nderstanding motivation
What is motivation? Motivation activates behavior through the use of the biological emotional, social, and cognitive forces and can be simply reduced to why someone does something. To any business looking to unlock success, motivation of its workforce will continue to be the key. However achieving a profit requires the workforce to persist through obstacles and endurance to keep going in spite of difficulties (3). Therefore it is most important to employers to understand motivation.
Understanding Different Theories of motivation
Abraham Maslow established Maslow’s Hierarchy of needs in 1943. By consolidating human needs into five stages of a pyramid, Maslow attempted to explain how motivation forms as well as how it …show more content…
Sam’s Club has more stores, and almost 50,000 more employees in the U.S. than Costco even with more resources Costco still remains ahead of the pack. While evaluating the two competitors researchers found that the average wage at Costco was $17 an hour while Sam’s Club’s average was $9.86. Costco also provides 82% of employees with health insurance with only an 8% premium, whereas Sam’s club covers less than half of their employees with a 33% premium. When looking at retirement plans Sam’s covers 64% where Costco covers 91% of its employees. Going back to Maslow’s Hierarchy of needs it would appear that Costco is invested in providing the employee with the necessary provisions to satisfy their basic needs, rather than just their hourly wage. Sam’s club on the other hand does not provide a sense of security by not providing the employee with enough wage, or benefits to fulfill their basic needs. As a result, Costco workers are known to be one of the most loyal and productive workforces in all of retailing, with a turnover rate of only 17% overall and 6% after one year, compared to Sam’s club’s 44%. With loosing over double the amount of employees than Costco Sam’s Club should perhaps consider changing some of their current practices. Just this year Sam’s club spent 612 million on employee turn overs verses Costco’s 244
What is motivation? Motivation activates behavior through the use of the biological emotional, social, and cognitive forces and can be simply reduced to why someone does something. To any business looking to unlock success, motivation of its workforce will continue to be the key. However achieving a profit requires the workforce to persist through obstacles and endurance to keep going in spite of difficulties (3). Therefore it is most important to employers to understand motivation.
Understanding Different Theories of motivation
Abraham Maslow established Maslow’s Hierarchy of needs in 1943. By consolidating human needs into five stages of a pyramid, Maslow attempted to explain how motivation forms as well as how it …show more content…
Sam’s Club has more stores, and almost 50,000 more employees in the U.S. than Costco even with more resources Costco still remains ahead of the pack. While evaluating the two competitors researchers found that the average wage at Costco was $17 an hour while Sam’s Club’s average was $9.86. Costco also provides 82% of employees with health insurance with only an 8% premium, whereas Sam’s club covers less than half of their employees with a 33% premium. When looking at retirement plans Sam’s covers 64% where Costco covers 91% of its employees. Going back to Maslow’s Hierarchy of needs it would appear that Costco is invested in providing the employee with the necessary provisions to satisfy their basic needs, rather than just their hourly wage. Sam’s club on the other hand does not provide a sense of security by not providing the employee with enough wage, or benefits to fulfill their basic needs. As a result, Costco workers are known to be one of the most loyal and productive workforces in all of retailing, with a turnover rate of only 17% overall and 6% after one year, compared to Sam’s club’s 44%. With loosing over double the amount of employees than Costco Sam’s Club should perhaps consider changing some of their current practices. Just this year Sam’s club spent 612 million on employee turn overs verses Costco’s 244