Under the circumstance, the market too has become too sluggish, where the demand has significantly diminished than the supply. Consequently, many companies have changed hands and many changed their area of operation just for the sake of survival. Countries too are either suffering from devaluation of their currency or inflation, and consequently, the governments too are out of clue regarding the formulation of the future plan of growth. Overall, the situation clearly providing less returns against any investment, or, in other words, it is forcing the companies to provide more for less!
The above state of affairs explain the significance of finding a business solution that would effectively meet the demand of the situation like "serving more for less," and for that matter, the said solution would be able to enhance the employee motivation by eliminating the fear and hopelessness from their minds and replacing them with the renewed spirit of service, which would not only ensure their development, but also would create new vacancies for the ones who have lost their jobs amid recent economic downturn.
Thus, the required business solution should be well equip to manage such a huge task like restoring employee confidence and motivation, as "the fear of losing jobs", itself is a barrier towards raising the level of employee engagement and when there is a great confusion about what could be ideal way to restore employee engagement. The director of HR services at Pricewaterhouse Coopers, Duncan Brown (2008) underpinned four areas that should be attended at this hour of caution after economic downturn, and they are:
Enhancing pay for performance: Brown (2008) argued that the prime question is, how to link reward performance, and not whether to link it. More attention to equal pay: There should be more attention to equal pay, because "it is essential to ensure that pay differences are justifiable and non-discriminatory," argued Brown (p. 22). Employee engagement is vital: Brown drew references from Sears research (Haskett et al. , 1994), where it clearly observed that employee engagement is critical to corporate performance. Effectiveness: Brown (2008) considered it as a tool to reduce the pressure of cost.
However, the companies are certainly not in a position to prioritize the issue pay-hike to enhance the production, as they simply cannot afford to do so at present. The issue of employee engagement too looks difficult to manage, as motivation is integrated with reward system. For the same reason, effectiveness too cannot be generated, as it is impossible to generate the same in the absence of employee motivation. It is at this juncture this study proposes to find out an appropriate and effective business solution package amid current economic downturn.
The above state of affairs explain the significance of finding a business solution that would effectively meet the demand of the situation like "serving more for less," and for that matter, the said solution would be able to enhance the employee motivation by eliminating the fear and hopelessness from their minds and replacing them with the renewed spirit of service, which would not only ensure their development, but also would create new vacancies for the ones who have lost their jobs amid recent economic downturn.
Thus, the required business solution should be well equip to manage such a huge task like restoring employee confidence and motivation, as "the fear of losing jobs", itself is a barrier towards raising the level of employee engagement and when there is a great confusion about what could be ideal way to restore employee engagement. The director of HR services at Pricewaterhouse Coopers, Duncan Brown (2008) underpinned four areas that should be attended at this hour of caution after economic downturn, and they are:
Enhancing pay for performance: Brown (2008) argued that the prime question is, how to link reward performance, and not whether to link it. More attention to equal pay: There should be more attention to equal pay, because "it is essential to ensure that pay differences are justifiable and non-discriminatory," argued Brown (p. 22). Employee engagement is vital: Brown drew references from Sears research (Haskett et al. , 1994), where it clearly observed that employee engagement is critical to corporate performance. Effectiveness: Brown (2008) considered it as a tool to reduce the pressure of cost.
However, the companies are certainly not in a position to prioritize the issue pay-hike to enhance the production, as they simply cannot afford to do so at present. The issue of employee engagement too looks difficult to manage, as motivation is integrated with reward system. For the same reason, effectiveness too cannot be generated, as it is impossible to generate the same in the absence of employee motivation. It is at this juncture this study proposes to find out an appropriate and effective business solution package amid current economic downturn.
Source: law aspect
No comments:
Post a Comment