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The Different Theorists And Their Theories - FW Taylor.

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Introduction

The Different Theorists And Their Theories * FW Taylor Taylor believed that the only thing, which motivated people, was money. He observed different workers carrying out tasks which became known as his time and motion studies. Theory: - Observe workers at work , recording and timing what they do, when they do it and how long they take over it (time and motions study) - Identify the most efficient workers and see how they achieve greater efficiency. - Break down the tasks into small component parts which can be done quickly and repeatedly. - Devise equipment specifically to speed up tasks. - Set out exactly how the work should be done. Taylor quotes 'each employee should receive every day clear cut, definite instructions as to what he is to do and how he is to do it and these instructions should be exactly carried out, whether they are right or wrong'. - Devise a pay scheme to reward those who complete or beat tough output targets, but penalise those who cannot or will not achieve the productivity that Taylor thought was possible. To make the most of the efforts put in by workers, Taylor thought of a pay incentive called the 'piece rate' which is a meagre payment per unit produced. * Elton Mayo Mayo studied an electrical company and looked at how changing physical factors improved people's performance. He did the following: - Gave out different bonus methods. For example, individual vs group bonuses. - Gave different rest periods for workers. - Gave different refreshments. - Had a different work layout. Mayo's Conclusions: He found out that it wasn't the physical conditions being changed that made people work harder but instead the following: - The women gained satisfaction from their freedom and control over their working environment. - 'What actually happened was that six individuals formed a team and that team gave itself wholehearted and spontaneously to co-operation in the experiment' (E.Mayo, 1949). ...read more.

Middle

> He had to decide where to get his workforce from and stated the need for loyalty from his workers. Hence, he recruited some workers from M.K Textiles who he knew were reliable. The other workers were gained through advertising that he had vacancies at his factory. In the advertisement he stated clearly that the workers must experience, he did this because he did not have the time and money to train workers. > Kuldip got his machinery and equipment from the people that supplied it at M.K Textiles because the machines were very reliable and did not require much maintenance and they very rarely broke down- this would save him any unnecessary costs as the last thing he would want is useless machinery that brakes down as he wont be able to satisfy demand causing customer dissatisfaction. > From his time at M.K Textiles, Kuldip got to know a lot of suppliers of raw materials and he decided that those would be his suppliers. He decide that he would have a number of suppliers and use a just-in-time processing system (JIT). Therefore he would not have any storage costs etc as stock is ordered when needed. Stock must have zero defects hence if supply is not good then he can change to a different supplier. This JIT processing would only be short term so that costs stay low. Kuldip said that he would change to a different system as demand rose because buffer stocks would be required. > Next, Kuldip had to determine the price of his goods. He decided not to start off with a lower price because he was worried of sparking a price war and with his business being new he wouldn't be able to compete and he didn't want to be forced out of the market. Therefore he charged the same price as most of his rivals and hoped he would at least break even. ...read more.

Conclusion

Also, the proprietor has the job of motivating himself as well as workers. The entrepreneur has also got to keep the stakeholders of the business happy. The entrepreneur also has to keep tabs on his rivals and try and be one step ahead of them. The entrepreneur also has to train employees and find a suitable way of recruiting them. Also, he has to monitor the progress of workers as well as the business as a whole. The main rewards of becoming an entrepreneur is that you would be making good money because the risk that you took would have paid off. As well as money, you would also get tremendous recognition for your achievements. For example, Kuldip took a big risk in opening his own business and the merits he has received, apart from money, is recognition for his achievements and that recognition has gained him a good reputation and status in society. The reputation of Kuldip has reflected upon his business and now the company has a good reputation. The greater the risk, the greater the rewards as long as it pays off. As well as recognition from others, success would greatly motivate the entrepreneur and give him/her the sense of personal achievement that would spur them on form more success. Those were the rewards of being an entrepreneur, however those rewards only count if the business succeeds. The bad thing about being an entrepreneur is that everything is a risk and if that risk does not pay off then the entrepreneur would be in deep trouble. Not only would there be financial trouble but the entrepreneur would get a bad reputation which could haunt him/her in the future if they decide to open a business later. It is a big risk being an entrepreneur especially if you are a newcomer in the market with no experience. Kuldip was okay because he was familiar with the market but a proprietor that is inexperienced in the market could encounter many problems and those problems could demotivate him and the employees. ...read more.

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