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What non financial motivations can Ocean Exim India Pvt. Ltd. use to increase labor productivity and decrease labor turnover?

Extracts from this document...

Introduction

HL Business and Management IA What non financial motivations can Ocean Exim India Pvt. Ltd. use to increase labor productivity and decrease labor turnover? Name : Bhuvnesh Gupta Main Essay : 2,665 Executive Summary : 285 Research Proposal : 667 Acknowledgements I would like to thank and acknowledge: - Anvita Mam- for her assistance in helping me with this report - Mr. R.N. Gupta- for his time for the interview - Mr. K Mittal- for his contribution to this report and time for the interview - Mr. Ashish Khandelwal- for typing the questionnaire in another language. Executive Summary The research identifies the non financial motivators of Ocean Exim India Pvt. Ltd., one of the leading export houses in Jaipur. These non financial motivators helped the company to increase its labor productivity and decrease its labor turnover rate which resulted in an increased efficiency of the company. Due to recent economic crisis, Ocean Exim has faced a serious threat. Ocean Exim primarily exports to USA and due to dollar weakening and inflation the cost of production has increased and profit margin had decreased. It is of vital importance for the company to maintain its goodwill and efficiency in the market or else they will face severe business losses. To achieve this, company required a strong team and here non financial motivators helped the company to motivate its employees. The research starts with the introduction about the firm which portrays the company's background. Interview with the managing director of Ocean Exim and survey through questionnaire acted as the main source of primary information. Organizational structure and the motivational strategies used by the company were mentioned in order to find out the exact motivation required in each field. Main results, recommendations and conclusions were based on the analytical tool like SWOT analysis, motivational theories and business tools like surveys and interview. Analysis and recommendations appears to be quite beneficial for Ocean Exim, as they helped the firm to identify there problems and also helped to firm in plotting there the future line of action to get over this problem. ...read more.

Middle

All the workers are given extra holiday when the work load is less. ? A staff party is organized for the labor every year With the ineffective non-financial motivators the company is facing a major problem of low labor productivity and high labor turnover. ________________________________________Survey Analysis Two surveys were conducted separately in the factory unit of Ocean Exim India Pvt. Ltd., Jaipur. First survey was conducted on 25th July, 2008. It was an anonymous survey, so that the results obtained can depict the true picture. However, another survey was conducted after a few days as the prior survey findings were considered incomplete and non reliable. The new survey was translated in the local language, Hindi, and was explained to all workers and labors in detail. The survey was filled by 50 workers of the firm, including skilled and un-skilled labors. The data obtained from the prepared questionnaire3 gave a better insight of the problem faced by the workers. Moreover, the survey findings were indicators of the areas in which the company could motivate their workers and thereby increase their productivity, benefiting both the company and the workers, simultaneously. Survey Findings: Survey helped me in understanding the problems faced by the employees, here are some important findings which became an important part of my evaluation process. 1.3 Figure 1.3 shows that there are very few employees who are associated with the firm from a very long time. This shows the increased labor turnover of the firm. 1.4 Majority of the employees felt that the interaction is very well appreciated but they also felt that it was rare. Frequent interaction would help the firm in boosting up there morale and hence motivating them to work more efficiently. 1.5 This question cleared the fact that one of the main reason for decrease in labor productivity and increase in labor turnover is that the senior management does not give the employees ample amount of time to listen to there personal problem, it could be regarding other employees or some other problems. ...read more.

Conclusion

Every information gained will be remain confidential and will not be leaked Please answer the entire questionnaire. 1. For how many years have you been associated with the firm? ? 0-1 year ? 1-5 years ? 5-10 years ? More than 10 years 2. How often have you been appreciated for your work? ? Very often ? Sometimes ? Rarely ? Never 3. Are you satisfied with the remuneration given by your firm? ? Fully Satisfied ? Somewhat Satisfied ? Not Satisfied ? Highly Unsatisfied 4. How well is your interaction with the management of the firm? ? Frequent, Informal & Well appreciated ? Rare, Informal & Well appreciated ? Frequent, Formal & Not appreciated ? Rare, Formal & Not appreciated 5. According to you, what is the strongest aspect of your firm? ? Pleasant Work Culture ? Excellent interaction with the higher management ? Appropriate appreciation ? Good compensation packages 6. If given the responsibility what would be the first thing you would like to change in firm to improve the work culture? ? More meetings with senior managers ? Suggestion Box ? Separate time with management for personal problems. 7. If you had an option to choose from any of the 3 options given below which you would choose. ? More Holidays ? Increased Pay ? More Opportunities 8. Does your company provide further training to the current employees in their respective field? ? At regular intervals ? Sometimes ? Rarely ? No such opportunity 9. Which do you think is most important facility that is provided to you by the firm? ? Cafeteria ? Medical Insurance ? Schooling for your children ? Pension scheme 10. Any thing you would like to add in the firm? ? Water coolers at various places ? Medical Insurance ? Replacement of any senior staff ? New & modern machines Appendix 4 Organizational Structure of Ocean Exim India Pvt. Ltd. 1 Appendix 2 (SWOT Analysis: Threat) 2 Figure 1.3 Survey Findings 3 Appendix 3: Survey Questionnaire ?? ?? ?? ?? 8 ...read more.

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