• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Compare and contrast the methods London Fancy Box uses to increase productivity

Extracts from this document...

Introduction

My aim is to compare and contrast the methods London Fancy Box uses to increase productivity. I will first focus on the main ways that are more obvious and the advantages and disadvantages of them. Then I will go into more detail and look at the smaller things. Finally, I may suggest new ways in which the company could use to increase productivity. This may help them meet their targets of increasing it by 20% and dramatically reduce waste. "Productivity is output per person employed. It can also be output per machine". (Source 1.) Therefore, productivity is how much work a person or machine has to do. Amount of productivity is very important because it affects the profit of the company. In order to do some market research to get more information and data, I took a trip to the factory to make observations that will help me with my studies. I also used the Internet to obtain useful facts that I can refer to and comment on. I also spoke to a member of staff at LFB-Simon Gretton, the Management Accountant. ...read more.

Middle

(Source 4.) If they are motivated well they will put effort and commitment into their jobs, increasing the value they add. Money is also an important factor for most people because many like their standard of living to be high. That is why LFB offers fringe benefits to their staff like an annual bonus, depending on the profits, of which they receive 2 weeks holiday and extra pay towards the end of the year. Occasionally, when they need to meet deadlines, the employees work overtime. They get rewarded for that, by receiving their normal hourly rate plus half of the amount on top of however many hours worked overtime. One way that I think may motivate people is with performance-related pay. "Performance-related pay involves paying people more if they produce more or do their job better". (Source 1.) The company does give a pay increase when they see someone with unique skills but sometimes those people are not always noticed. Another more accurate approach to this would to be to record the amount of productivity each production line produces. ...read more.

Conclusion

However, this can also de-motivate them as some may get used to being in the mood to chat about their social lives rather than focus on work and be productive. This also goes for the social committee as well when the company funds for ideas for social activities. As well as the social activities, people may feel that that the job is worthwhile or that it brings them personal fulfilment. This leads me on to my next point: the job should give the employee a sense of identity. LFB does this by communicating more with their staff and keeping them informed on the company's performance. To do this they often have meetings: the finance department holds a meeting every 2 weeks and the directors and Management Executive Group (MEG) hold a meeting every afternoon. However I do not think that this is sufficient. The factory staff needs to be more involved in creating a compelling and shared vision of the future. A simple way to do this would be to create a small magazine or newsletter showing personal excitement, enthusiasm and optimism about the vision expressing encouragement and support. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE People in Business section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE People in Business essays

  1. Building Effective Teams.

    The team builder is purposely designed so that the group must work together to solve the task or problem. The team builder facilitator must keep careful watch over the group during the problem solving session. This will enable the facilitator to later analyze the outcome of the team builder session with the group.

  2. customer service london zoo

    a wide range of customers with different backgrounds, ages, nationalities, interest and specific needs. Different customer will have different needs. To provide excellent customer service you have identify what their need are and decide how you can meet them. Some of the main types of customers that we have may have to deal with are: * Individuals.

  1. external labour market info-east london

    Part time positions account for over 50% of all vacancies in the following sectors. Sales occupations 61%, Personal and protective services occupations 54%. The table shows the proportion of vacancies reported to be difficult to fill LETEC LONDON Type of vacancy Number of all vacancies which are difficult to fill

  2. Motivation is important for a high productivity level. Discuss

    More people to meet and make friends with 5. Company pension schemes and better health and safety schemes. Disadvantages: 1. Many workers will have low skilled and poorly paid jobs. 2. Less job security if the company is unsuccessful. 3. Close supervision over what workers are doing. 4. Production line jobs are boring and repetitive.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work