Business strategies of Best buy Essay
In fact, many loud argue that the problem of employee motivation has become even more critical today, especially because sustaining above-average returns is increasingly the result of uniqueness, which, in turn, is based primarily on knowledge workers and strategic Innovation. Yet, In spite of a strong foundation of research and theory, business firms continue to struggle with what to do in practice. Types of Motivation Extrinsic Motivation – include circumstanced, situations, rewards or punishments, both tangible and intangible that participation in results in an external benefit
Intrinsic Motivation – Include Involvement In behavioral pattern, through process, action, activity or reaction of its own sake and without an obvious external incentive for doing so Motivation Theories 1) Mason’s Need Hierarchy Mason’s hierarchy of needs is a theory in psychology proposed by Abraham Mascot in his 1943 paper “A Theory of Human Motivation” In Psychological Review Mascots hierarchy has five basic needs Physiological needs: hunger, thirst, shelter, sex. And other bodily needs Safety needs: security and protection from physical and emotional harm Social needs: affection, belongingness. Love, acceptance. ND friendship. Esteem needs: internal esteem (self-respect, autonomy, achievement), and external esteem (status, recognition, attention, power, and face) Needs for self- actualization: the drive to
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Reinforcement Theory of Motivation includes 4 aspects: Positive reinforcement – When the employees work hard, have done work well, and bring some interests for the organization, the organization will give some rewards to motivate them. Negative reinforcement – When the employees have some problems make he/she does work hardly and brought some losses for the organization, the organization will give them help. Thus, it can help the employees to eliminate affect. Punishment reinforcement – When the employees make the organization suffer some harm or do something wrong, they will be given some punishments.
Extinction reinforcement – When the employee can’t not only bring interests for the organization, but also lead to loss, he will be disregarded and extinct. 3) The Expectancy Theory The expectancy theory was proposed by Victor Broom of Yale School of Management in 1964 The Expectancy theory states that employee’s motivation is an outcome of how much an individual wants a reward (Valence), the assessment that the likelihood that the effort will lead to expected performance (Expectancy) and the belief that the performance will lead to reward (Instrumentality).
Best Buy What is “Best Buy”? Best Buy is the world’s largest multi channel consumer if electronic devises stores in he countries like USA, Canada, China, and Mexico. They are the 10th largest online merchant who sells goods at retail in USA and Canada and also the number one customer service in between the own kind competitors. Each year they record a huge number of visitors and costumers on their stores and websites. Best Buy has a large number of employee’s capacity.
Stranded qualifications are required for all the Jobs in Best Buy. Programs that are used in Best Buy Customer eccentricity – Creating a positive consumer experience at the point of sale and post-sale. A customer-centric approach can add value to a company by enabling it to differentiate itself from competitors who do not offer the same experience. Result Oriented Work Environment (ROWE) – This program was based on the premise that the right leadership style is always delegation.
It operated on the assumption that if an employee’s objectives were agreed to, the manager should always delegate Employee incentive program – a formal scheme used to promote or encourage specific actions or behavior by a specific group of people during a defined period of time Advantages and Disadvantages of Employees Programs Programs Advantages Disadvantages Customer eccentricity Keep loyal costumers
Encourage staff to be updating selling skills Satisfy customer demand – expand the market Cost of the plan to be start and processing Please customers in all aspects means, deal with Competitor: price, quality, services, environment etc. ROWE Encourage staff to be more efficient. Time management. Stimulate employees to work impediment. Helps staff to improve problem-solving skills. Supervisors and managers lose control over staff. Increase the difficulty of training new staff.
Increase tasks Employee incentive program Motivate Empower employees to have authorized to making decision as well as give customer he best advises base on their knowledge about products Higher spending on labor and employee training Financial impacts Careers of Best Buy 1) Retail and geek squad servicing careers 2) Distribution and logistics careers 3) Corporate careers Among these three types of careers two Jobs are to be described in this section.
Distribution and logistics careers There are two types of Distribution and Logistic careers 1) Distribution / logistics management 2) Distribution / logistics hourly supervising l. Logistics HER Management It is a Job that person will mark as a business partner and a leader in a distribution enter also combined with the facilities in the distribution center. In addition they combined with the other HER teams (assistants) and leading them.
Human resources management directly works between the leadership and the employees as a tool to fix problems of human resources such as Developments of HER programming (improving it) and policies Improve the talents of employees Retention Performance management Change management Giving rewards and compensation Maintaining an issue free working environment This position responsible for being an effective changes supplier in the business and knowledgeable business who involve getting decisions Corporate Careers Corporate careers have listed 20 different Jobs.
Some of them can be given as follow Advertising Jobs Creative Arts/Media Jobs Enterprise Customer Care Jobs Information Technology Jobs International Jobs Inventory Jobs Legal Jobs Loss Prevention Jobs Retail Operations Jobs Tax Jobs II. Identity and Access Management (AM) helps a lot to improve the business. Since 2004, they used technology largely from the outside technology suppliers but had a small internal team on business strategies based on technology. But today Best Buy has their own highly developed genealogy to use on their business. That technology has growth with the improvement and the increase of the business.
The identity and access Management (AM) architects focuses to improve and support of Best Buy’s business models and strategies. It is mainly based with technology and very close to technology management. This position holder can be involved with many works such as assessing designing and implementing Technology infrastructure Design, Policies. Employee Recognition Program What is an Employee Recognition Program? Employee Recognition Program is an innovative recognition system combined with a suggestion system that dramatically improves productivity simply by supporting average worker performance. (D. C.
Bayle) there are both short-term and long-term positive impacts of adopting such a program for a company short-term : improve morale among employees long-term : better company performance in every dimension Employers should pay attention to two basic factors before developing this program the total number of employees the total amount of money to be allocated for recognition An employee recognition program can be the key of motivating employees, as everyone likes to be recognized and appreciated. This will also influence in bringing creativity and encouragement that changes the traditional structured office image.
Benefits of an Employee Recognition Program 1) Increased employee loyalty and retention 2) Lower turnover 3) Enhanced employee productivity 4) Improved employee engagement and morale 5) Quicker identification of low performers Essential features of a proper Employee Recognition Program 1) Clearly defined objectives It is imperative that the employer has a clear idea of the goals that are to be achieved with an employee recognition program and they should also maintain a written comment of program objectives to use as a guide when making decisions about the 2) Program administration This task is to be done by a program administrator.
Program Administrator can be a manager or member of the HER department and he/she is responsible for the administrative and technical duties of running the program 3) Program communication Employees are more likely to participate in an employee recognition program if they are made aware of what is going to happen. In order to promote this program among employees, employers have to advertise about the program through notices, orientations and by using company website and other social media. ) Program eligibility and participation Employers should provide employees information about how to participate in the recognition program. Given bellow are some information that are to be given to employees in advance in order to maintain a successful employee recognition program Program dates Program awards Program training Evaluation methods 5) Arranging the steps of the program The program should be arranged step-by-step in order to achieve each step successfully. Both employer and employee must have a proper understanding about these steps.
These steps can be given as follow Select the goal Measure the achievement of goals according to priority Budget allocation for each goal Rewards Promoting the program Approval of budget Finalizing details Head start Keep the excitement alive Employee Recognition Program examples for Best Buy 1) Walt Disney World – The “Spirit of Fred” award, named after an employee called Fred, recognizes exemplary employees. When Fred first transferred from an hourly to a salaried position, five people taught him the values necessary for success at Disney, inspiring the award in which the name “Fred” became an acronym for “friendly, mounted on a plaque.
Multiple recipients oft he Spirit of Fred award are eligible to receive the “Lifetime Fred Award,” a bronze statuette of Mackey Mouse. 2) Southwest Airlines (Dallas, TX) – Administers a Halloween costume contest, a Thanksgiving poem contest and a design contest for the December newsletter. Motivation as a Tool How to motivate staff when managers can’t afford to give them a raise? Managers should use a different kind of currency. Contrary to popular belief, money is not the best motivator because it sends the message that nothing is worth doing unless you get paid extra.
This can develop a sense of entitlement that quickly becomes a toneless pit and does nothing to increase Job satisfaction. A 2005 study by psychologist Adam Grant of the University of Michigan suggests that a better performance booster is when workers have personal contact with beneficiaries of their work. Employees want to be recognized as individuals, shown appreciation, and be given opportunities to grow. This requires bosses to manage one-on-one rather than treating every employee alike.
Here are some ideas for manage to motivate their staffs that can have a big return on investment. Encourage comments from external and internal customers. Post praise. Remind staff how their work matters to customers and encourage some level of customer interaction for everyone. Call an employee into the office Just to say thank you without discussing any other issue. Write a thank you card or e-mail. Send a card to the employee’s spouse/family thanking them for their support. Create an employee newsletter to share updates and recognition.
Post a bulletin board for employees to share news, hobbies, and recognition. Celebrate birthdays, employee-of-the-month. Let staff decide how the spot is earned. Add a note to an employee’s pay check highlighting something great he/she did that week. Join in and help an employee who is under pressure. Ask what can be done and help complete the task side-by-side. Create a change of pace by giving employees a chance to work on exciting projects or learn new skills. Delegate worthy projects, not Just menial tasks, to increase feelings of trust and pride.
Pass on helpful articles that could benefit employees and attach a note that says, “Saw this and thought of you. ” Learn about their hobbies, families, children, pets, etc. Showing interest in what matters most to them. Book a community speaker to speak on subjects of interest to employees like personal finance, stress management, or improving relationships. Help build skills with a training library filled with books, tapes, and other resources that employees can check out. Allow employees to attend seminars and ask them to make a presentation to others sharing what they learned.
Conclusion Motivation and reinforcement are two important factors of leadership that affects to accelerate the performance of employees. These factors will lead employees to feel that their daily efforts are appreciated and that their work is important to the business. Therefore managers adopt various theories such as Reinforcement theory Skinner 1984) and Expectancy theory (Porter & Lealer 1968) to encourage employees and to make them feel positive about themselves as well as their company.