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Analysis of Issue Monetary compensation is the most powerful stimulus for improving employee productivity.” Although the redevelopment proposal for the blighted inner-city neighborhood has prompted criticisms from senior citizens, advocates of low and middle-income housing, and community residents fearful of inconvenience or even displacement, it promises to create not only a number of upscale apartment buildings but also numerous construction jobs as well.
Discuss the issue being considered and its implications. Develop an argument advocating whether or not the redevelopment proposal is a good idea. Explain your position using relevant reasons or examples drawn from your own experience, observations, or reading. Businesses these days are crossing boundaries as a result organizations are going global as a result number of players catering a particular service or manufacturing the same product are increasing. Due to this increased number of players in the market, the organizations are forced to maintain or lower the cost of services or product, therefore a number of incentives are offered to employees and monetary benefit is one of them. Some people believe that the monetary benefit is the most powerful stimulus to increase the productivity. This issue is debatable, but I believe that the monetary incentive is just one of the factors which can increase the productivity and this belief is further substantiated by reasons provided below. First, the atmosphere in which a person works also affects the productivity of the employees. If the employees are kept under constant work pressure, this will in the long term may have devastating effects like employees will not report due to sickness or become lethargic. Also, a good work culture also motivates the employees. Organizations with good work culture ensure transparency in process and open communication between management and workers make employees to focus on work rather than office politics. Besides that a responsible Human Resources Department that addresses the grievances of the employees, develop growth plans for employees, and take care of health issues of the employee and his family motivates the employees. Job satisfaction and delegation are also important the factors that increase the productivity considerably. Especially senior management jobs that are highly paid the employee is more interested in running their sections independently with little interference from directors and promoters. Taking decisions and watching them executed properly increases the job satisfaction. One of the examples of an organisaton that is philanthropic and has impressions around the globe is “Tata Group”, which has roots in India. Tata steel which is oldest company in the group has provided low cost accommodations to employees, ample opportunities to go for higher education in management and technology, has one of the sophisticated and advanced hospitals for treating diseases from common cold to cancer. Organisations today have to keep all these factors under consideration to motivate employes as competition to retain and attract talent is increasing and besides providing monetary benefits that are at par with the market and industry , the organizations have to maintain a good work culture, ensure transparency in communications and transactions and provide health benefits to employees. Keeping in mind all the facts stated above it can be said that monetary stimulus is important but to say that it is the most powerful stimulus would be exaggeration.