Analysis of Khazana Jewellers - Case Study Example

Executive Summary Khazana Jewellers is a jeweller manufacturer and is having a presence in South India. The company has been expanding but the performance has been hit due to the fact that the management and the employees’ goals are not matching. This has de-motivated the employees and is a concern for the management. The management is looking for alternatives to ensure that the employees are motivated and their desire to work improves. The report highlights the problems faced by Khazana Jewellers. It also dwells on the different motivational tools and theories which can be sued by Khazana Jewellers to build upon their growth track. The questionnaire designed helps to find the way employees feel and highlights the different areas which the management needs to work upon. The findings as a result reflect upon it. The recommendations are based on the findings and the employees reaction to the questionnaire. Following this will help Khazana Jewellers to improve their growth rate. Khazana Jewellers thus, needs to make sure that they use the above mentioned theories and tools to ensure that they are able to grow and deliver upon the promises. This will help Khazana Jewellers to motivate the employees and will ensure that the retail giant is able to grow. Contents Introduction 3 Purpose of the report 3 About the company 3 Terms of Reference 5 Impact of Problems for Khazana Jewellers 5 Motivational Theories 7 Goal Setting Theory 7 Expectancy Theory 8 Findings 9 Critical Analysis of findings, Theories and Problems 15 Conclusion 17 Recommendations 17 References 19 Appendix 22 Introduction Khazana Jewellery is retail outlet having its presence in South India. With growth and diversification the company has started to face certain problems in areas related to the workforce. The policy of the company to hire the top management has backfired as the employees are not accepting it. Filling the vacancies in-house has not been given attention to. This has hampered their progress and is acting as a barrier to growth. Khazana Jewellers has grown and since the start of the business it has established around 17 outlets. The company plans to expand over other areas and considering jewellery as its core business the company has proved the wide market it has. Khazana Jewellers has different kind of jewellery suiting to the requirements of every person. The company has been able to deliver on its principle of satisfying the customer and ensuring that the quality of their products match the standards and ensure that they grow. Khazana Jewellery is looking for ways to amend it. The company is looking to motivate the workforce so that better results are achieved. The company is looking towards ways to improve the relation which will help to ensure growth. The report will present the different motivational tools and ways which will help Khazana Jewellers to improve their brand image. Purpose of the Report To ensure that the communication process between the management improves To ensure that stocks are properly maintained and the customer requirements is given a priority To ensure that employees are motivated and in-house vacancies can be filled from people within the organisation To ensure that customer are handled effectively To ensure that employees are motivated and work efficiently and at the same time the communication process improves. About the Company Khazana Jewellers started as a “jewellery stores in 1989” (Khazana Jewellery, 2010) at Chennai and within some time it developed into a retail chain. The growth of the company can be attributed to the fact that it was clear on the policies to be followed. The organisational framework ensured the company to become a 1300 crore company. It mainly has a presence on South India. Khazana Jewellery growth was ensured due to “establishment of chains of jewellery stores in Hyderabad, Vishakhapatnam and Vijayawada”. (Khazana Jewellery, 2010) The company has grown and is having “17 stores with all in India”. (Khazana Jewellers, 2010) The way in which the company manages itself is seen as a drive for growth. The organisational hierarchy is defined for Khazana Jewellers. The organisational chart looks as follows Khazana Jewelers has thus defined the role of all members. Even the hierarchy framework defines who will be accountable to whom. It defines the role for each and can help Khazana Jewellers to look at alternatives within the organisation to fill areas of respnsibility for the higher position. This can also beattributed by the fact that Khazana Jewellers has “all the deparments required in a company and all functioning together to ensure growth”. (Khazana Jewellers Team, 2010) The company recently faced some problems related to human resource. “The employees were relcutant to change and the company looking at external sources to hire employees for higher position created a rift and hampered the growth”. (Khazana Jewellers Website, 2010) Terms of Reference: Problems or Issues Terms of Reference Khazana Jewellers with their presence in South India is looking forward to expand in different parts of India. To ensure that they are successful various branches has been opened. This will make it a 20,000crore company. To achieve this objective Khazana Jewellers needs to manage the human resource properly. The company to fill the vacancies for the new branches is looking for external sources. The company is conducting interviews and after providing training for a month the person is provided with the responsibility of the branch manager. The company is ensuring that the manager is well trained and has the required qualification Problem New Branches: Hiring of managers from external sources and not promoting the in-house employees has de-motivated the work force. The new manager is not getting acceptability from the employees. This has hampered the growth projections and the communication gap has widened. This has made the employees loose hope and their knowledge and experience is not bearing fruits as they are not being considered for those positions. Existing Branches: The existing branches one in T Nagar and Cathedral in Tamil Nadu is also a concern. The employees are reluctant to change. The management wants them to be shifted to other locations due to the experience and knowledge they have acquired. They are reluctant to do so as they have a customer base and know the people attitude and requirements. This is making it difficult for Khazana Jewellers as it is leading to retrenchment of employees. Impact of problems for Khazana Jewellers Khazana Jewellers has been facing many problems which have put brakes on the growth potential for the retail player. The company has been facing obstacle from the human resource factors as it has led to the motivational factor of the employees to fall. The problems faced by Khazana Jewellers are as The communication process between the top level management and the employees has been hampered. This can be contributed to the fact that employees are not associating themselves with the company. This has affected the performance and is taking a toll on the growth rate. Employees are not willing to accept people from outside the organisation for top positions. This is due to the fact that their individual talent is not recognized which has affected their personal goals. Khazana Jewellers is using different ways to see that the value of their organisation is ascertained. This is bearing an effect on the future potential. Employees are not willing to change. They feel that they are the best and are not changing. The management has a concern as they need to evolve continuously. The management needs to look at ways to train the employees to fill in those vacancies and make people accept the changes. Stock is not maintained properly and lacks regular updates. This has affected the customer conversion rate and is having a bearing on the future growth prospects. Maintaining old customers and getting new ones has become difficult. The fact that the customer requirements are not met as employees are de-motivated has resulted in the customer base to dwindle. Decrease in the brand value as customers, employees and management are not satisfied thereby tarnishing the image. Motivational Theories Employees need to be motivated. Different individuals have different ways to get motivated. For example the efficiency level of certain employees fall when they continue the same work again and again but, when they are temporarily shifted to other job their efficiency increases. For this employee change is the drive which motivates him. Organisation needs to find out this drives and work towards those to achieve best results. Thus, motivation is a continuous process. Thus, we can say that organisation needs to make use of an employee’s intensity in the right direction. This should be a continuous process as an employee who is motivated remains for a long time with the organisation. People use both their intrinsic and extrinsic goals to be motivated. Intrinsic goals is growth whereas extrinsic is money. Study has shown that “physiological threat increases priority people give to extrinsic goals”. (Smith & Robert, 1994) Goal Setting Theory This theory was founded by Edwin A Locke in mid 1960’s states that the employee is given a specific goal he has to achieve and the goal is made in such a way that it brings the best out of him”. (Locke, 2008) Since organisation deal with human it is important to realize their importance. This theory helps. Since, the goal is made in such a way “it helps to achieve both the individual as well as the organisational goal”. (Locke, 2008) As what the employee are expected to do is stated there is clarity. Even a research has shown that “when the goal is set then it also helps to achieve difficult tasks which were not possible otherwise as the employee knows what he has to do”. (Locke, 2008) This thus gives direction. It also gives accountability. Setting goals for each employee also helps to evaluate the talent in each. It helps the management to find the prospective employees for the future. It helps the employee to also ensure that they by their efforts are able to get areas of responsibility in the organisation. “This helps to differentiate between the employees who are willing to work and others who prefer not to work”. (Goal setting Theory, 2010) This theory goes in a long way to deal with the future. Organisation relies on this model as it helps to bring the best out of an employee. It helps to deal with situations which are beyond their control and can still if guided well can act as a tool for growth. Employees are looking forward to this theory as it helps them to deal with situations which will help to identify the pattern and training programme which will improve performance. The goal setting theory is thereby helping many enterprises. With little cost and benefits exceeding those organisations are favouring those. This has become a pattern for most organisations and this theory helps to deal with the most precarious situations. Setting the goal to be achieved also solves the problem of “clarity and challenges the job requires, the commitment level involved, and the complexity of the job”. (Ghebre, 2010) This helps to find the correct employee for the job who has all the requisite requirements. This will hep in a long way to build a pool of talent employees. Expectancy Theory This theory was propounded by Victor Vroom says that “employees are motivated to work harder when they know that their hard efforts would lead to good appraisal and this appraisal will result in incentives like bonuses, promotions and so on and this would lead towards the satisfaction of employees as his personal goals will be achieved”. (Robbins, Judge, Millet, Waters-Marsh T, Organisational Behaviour, 2008) Thus, this theory focuses on three important relationships. First is the link between the efforts an employee puts in and how does it reflects in his performance. Secondly, the performance which he has achieved due to the efforts put in by him helps him get rewards which he deserved. Lastly, how satisfied the employee is due to the rewards which he had received. This entire process could “motivate the employee and make work him harder in the future to get better results”. (Stephen & Timothy, 2007) Source: (Dave, 2003) This theory helps to find out who work in the company and who don’t. If used effectively it helps the company to design their future plans in such a way that employees who are highly motivated are entrusted to work upon the project thus eliminating the free riders. The expectancy theory thus “is calculated by Expectancy Probability X Instrumentality Probability X Valence”. (Expectancy Theory, 2010) Thus this theory looks into all the aspect i.e. the expectation which gets transformed into performance, the link between performance and reward and the way rewards act as a motivational tool. The expectancy model also works very effectively in case of peer evaluation. Today, people have to work in groups to accomplish a task. Some people put in more efforts and some less. So, the organisation can ask the peers to evaluate each one and on the basis of that evaluation the incentives can be decided so that it is fair. Findings Based on the questionnaire and the employees respond to those the following highlighting factors are revealed for Khazana Jewellers. The numbers of respondents have been 50. They were asked to fill a questionnaire (attached in the appendix) and based on those the following findings were revealed. These are the additional data which are collected from questionnaires: Total no. Of responses 50 RESULTS FROM QUESTIONNAIRE Statement Highly Satisfied Satisfied Not satisfied Highly Not Satisfied Are the goals clear and achievable 24 16 8 2 Do the management and the HR department support you 7 13 16 14 Do the management and HR department motivate you 8 14 14 14 How much are you satisfied with the incentive 5 7 22 16 Do you think incentives and measure to improve performance will lead to a gradual improvement in performance 9 11 18 12 Do management involve you in the decision process and helps to motivate you 8 16 15 11 Does Khazana Jewellery looks into personal accountability aspect for you 8 14 18 10 Does the management provide you opportunity to express ideas 11 13 12 14 How do you rate the work environment 9 17 18 6 Does the sales result impact you performance 13 19 13 5 Does the training provided by Khazana Jewellers help you 11 17 16 6 Are you satisfied with the working hour 16 17 11 6 How much will your performance get affected if you know that appraisal is linked to performance 11 13 17 9 Are you happy with the performance and your contribution towards the organisation 11 17 13 9 Are you satisfied with the target set by Khazana Jewellers 5 18 20 7 Statement Financial Non Financial Both How do you get more motivated 11 13 26 No Factors Rates i. Periodic rise in salary 6 ii. Existence of job security 3 iii. Cordial relation among workers 7 iv. Proper performance appraisal measures 7 v. Presence of promotional incentive in the company 5 vi. Safety of employees sought after 8 vii. Performance measures act as a motivating guide 6 viii. Informal relation helping to get motivated 4 ix. Recognition of work in the company 4 No Factors Rank i. Hike in salary 8 ii. Promotion 16 iii. Leave 6 iv. Motivational talks 9 v. Recognition 11 Statement Yes No Both Do you feel a part of the Khazana Jewellers 16 12 22 Do you believe in incentive based on performance 31 6 13 Is the organisation ethical in dealing with employees 23 7 20 Do you believe performance and reward should be linked 38 4 8 Do you prefer challenges for higher position 22 8 20 Do you believe succession planning should be a part of the Khazana Jewellers 26 10 14 The question on employees getting motivated differently (question 4 of questionnaire) shows that more than 50 i.e. 52% of the employees want a mix of both financial and non-financial incentive. Khazana Jewellers needs to ensure that this is provided to the employees. It is also seen that 26% of employees want non-financial incentive like promotions, recognition and others. Only 22% of the employees want financial incentive highlighting their basic needs are not satisfied. Khazana Jewellers needs to work on these areas. The question on satisfaction of employees derives from the present incentive schemes (question 2 of questionnaire) shows that 60% of the employees are either dissatisfied or highly dissatisfied with the present incentive schemes. This is a concern for Khazana Jewellers. They need to look at ways to motivate them. Only a mere 14% is highly satisfied with the schemes and this could be people in higher positions. Another 26% is satisfied with it. This is a worrying factor for Khazana Jewellers and needs to look to come with new incentive schemes to motivate the work force thereby improving performance. Question based on improvement in performance and there link with incentive highlights (question 8 of questionnaire) that Khazana Jewellers lack incentive schemes as 60% of the employees are either dissatisfied or highly dissatisfied with the present scenario. This has made more employees dissatisfied and is affecting the work. The satisfied employees stand at a mere 22% and are a concern for Khazana Jewellers. The question on training and its impact on employees reveal (question 15 of questionnaire that training has helped. Around 22% are highly satisfied with the training provided. Another 34% are satisfied and 32% are dissatisfied. A bit of concern and working on the training will help to convert those dissatisfied into satisfied employees. This will thereby affect sales and will reflect on the profits in the long term. The question on preferring higher position of responsibility and the obstacle the employee will face (question 21 of questionnaire) shows that 44% of the employees are ready to take higher responsibility. Another 40% of the employees are confused and the rest don’t want to take that position. This is a major reason why the employee are de-motivated as the organisation is providing limited opportunity. Khazana Jewellers needs to work on it. The question of succession planning (question 24 of questionnaire) shows that employees prefer succession planning. This will ensure that employees get in-house promotions. It is seen that 52% of the employees prefer succession planning. This will give an opportunity to the talented to move ahead. It is seen that 28% are confused and 20%dont like succession planning. This is an area Khazana Jewellers need to work on and will help to improve motivation and will provide an opportunity to find talent in-house. The question on performance and reward (question 25 of questionnaire) shows that employees want performance to be linked with reward. 76% of the employees feel that it should be the criteria. This will ensure peace and harmony. 8% feel that it should not be a criteria where as 16% are not sure. Thus Khazana Jewellers needs to lay stress on it and ensure a link between them. The question on setting goals for individual employees shows (question 26 of questionnaire) shows that employees want goals to be set for employees. 66% of the employees prefer goals. This can be used as a criterion for promotions. 20% are not sure regarding it whereas 14% of the employees don’t prefer goals to be set. This will help Khazana Jewellers to identify the talented employees and use ways to ensure that employees are promoted to higher position which has more responsibility. Critical Analysis of Findings, Theories and Problems Khazana Jewellers problems are highlighted from the questionnaire filled in by the employees. It also presents the same problems which the company is experiencing highlighting that the management has been able to find out the weakness.” Human beings are simple but complex and have different needs and the problems present the same which can be further dwelled upon by the different motivational theories”. (Motivation & Performance, 2010) This also highlights that the ability of the person difference and this will affect the performance. This shows that “Job Performance for employees = f (ability) (motivation)”. (Motivation & Performance, 2010) The theories will help to handle the problems and will reflect on the performance. As Khazana Jewellers faces similar problems so the function for this helps to define the problem of Khazana Jewellers. Khazana Jewellers has been looking for external sources to fill their vacancies. This has created a void and has affected the working pattern. The employees due to this feel de-motivated. This has resulted in employees feeling that in spite of their efforts they won’t be promoted thereby affecting their growth potential. This is seen by the fact that 66% of the employees feel that there should be a link between the two. Another 60% are not satisfied with the present incentive schemes. This thus results in “shift in focus to other areas which has evolved the way responsibilities were handled thereby tarnishing the brand value”. (Motivation & Performance, 2009) The communication process has been hampered for Khazana Jewellers. This is due to the fact that employees are not willing to accept an outsider as they don’t associate that person with the organisation. The employee working in Khazana Jewellers are not willing to change. This can be supported by the fact that 52% of the employees prefer succession planning and 28% are unsure making it important to consider it. This has also resulted in the management not being able to open new stores. This has “altered the way feedback was provided as highlighted in the findings as it has resulted in customer loosing relevance and more concentration is laid on other areas”. (Motivation & Performance, 2009) The management has not being able find the talent within the employees due to which it has resulted in looking for external factors to fill the vacancies. Khazana Jewellers needs to look into ways to find the employees within the organisation as 44% of the employees want to shoulder higher responsibility. Their problems will be dealt better and will ensure efficiency for the management and improve the brand. The problems highlighted for Khazana Jewellers and the usage of motivational techniques will ensure that “deficiencies in motivation are done away with”. (Incentive, motivation and work place, 2010) The findings from the questionnaire which says that 62% of the employees prefer a link between reward and promotion presents the area of the expectancy theory where Khazana Jewellers needs to work on. This will ensure that “particular behaviour of an employee doesnt conflict with the behaviour of the organisation”. (Incentive, motivation and work place, 2010) It will also look into the training aspect to ensure that performance and rewards match as 44% of the employees are not satisfied with the training provided. The problem and theories thereby shows the “work value which create a strong communication and will foster a sense of value both for the organisation and the employee”. (Incentive, motivation and work place, 2010) The usage of theories based on the problem faced will also create “an emotional appeal and will lead to employee performing better due to the attachment they develop and this will help to improve the brand image”. (Incentive, motivation and work place, 2010) this will help to develop the talent in-house and ensure that the goal setting theory helps to find the correct talent as 66% prefer goals to be predetermined. The problems throw light on training as 44% of employees are not satisfied with it. This is something which the motivational theory also dwell upon. Training will ensure that Khazana Jewellers are “able to set challenging tasks and provide continuous feedback which will go a long way in deciding the future of the employee for higher position”. (Davies, 2010) The problems and the theories when integrated shows that Khazana Jewellers faces problems as “there are 52% employees who are looking for financial and non financial incentives and their magnitude also differs thereby making it important to realize the difference between them and try to feel this void”. (Rose, 2006) The integration of the findings, problems faced and the theories shows that Khazana Jewellers needs to look at different aspect of an employee to ensure that they are able to build back the motivation and guide the employee and the organisation better towards success. Conclusion Khazana Jewellers needs to look at ways to improve the motivation aspect for the employees. The management needs to take steps to ensure that the employees are motivated. Khazana Jewellers needs to ensure that the performance of the employee improves and this can be done after looking into the ways which will help to motivate them. The questionnaire has highlighted the different avenues like training, succession planning, motivational tools and techniques and the linkage between performance and reward which Khazana Jewellers needs to work upon. This will allow the management to use various motivational models like the Goal Setting Theory and the Expectancy Theory. This will ensure that the efforts by the management are guided in the right direction. Khazana Jewellers needs to look at avenues to motivate the employees. This will get reflected as the communication process will improve. It will also lead to employees accepting the top management as they will be people from the organisation. This will make them recognize the management easily and this will have a bearing on the performance and will ensure steady progress for Khazana Jewellers. This will help Khazana Jewellers to build a good brand and will also make change acceptable to the employees. Khazana Jewellers thus on the basis of the employees feedback on the questionnaire can find different areas where they need to work upon. “This will help to improve their relation with both he employee and customers and will help to deliver better services and ensure that growth prevails”. It will also help to ensure that the brand image which was tarnished is revived back and the store is able to open more stores. Recommendations After looking at the questionnaire and the manner in which the employees responded it is seen that the following recommendation will help Khazana Jewellers to grow. Khazana Jewellery should look forward to succession planning. It will ensure that the business units have the required talent in house. This will provide options to choose from. It is ensuring that “organisations get a chance to fill all places of vacancies instead of the top position which was only looked after previously”. (Beitler, 2005) Culture also affects the way a person gets motivated. This thus affects productivity. Khazana Jewelers have “a team consisting of people who come from various backgrounds and have a different culture, different personality traits and differ from the other in some way or the other”. (LeBaron, 2003) To accomplish this Khazana Jewelers should work in tandem so that the achievement of goal becomes easy. Khazana Jewellers need to look towards change. It is important that change is in correct direction. For this, Khazana Jewellers need to develop strategies. This will bring a change in “building work systems which helps to achieve the vision and mission of the organisation”. (Lewis, 2008) Khazana Jewellers needs to ensure that these changes are accounted for. Khazana Jewelers need to “train and motivate the employee by keeping an eye on the future”. (Burger & Jerry, 2000) This will help to fill the gaps which will arise in the future. This will help Khazana Jewelers. In the future when top management leaves employees will be ready. This will help to prepare managers within. Khazana Jewellers needs to look at ways to provide training and look for in-house employment. This will act as a tool to motivate the employees and will help the employees to find them to be a part of the organisation thereby improving the performance. Khazana Jewellers need to ensure that the brand image is revived and different training programs and dealings with the customer will provide that necessary impetus. The motivational tools will also act as a weapon and help to improve performance. 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Are the goals clear and achievable? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 2. Do the management and the HR department support you? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 3. Do the management and HR department motivate you? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 4. How do you get more motivated? Financial Incentive Non-financial Incentive Both 5. How much are you satisfied with the incentive provided by Khazana Jewellery? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 6. Please provide the following with which you agree (4- Highly Satisfied, 3- Satisfied, 2- Dissatisfied, 1- Highly Dissatisfied) No Factors Rates x. Periodic rise in salary xi. Existence of job security xii. Cordial relation among workers xiii. Proper performance appraisal measures xiv. Presence of promotional incentive in the company xv. Safety of employees sought after xvi. Performance measures act as a motivating guide xvii. Informal relation helping to get motivated xviii. Recognition of work in the company 7. List the following in the order of preference which act as a motivating tool (1 is highest and 5 is lowest) No Factors Rank vi. Hike in salary vii. Promotion viii. Leave ix. Motivational talks x. Recognition 8. Do you think incentives and measure to improve performance will lead to a gradual improvement in performance? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 9. Do management involve you in the decision process and helps to motivate you? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 10. Does Khazana Jewellery looks into personal accountability aspect for you? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 11. Does the management provide you opportunity to express ideas? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 12. How do you rate the work environment? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 13. Does the sales result impact you performance? Highly Satisfied Satisfied Not satisfied Highly Not Satisfied 14. Do you feel a part of the Khazana Jewellers? Yes No Cannot say 15. Does the training provided by Khazana Jewellers help you? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 16. Does the management care and look after the employees? Yes No Cannot say 17. Are you satisfied with the working hour? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 18. Do you prefer flexible working hours? Yes No Cannot say 19. Do you prefer challenges for higher position? Yes No Cannot say 20. How satisfied are you working in a team? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 21. How satisfied are you with the growth opportunity? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 22. Do you believe succession planning should be a part of the Khazana Jewellers? Yes No Cant Say 23. Do you believe performance and reward should be linked? Yes No Cant Say 24. Do you believe goal should be set for individuals? Yes No Cant Say 25. How much will your performance get affected if you know that appraisal is linked to performance? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 26. Do you thing there is a link between performance and promotions? Yes No Cant Say 27. Are you happy with the performance and your contribution towards the organisation? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 28. Are you willing to shoulder tougher responsibility? Yes No Cant Say 29. How do you feel you have contributed towards the society? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied 30. Are you satisfied with the target set by Khazana Jewellers? Highly Satisfied Satisfied Not Satisfied Highly Not Satisfied Read More