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Task - INCENTIVE PLAN FOR WALMART COMPANY
Plan Walmart organization's employee incentives and motivation strategies. Examine the individual organization's compensation challenges and industry competition.
Develop an incentive plan suitable for Wal-mart organizational culture that motivates employees and evaluates their performance. Your incentive plan (350 words) must include: Motivation strategies and techniques to appeal to employees.
Solution - CLC - Incentive Plan for Walmart
Motivation strategies and techniques to appeal to the employees
There are a number of effective motivation strategies and techniques that would be appealing to the employees and help in encouraging them to work harder, which can be described below -
Appropriate wages: In order to encourage employees to work harder and reap the bull benefits of the incentives in place, it is important that Walmart sets their salaries at a rate that is very consistent with the wages that other retail organizations are paying to their employees every hour. Evidence from a study conducted by Pfeifer and Schneck (2012) suggests that most employees in retail quit their jobs or do not put in all of their effort simply because they feel that they do not get paid enough for their time.
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Opportunities to self-develop: Employees are more likely to invest their time, effort and energy into work and feel motivated when their job roles provide them with the opportunity to develop themselves as individuals (Canrinus, Helms-Lorenz, Beijaard, Buitink, & Hofman, 2012). This will also ensure that they add more value to the organization they are affiliated with. Walmart needs to provide the employees with training and help them develop their skills so that they can attain more knowledge about the industry they are working in and can thus consequently be aware of the latest news and developments.
Avoid micromanagement: Most employees dislike bosses who are constantly bugging them and guessing every step they take (Serrat, 2017). The supervisors and managers at Walmart should thus refrain from indulging in micromanagement of the workers, since it would discourage them and make them feel unpleasant. Letting them make their own decisions and fostering a sense of trust among them would be a very important strategy towards motivating and incentivizing the employees (Dobre, 2013).
Work-life balance should be prioritized: Individuals working in the retail sector are often overworked (Azad, Zarifi, & Hozouri, 2013), not to mention that they have poor hourly wages as well. Encouraging the workers to utilize their leaves and allowing them to take time off for vacations and personal engagements can help an organization like Walmart keep the employees motivated. As Delecta (2011) suggests, having a good balance between the work and personal lives will also ensure that they perform at their optimal levels, since they know they have the necessary amount of time to deal with their personal issues.
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