Topic 9_MGT 351_NEH.pdf - Pay for Performance and Financial...

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Pay for Performance and Financial Incentives Topic - 9
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Motivation, Performance, and Pay Incentives Financial rewards paid to workers whose production exceeds a predetermined standard. Frederick Taylor Popularized scientific management and the use of financial incentives in the late 1800s. Linking Pay and Performance Understanding the motivational bases of incentive plans 3
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The Hierarchy of Needs Abraham Maslow’s Hierarchy of Needs: Physiological (food, water, warmth) Security (a secure income, knowing one has a job) Social (friendships and camaraderie) Self-esteem (respect) Self-actualization (becoming the person one believes one can become) Maslow’s prepotency process principle: People are motivated first to satisfy each lower-order need and then, in sequence, each of the higher-level needs. 4
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Frederick Herzberg’s Hygiene– Motivator Theory Hygienes (extrinsic job factors) Satisfy lower-level needs Inadequate working conditions, salary, and incentive pay can cause dissatisfaction. Motivators (intrinsic job factors) Satisfy higher-level needs Job enrichment (challenging job, feedback, and recognition) addresses higher-level (achievement, self-actualization) needs. Premise: Relying exclusively on financial incentives is risky. The best way to motivate someone is to organize the job so that doing it provides feedback and challenge that helps satisfy the person’s higher-level needs for things like accomplishment and recognition.
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