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Improving Motivation and Job Satisfaction at the Laredo Federal Credit Union

Extracts from this document...

Introduction

Improving Motivation and Job Satisfaction at the Laredo Federal Credit Union INTRODUCTION Motivation is the process of modifying an individual's behavior to produce an acceptable and desired response to a given circumstance. Motivation is force acting either on or within a person to initiate behavior (Encyclopedia Britannica, 2003). Human motivation has a basis according to Maslow's hierarchy of needs, which lists human needs in the following order for satisfaction. Physiological needs like food air, and water take up the primary base followed by the need for safety, which includes shelter and belonging to a family. The love is the next step in an individual's personal self-esteem, and the esteem individuals as perceived from their peers acceptance. The final step is dynamic self-actualization, which encompasses realization and harmony with ones internal and external motivational influences (Kozier, Erb, and Oliveri, 1995). Whether in a personal or professional setting, individuals are motivated by intrinsic factors that come from personal acquired life experiences that are rooted in an individuals core psyche. Extrinsic factors are the motivators that influence an individual's drive to modify and adapt their own intrinsic forces to that which are enhancing to personal and professional incentives, and thus motivators for individuals. Esteem, which is how individuals perceive themselves, or how the person feels they are viewed by peers, is a significant motivational force in the professional setting. An individual's position in an organizational matrix is another motivational factor that greatly impacts an individual's professional performance. Financial gains and incentives is another significant motivational area that greatly affects the extrinsic drive for adaptation to the given situational model. The final determining factor for an individual's extrinsic motivation is the need for professional self-actualization, which comes from the personal satisfaction and self-respect derived from knowing that goals and expectations have been achieved (Kozier, Erb, and Oliveri, 1995). The lack of employee motivation, and management's lack of proper training and tools to effectively deal with these problems in the work place can have dramatic impacts on the organization's goals. ...read more.

Middle

This also ties into the basic fundamental fact that employees must also receive positive and timely feedback from management that allows for the gratification of an individuals need to feed the self actualization level of personal ego. Tatum and Nebecker (2002) illustrate that "job performance and the worker's affective reactions to the job should also depend on the reliability of the performance feedback the worker receives" (p. 301). Positive feedback from management is a key factor for employee understanding of the organizational goals that need to be met for a positive performance evaluation. Winter and Sarros (2002) state, "another positive work environment feature is role clarity. The work environment also benefits from supportive leadership. Friendly and approachable supervisors help colleagues solve work related problems thus providing the psychological support needed to cope with the complex job demands. This support has a positive impact on work effort and commitment" (p.253). Therefore, management needs to maintain an open and supportive attitude with employees, thereby encouraging individual initiative to meet and exceed organizational goals. Other factors that cause employees to be unmotivated include creating an environment where employees are bored or do not trust management. Moreover, when employees are not given a chance to learn new skills or grow within the organization, low morale will likely result. Consequences After learning why people are unmotivated in the workforce, one may then wonder what the consequences are when a company has unmotivated employees. Many negative results can occur Management faces a multitude of consequences by not appropriately dealing with motivational issues faced by their employees. The major deficiency with poor motivation by workers is that the organization's goals will not be met according to expectations, despite all other aspects of performance having been met according to set standards. Unmotivated employees will also have a negative impact by demonstrating low or decreased productivity. The employee will lag behind positively motivated employees with all aspects of job goals and performance (Bergen,Soper, & Campbell, 2002). ...read more.

Conclusion

4. Employees are motivated in different ways because each individual possesses different values. 5. Developing and implementing effective communication, incentive programs, and praise in the workplace have proven to be successful strategies or techniques a company can use to motivate its employees. 6. When a company has motivated employees, production and sales rates increase, customer relations improve, the work environment becomes safer, morale increases, and turnover rates decrease. RECOMMENDATIONS Supported by the findings and conclusions of this report, the following recommendations are offered in an effort to motivate employees at the Laredo Federal Credit Union: 1. Recognize a teller in each branch by awarding a "Teller of the Month" award at our monthly teller meetings. 2. Have meetings once a month with each branch to recognize, praise, and congratulate employees for successful performance. Specific names and achievements should be discussed during these meetings. 3. Create an environment where tellers are multi-talented, and not specialized, by providing cross-training in other departments such as member services and/or new accounts and giving tellers the opportunity to rotate to these departments. 4. Make rewards, promotions, and recognition based solely on employee performance. Employees should receive promotions, recognition, and/or raises immediately after their performance evaluations. 5. Encourage main office executives to visit the McPherson branch on a weekly basis to ensure that the main office has not forgotten about them. 6. Let each employee know whom he or she can talk to when there is a problem or when help is needed. 7. Designate someone to ask employees how they wish to be rewarded so that when rewards are given, employees value and appreciate the rewards. 8. Allow current employees of the LFCU first choice when an opening occurs rather than posting the job opening in the newspaper. 9. Send memos to every employee showing how each branch is making profits. Specifically, list how much profit each branch makes on a monthly basis. In the memos, also recognize successful performance and outstanding employees. Let employees know what areas need improvements and how they can help management meet its goals. ...read more.

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