Profit sharing Essay Example

Profit sharing Essay Example Profit sharing Essay Profit sharing Essay Whichever programme is taken most of the training will take place on the shop floor. The experience of working in more than one selling department is given, as well as in some behind-the-scenes functions such as finance and the supply chain. Practical training will be supplemented by formal training sessions. These may include personal coaching, help from subject experts, a specific training course and easy-to-use training resources. There are no prescribed time limits to complete the programme, but a target date will be made by the manager and staff trainer. Regular progress meetings will allow quality time to discuss achievements and any areas for development. Training in John Lewis is also quite good: giving different types of training for people and also no specific time is given for most of the program, making it more convenient for the employees as well as people who might want a career in John Lewis receives and also the people who are going to work for a short period of time or students applying for work experience or only working in their vacation gets a different type of training which is better since it saves time and money but on the other hand it also is a disadvantage since the people applying for a short time will have a different place and different people to teach them therefore this also wastes time and money. Motivation The Human resource department is also responsible for motivating the employees. Motivation is the desire of an individual to work and to get involved in activities. Money, and the way it is paid, can affect motivation to work. These are some of the most usual payment systems: Time rate or wages Paying by the number of hours worked. Piece rate Paying by the number of items (pieces) produced. Overtime Extra pay for work done over and above normal working hours. It is usually paid at a higher hourly rate, e. g. double time means twice the normal hourly rate. Shift payments Usually paid for working unsocial hours such as night work. Bonus payments A special single payment for achieving a target. Profit sharing A percentage of the companys profit is shared amongst the workers. A loyalty bonus can be used to persuade workers to stay with their employer for a long period of time. Employees may not want to work longer than their contracted hours but they can often be persuaded to do so by receiving a higher rate of pay. A perk is a payment in kind; instead of giving money the employer might provide: Cars, health insurance, free uniform, discounted products, and first class travel. Most people work to satisfy needs of one kind or another. Non-financial motivators are things other than money that motivate people to work. Abraham Maslow developed his hierarchy of needs based on research about what motivates people to work. He suggested that there were 5 levels of need that influence a persons behavior. 1. Basic needs A person starts at the bottom of the hierarchy and will initially seek to satisfy basic needs (e. g. food, shelter). 2. Safety needs Safety needs at work could include physical safety (e. g. protective clothing) as well as protection against unemployment, loss of income through sickness etc). 3. Social needs Social needs recognize that most people want to belong to a group. These would include the need for love and belonging (e. g. working with colleague who support you at work, teamwork, communication) 4. Self-esteem needs Esteem needs are about being given recognition for a job well done. They reflect the fact that many people seek the esteem and respect of others. A promotion at work might achieve this 5. Self-actualization Self-actualization is about how people think about themselves this is often measured by the extent of success and/or challenge at work People are only truly motivated by enabling them to reach for and satisfy the factors that Herzberg identified as real motivators, such as personal growth, development, etc. , which represent a far deeper level of meaning and fulfillment.