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Analysis of micro economics of a social issue - Research Paper Example

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Workers motivations through incentives Name Institution An incentive is any package presented to workers with the aim of motivations. Motivated workers are likely to put extra efforts in their line of duty hence increase in productivity in their respective firms…
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Analysis of micro economics of a social issue
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Workers motivations through incentives An incentive is any package presented to workers with the aim of motivations. Motivated workers are likely to put extra efforts in their line of duty hence increase in productivity in their respective firms. The idea of incentives to workers is common in single, partnership and cooperative businesses. Generally, incentives are meant for businesses success. There are different categories of incentives and the classification is in accordance with the ways through which the workers are motivated. A micro business firm or company may offer incentives to his customers as way of attracting and retaining them. Remunerative incentives applies where a certain worker is offered materialistic rewards like money, shopping voucher and holiday tickets among others as reward for doing some recommendable work in the firm or company. A moral incentive is where a certain choice or idea is regarded as the best thing a worker has ever done. Workers subject to moral incentive are regarded as a role model to the community as they demonstrate good standards of self-esteem. On the other hand, workers against to such incentives demonstrate some kind of withdrawal, guilt or even condemnations in their respective work places or community in general. A coercive incentive is where a person is subjected to some sort of physical punishments on committing some offences in their work places or the community in general. Such punishments include imprisonment, confiscating their property, freezing their bank accounts, job demotions among other punishments. However, it is worth noting that such punishments should be legal for them to be regarded as coercive incentives. For the sake of the subject matter of this work, a worker’s hard work in fear of some punishments or property confiscations is not regarded as incentives but some sort of slavery. A personal incentive is meant to encourage a worker by subjecting him or her to holiday destinations of his/her choice, having a vehicle of his/her taste and work station of the worker’s choice among other individual choices in the work place. Majority of people cannot differentiate personal incentive from social incentive structures. A personal incentive is geared towards ascertaining why a certain worker is behaving in a certain manner. Social structures on the other hand require a certain social analyst to verify the exact situation making such a worker behave in certain ways. Such situations include work place rules and regulations developed for social and not personal gains. A worker could be enjoying his/her personal incentives but the worker must observe the social wellbeing of other workers, work place and the community in general. Violation or ignorance of such social values in the work place may make a worker lose his or her personal incentives. Social pressure can be regarded as an incentive in the business world. Economic success in macro finance sectors goes hand in hand with admirable social values. The society in general would always want to be associated with successful business or individuals. Some favors also come with success for instance; a micro finance business or firm with good profit records is likely to be loaned by bigger financial institutes like world banks, regional banks among other banking facilities. Straight piece rate system is where a worker is paid depending on his/her production rates. Some workers may be guaranteed some specific wage rates despite the productivity rates. This could be a result of good job that made a firm or company improve its profit margin. Some workers may have a peculiar business skill that is of great contributions to the firm or company success. The human resource department gives attractive salary packages to limit chances of such workers lured to other competitive companies. Haley Plan is one of the financial models that portray how straight piece rate incentives are awarded to workers in various micro finance firms. Halsey plan formula is W=R.T + (P/100)(S-T).R , W is wages, R is rates at which wages are rendered, T actual time a certain worker takes to complete a certain task, P is the percentage contribution of a certain worker to the overall profit margin of the company. The modern world of economics is considers remunerative incentives compared to the moral or coercive incentives. Moral and coercive incentives are common in the political and social sectors. Economic survey indicates market rates/ demand approaches equilibrium price due the fact that majority of people enjoy remunerative incentives. This applies since good incentive packages tend to lower income targets, furthermore, such companies are likely to attract more customers to increase its sales turn over. Despite the advantages of incentives, the micro business firms or companies management team should ensure incentive packages that is in accordance with the company mission, targets as well objectives Other (Campbell, 2007). Reference Campbell, D. E. (2007). Incentives: Motivation and the Economics of Information. USA: Cambridge university press. Read More
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