COMMERCE 2BC3 Lecture Notes - Lecture 25: Meta-Analysis, Reward System, Motivation
1 May 2016
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Document Summary
Discussion: imagine you are offered million per year for life. Already halfway there with school, so might as well finish it. Organizations focus on compensation because of the 3 main goals: attract, retain, and motivate. Compensation costs are largest cost category in most firms. There is a hierarchy of jobs, depending on uniqueness, education, etc: value of job: relates to job structure, value of employee, value of particular behaviors/ performance. Strategic considerations: optimal comp strategy is one that adds the most value to the firm. Yes vies: people will likely be more willing to do certain things if it results in more money. No view: the reliance on money and centrality of money as a motivator is a myth. Contingent motivators (if you so this, then you get that) often don"t work, and can hinder creativity. There is a mismatch between what science knows and what business does. For 21st century tasks, the reward and punishment approach doesn"t work.
