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Good evening,
Human Capital is an important element for any business in general and for "Labour-intensive" businesses in particular.
While the monetary elements is fundamental, there are a number of other "Motivational" tactics that a well informed leader use to attract and retain a group of quality staff. These include:
- Strong brand: A senses of security is in many cases a very important factor to the mass of employees. In many cases, staff prefer not to be in organisations among the highest payers knowing that the organization is able to survive and maintain its employees during good times and bad time.
- Empowering and delegation: Usually, organisations/bosses with a strong culture of empowering staff and delegating more challenging tasks have more loyal and satisfied employees
- Communication: Organisations with open a culture of open forum and collective decision making are more powerful with more satisfied employees.
Finally, in a recent article by INSEAD, it is argued that organisations with high levels of open communication and emotional intelligence tend to have more successful strategy implementation including buy-in employees.
Nowadays there is no motivation without assertive communication. What comes out of our mouth is exactly what is going to determine whether performance will improve or not. It is a managerial skill to recognize the individual who is money driven and it is another skill to turn that motivation into a more goal-oriented one. What is performance? This is the real question. How do you distinguish between good and bad performance? Don't you think that it's very personal? Therefore, performance could be a hundred cars produced a day for a manager whilst it could be a day without time wasting and producing only eighty cars. It is time for the managers to step down and face these realities. Communicate as much as possible to create a positive network between you and the people you 'manage' if you want to achieve 'good performance'. Increasing wages is a step that only unskilled managers would take!
