bonuses, and the registered nurses received raises. When the rest of the employees questioned when we would receive raises, we are being told it is unknown if we will receive any raise. (It has been 4 years since the employees received a 2% raise.) We still receive annual evaluations, but it holds little value or motivation to do better.
Kimball (2017) explained that McDonalds implemented a successful Giving Praise Model. This model will show employees that they are recognized, valued, and give them a desire to continue improving. Other ways employees can be motivated is to give them a reason to believe in the company. From the inception of their job, they need to understand and share in the vision of what you are doing as an organization. Acknowledging important times in an employeeâ€s life such as birthdays, births, weddings, and graduations can also show employees that they are important and management cares. Giving employees special discounts on things that are important such as daycare, exercise, or meals can help on the rising price of various services. Encouraging and providing for opportunities for employees to grow and promote are other ways to encourage devotion and increase retention.
Q) How would you develop market value for positions within your organization?
A) Human resources also need to develop market value for positions within the organization. Thompson (2019) explained that determining the fair market value of the wage package you offer to your employees requires you to consider a wide range of factors, including location, company size, type of business and what the position’s educational or certification requirements are. When I approached HR about a raise, I was told that the parent company was not providing raises at this time. They are aware that there are limited hospitals our area, so most employees feel trapped and they are using this to avoid paying more. (We are the lowest paying hospital in our area.) The development of market value of specific positions would help employees to see that management values the employees, understands the rising cost of living, and want the best for them. In order to do this human resource needs to develop a comprehensive job description for the position needing to be fill. Perform a market survey by contacting human resources departments of similar companies in your immediate area and in other locations. Compare the survey results against the most recent data from the Bureau of Labor Statistics database. Set a salary range for the job based on market research. Incorporate nonmonetary factors into the overall wage package.
Whether a company is new or old, in a rural area or cosmopolitan area, they should show their employees that they are valued. Being able to recognize accomplishments, provide opportunities for growth, or give raises and bonuses all show employees where they stand. This will give employees reasons to not only stay with their company but, help it to grow and become more stable.
References
Kimball, D. (2017). Cases in Human Resource Management. California: SAGE Publications Inc.
Thompson, M. (2019). How to determine fair market value employee wages. Retrieved from https://smallbusiness.chron.com/determine-fair-mar…
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