Photo AI
When motivating employees, managers can use a range of strategies - VCE - SSCE Business Management - Question 4 - 2020 - Paper 1
Question 4
When motivating employees, managers can use a range of strategies. Evaluate two different motivation strategies. Identify and justify which one of these strategies ... show full transcript
Worked Solution & Example Answer:When motivating employees, managers can use a range of strategies - VCE - SSCE Business Management - Question 4 - 2020 - Paper 1
Step 1
Evaluate two different motivation strategies.
Answer
-
Financial Incentives: This strategy includes bonuses, profit-sharing, and salary increases. Financial incentives can quickly boost employee morale and performance in the short-term, as employees are often motivated by immediate rewards. It is effective for driving performance in high-pressure or competitive environments.
-
Employee Recognition Programs: This involves acknowledging and rewarding employees for their hard work and achievements through programs such as "Employee of the Month" or public commendations. While this may not provide immediate financial rewards, it can enhance long-term motivation and job satisfaction by fostering a positive workplace culture and encouraging a sense of belonging and appreciation.
Step 2
Identify and justify which one of these strategies would be most effective for the short-term motivation of employees.
Answer
Financial Incentives are the most effective for short-term motivation. The immediate impact of bonuses or pay raises can energize employees to meet deadlines and achieve targets, particularly in high-stakes situations where their performance can significantly influence company outcomes.
Step 3
Identify and justify which one would be most effective for the long-term motivation of employees.
Answer
Employee Recognition Programs would be most effective for long-term motivation. By consistently recognizing and rewarding efforts, employees feel valued and develop a strong attachment to the organization. This can lead to improved loyalty, reduced turnover, and a more positive organizational culture.
Step 4
Explain two KPIs that Manitta Mining could use to assess business performance.
Answer
-
Customer Satisfaction Score (CSAT): Manitta Mining could measure customer satisfaction through surveys that ask clients to rate their satisfaction with the company’s products and services. This KPI helps the company understand how well it meets customer expectations and where improvements are needed.
-
Employee Turnover Rate: By monitoring the turnover rate, Manitta Mining can gauge employee satisfaction and stability within the workforce. A high turnover rate may indicate issues with engagement or morale, prompting the need for management to address workplace factors that contribute to employee retention.