Chapter 10

Chapter 10 - Chapter 10: Improving Performance through...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 10: Improving Performance through Empowerment, Teamwork, and Communication I. Empowering Employees a. Sharing Information i. Informing employees about the financial performance (profits/losses) ii. Intranets, meetings, etc. keep employees informed iii. Employee empowerment benefited from the internet and email iv. Risks of information technology (use of internet/email to inform employees) are that other competitors could gather your information b. Sharing Decision-Making Authority i. Companies empower employees by giving them right to make workplace decisions that apply a firm’s vision and competitive strategy ii. Non management employees may purchase supplies, schedule work hours, etc. c. Linking Rewards to Company Performance i. Compensation plans such as pay for performance, knowledge, and gain sharing give employees sense of ownership d. Employee Stock Ownership Plans (ESOP) i. these plans benefit employees by giving them ownership stakes in their companies, leading to potential profits a value of their firm increases ii. employer buys shares of company stock on behalf of the employee as a retirement benefit iii. encourage rights to buy a specified amount of the company stock at a given employees to work harder because they benefit from financial success iv. hard to set up/found in larger firms e. Stock Options i. price within a given time period ii. gives employees the chance to own the stock themselves II. Teamwork a. What is a Team? i. A group of employees who are committed to a common purpose, approach, and set of performance goals b. Work Team i. Relatively permanent group of employees with complementary skills who perform the day to day work of organizations ii. Self-managed team 1. chooses how its member complete their daily tasks 2. most effective when combines employees with wide range of skills, leaves more time for customer satisfaction
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
c. Problem Solving Teams i. temporary combination of workers who gather to solve a specific problem then disband, also self manage work d. Cross-functional team i. made of members from different functions (i.e. Marketing/Finance)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 11/28/2010 for the course BUS 101 taught by Professor Hunter during the Spring '08 term at Bryant.

Page1 / 5

Chapter 10 - Chapter 10: Improving Performance through...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online