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LECTURE 5 - HUMAN CAPITAL MANAGEMENT 2 ways to approach the lack of motivation some have at work; 1) make it more interesting and 2) make the worker more interested. MAKE THE WORK MORE INTERESTING!
by job enrichment, training the workforce, job rotation, establishing work groups, improving the work environment and making the work and hours more flexible. MAKE THE EMPLOYEE MORE INTERESTED Pay more, improve method of payment, set targets/goals (incentivise employees), involve employees in decision making, encourage them to know more about work, develop loyalty/commitment towards the firm. Maslow Hierarchy of needs - things required for happiness/contentment. 1) Physiology needs - food. Heating etc. 2) Safety - job security, pension etc. 3) Belonging - in an office environment 4) Esteem - need for recognition for good performance. 5) Self-actualisation - associated with independence, autonomy and problem-solving. Herzberg Two-factor theory, one set of factors (hygiene factors) avoids dissatisfaction and second set (motivators) give positive satisfaction backed by surveys and interviews. Hygiene factors - job security, salary, work conditions, relationships with peers and boss. Not related to the job itself. Motivators - challenging work, recognition, advancement and responsibility. Intrinsic to the job itself. Employee engagement more modern idea about what gives an organisation more productive workers. Engaged employees have a positive emotional attachment to their job, colleagues and the wider organisation. ENGAGEMENT SURVEYS Levels of high engagement are only 10-15%, disengagement levels are about 20-5%. Engagement correlates with performance, innovation and well-being. Cost of disengagement has been estimated at PS59-PS64 billion. Companies with high levels of engagement improved operating income by 19%. Engaged employees claim take half the amount of sick days disengaged employees do. GENERATING EMPLOYEE ENGAGEMENT Programmes are usually headed by HR but involve senior management and PR departments. Many initiated by senior management and sometimes CEOs. All public sector areas are now involved. EE associated with well-being, job promotion opportunities, good relationships with management and a positive perception of ethos/culture of the organisation and clear incentives. CHARACTERISTICS OF EMPLOYEE ENGAGEMENT ONGOING - never ending process as expectations of employers and employees increase as the need to engage people in better ways also does. TRANSIENT AND CIRCUMSTANTIAL - employees can easily become disengaged, many factors are involved and the decision to become re-engaged may or may not be undertaken. PERSONALITY DEPENDENT - engagement can be very personal and varies significantly within employees. Organisational culture This is the values, norms, guiding beliefs and understandings shared by members of the organisation. Functions: 1) integrate members so they know how to communicate with each other and 2) aid external adaptation, relates to how an organisation meets its goals and deal with outsiders. INTERPRETING CULTURE
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