Importance of Employee Motivation :
Human
being is a living and active resource in various means of production,
through motivation, man can be kept active and dynamic. If human
resources are motivated and ready to work, then the best use of other
means of production and the achievement of the goal of the organization
becomes easily possible. That is why it is absolutely necessary to
motivate every employee of the enterprise. Keeping in view the
importance of motivation,
Rensis Likert considered it as the heart of management.
Motivation
is related to the human aspect, through motivation, the efficiency of
individuals is increased and efforts are made to satisfy them. If the
employees of an enterprise are not motivated, then their ability and
efficiency will decrease continuously, that is why Allen has written
that insufficiently motivated people destroy the effect of a strong
organization. (Poorly motivated people can nullify the soundest
organization.)
1. Helps in achieving determined goals:
Motivation is very important to achieve the set goals and objectives of any organization. Motivation motivates the employees to do those tasks by which the goals of the organization can be achieved. Despite the availability of abundant financial resources, high and quality goods, best and modern technology and other resources with the organization, it is difficult to achieve the goal of the organization in the absence of motivation. Keeping this fact in view, Allen has rightly written that inadequately motivated employees also destroy the effect of a strong organization
Motivation is very important to achieve the set goals and objectives of any organization. Motivation motivates the employees to do those tasks by which the goals of the organization can be achieved. Despite the availability of abundant financial resources, high and quality goods, best and modern technology and other resources with the organization, it is difficult to achieve the goal of the organization in the absence of motivation. Keeping this fact in view, Allen has rightly written that inadequately motivated employees also destroy the effect of a strong organization.
2. Increase in job satisfaction
By
creating interest in the work to be done by the employee through
motivation, by analyzing the importance and utility of his work, of the
employee.
Job
satisfaction can be increased. If the employee's interest in the work
is not awakened, then he will not be enthusiastic about the work. Not
only this, an employee compares his benefits with the benefits received
by other people and if he gets more benefits in comparison, then he
feels satisfaction about the work, through motivation this need of the
employee is fulfilled. It tries to satisfy the employee through
fulfillment and increases the job satisfaction level through various
financial and non-financial factors.
3. Utilizing Resources
(Proper utilization of resources):It is necessary to motivate the employees for efficient use of human resources of the organization. A skilled worker, if not motivated, has the same efficiency as an unskilled worker. By developing the abilities of the employee with motivation, they can be utilized for the good of the organization. A motivated employee gives priority to the interests of the organization over individual interests.
4. Increase in Morale:
Morale is the name of willingness to work, motivation fulfills the needs of the employee and he gets mental satisfaction. As a result of mental satisfaction, the behavior and attitudes of the employee become favorable to the organization, due to which the desire to do more work awakens in the employee and his morale increases.
5. Build good labor relations:
Motivation emphasizes that the worker is essentially a human being. Therefore, he should be treated with respect humane motive, mutual cooperation and trust develops between the managers and the employees, which reduces the grievances, frustration, frustration, strike, lockout etc. of the employees and good labor relations are established.
6. Reduced employee absenteeism & turnover:
Motivated employees are satisfied with their work and environment. They give their positive support in achieving work and goals, which reduces employee absenteeism. Motivated employees remain in the organization permanently, which also reduces the labor turnover rate. Thus a good and sound motivational system can reduce employee absenteeism and turnover.
7. Basis of managerial functions:
Motivation is necessary for carrying out various functions of management such as planning, organization, coordination, direction, control, etc. If employees are not motivated, they will not perform these basic functions of management properly. In the words of Breech "the problem of motivation is the key to management action."
8. Facilitates changes:
Generally, the employees have a negative attitude towards the changes, they oppose the changes due to their negative attitude. Through motivation, it is easy and easy to convert this negative thinking of the employees into positive thinking. As a result, the employee readily accepts the rapid technological changes, content changes, etc. in the present time.
9. Development of group spirit
(Development of team spirit):Employees are satisfied and benefited by the implementation of motivation and a sense of affection, cooperation and harmony develops among them. The generation of these feelings creates group feeling in the organization, which helps in achieving the objectives of the organization.
10. Rise in the reputation of the institution
(Enhance corporate image):The organization which keeps its employees satisfied and happy, the reputation of that organization in the business world gets increased. Employees like to work in an organization where efforts are made to make them happy by fulfilling their needs and desires. Employees of other institutions are also eager to work in such organizations.
11. Keys to Practical Management
(Key to behavioral management action):
E.F.L.
In the words of Breech, “Motivation is a key to practical management
and is an important function of management in execution. Implementation
of motivation is essential in all managerial functions. Only by the
implementation of motivation, managerial functions can be accelerated.”
I. Importance / Role for Entrepreneurs
Entrepreneurship is very important in the life of the common man. The importance/role of entrepreneurship in their life is being clarified in some of the headings below,
1. Encourages independence Entrepreneurship provides personal freedom to people. Those who adopt entrepreneurship do not work under the control of others for their employment, but keep many subordinates. They can do their work as and when they want, whenever they want. This gives them personal freedom as well as economic freedom.
it occurs. And it is known to all that there is no greater happiness than freedom."
2. Encouraging self-reliance Entrepreneurship, especially small entrepreneurship, can contribute to making people self-reliant. Villages become self-dependent due to the development of small scale industries. They did not have to depend on others for their needs. Gandhiji was in favor of this type of entrepreneurship, which could encourage self-reliance in the society.
3. Development of women entrepreneurs - Due to the development of entrepreneurship, the development of women entrepreneurs has got a boost. In fact, women get fewer job promotion opportunities than men. As a result, women get relatively less opportunities for their development. But by adopting entrepreneurship, women have touched new heights in the field of industry. Not only small enterprises, many big enterprises have also been established by women and developed their capabilities.
There are many women like Ekta Kapoor, Kiran Mazumdar, Naila Lal Kidwai, Ritu Nanda, Shahnaz Kho etc. who have played a very important role in the field of entrepreneurship. Along with his development, he has also brought laurels to the country.
4. Opportunity to create destiny - There is an old saying 'Lakshmi resides in industry or business. This saying is true, because entrepreneurship adopters get an opportunity to earn windfall gains at some point of time in life. Therefore, by adopting entrepreneurship, you can make your fortune by taking advantage of such opportunities. Not only this, there are risks in business. The more risky business a person does, the greater the potential for profit. So entrepreneurs can build their own fortune by having the courage to take the risk. Henry Ford had made his fortune even after failing in not one but many enterprises.
5. Opportunity to do something different - Some people want to do something different in life, want to be. That's because they don't want to get lost in the crowd of the world. Entrepreneurship is one such job which can provide them an opportunity to do something different. By adopting entrepreneurship, people fulfill their 'aspirations'. For example, a person wants is it
6. Opportunity to exploit full potential There are many people who while working in an organization feel that their potential / potential is not being fully utilized. They consider their work boring and challenging. As a result, possibly some of them decide to leave such an institution. They are satisfied using their full potential in their own organization. One does not have to travel a long way to find such examples. Many such people will be found nearby.
7. Satisfaction of yeaming for home money Some people have a high desire to earn money and they consider entrepreneurship as the 'way to Alibaba's treasure'. But it is also true that many entrepreneurs of the world have earned immense wealth. There are many entrepreneurs like Laxmi Niwas Mittal, Premji Azim, Ambani brothers whose names are very high in the list of richest people in the world. Stanley and Danko have also found in a research that, “self-employed persons are four times more likely to become rich (millionaires) than those who are employed. Hence entrepreneurship is one of the most important factors for many people. It is also capable of satisfying the craving for getting money.
8. Opportunity to do things of interests and hobby Many people make entrepreneurship as a medium to fulfill their interest and hobby. They choose such enterprise which can fulfill their interests and hobbies or help them to fulfill them. Many people are fond of collecting old stamps, paintings, coins, statues, cars, watches etc. Such people also do their business in these items. As a result, along with business, hobbies are also fulfilled.
9. Opportunity to fulfill aspirations Entrepreneurship contributes significantly in fulfilling human aspirations/unfulfilled aspirations. Today there are many people in the world who have everything, wealth, honor and respect, but the aspirations of their life remain unfulfilled. As a result, they dream of fulfilling them by adopting mixed entrepreneurship. Do Amitabh Bachchan's ABC (A.B. Corp.) and Shah Rukh Khan's Dreams Unlimited firms not seem like a medium to fulfill his aspirations.
10. Opportunity to serve society Many people adopt entrepreneurship as a means of social service. Small entrepreneurs also earn their profit by making a close relationship with the society and customers and serving them in many ways. Big industrialists get the opportunity of social service by providing financial and moral support in many philanthropic works in the society. Famous industrialist of India G. D. Birla has served the country and society by supporting Gandhiji's movement, it has become exemplary for all entrepreneurs.
II. Importance / Role for Economy and Society:
Entrepreneurship is the key to economy and national development. This can open the doors of progress of the country. In the words of Ralf Harwitz, “Just as people without vision are crippled, so without entrepreneurship the economy and business are crippled.” In short, the important role of entrepreneurship in the economy can be understood under the following headings:
1. Promotes innovation - Entrepreneurship plays an important role in the development of innovations in the business world. In the words of Peter Drucker, “Innovation is a distinctive tool of entrepreneurship.
1 An increase in the market or commercial value of a resource through innovation An increase in business value occurs when there is an increase in the utility and satisfaction of a resource to the consumer.
2. Establishment of new enterprises / ventures - Those who adopt entrepreneurship, they start some new work or business. As a result, entrepreneurship encourages the establishment of new ventures. Sometimes it is also seen that those who adopt entrepreneurship keep on setting up some new ventures throughout their life. This gives impetus to the economic development of the country.
It is worth mentioning that today in the year 2004-05, the number of registered small units in the country has increased to about 16 lakhs. The number of unregistered units is more than 102 lakhs. Not only this, today the number of registered non-government companies in the country is more than 6,40,000. All these small and big enterprises are the train of entrepreneurship.
3. Production of new products/services - It is only due to entrepreneurship that it is possible to produce new products/services every day in the country. Today small things that come in day to day work. New models are becoming available from products to large products like airplanes. All this is the result of the development of entrepreneurship.
4. Development of new production technology- Entrepreneurship development also provides an opportunity for the development of new production technology in the country. New entrepreneurs also take the risk of developing new technology by finding opportunities to improve and change existing production methods.
5. Development of new markets Entrepreneurship also plays a role in developing new markets. New entrepreneurs conduct market research to discover new markets and aggregate and analyze facts related to new markets. After that they study the demand of those markets and make the products/services available according to the demand. Not only new entrepreneurs, existing entrepreneurs also play an important role in the development of new markets.
6. Growth and expansion of existing enterprises Entrepreneurship also contributes to the growth and expansion of existing enterprises. As a result of the entrepreneurship of the owners/managers of the existing enterprises, new products are created in them, new production technology is developed and new market areas are discovered and entered. It is worth mentioning that such entrepreneurship is called Corporate Entrepreneurship or 'Intrepreneurship'.
7. Contributes to employment opportunities Entrepreneurship contributes to increase employment opportunities. Due to entrepreneurship, when new enterprises are established, new products are created. With the development of new markets, it is natural for new employment opportunities to arise. Entrepreneurship not only provides employment to the entrepreneur himself, but also provides employment to many other people directly and indirectly.
It is worth mentioning that today (Year 2004-05) about 282 lakh people are employed in registered and unregistered. Not only this, 270 lakh people are employed in private and public sector undertakings of the country.
8. Promotes international business By adopting entrepreneurship, it is possible to develop and manufacture new and different products/services. It is also possible to develop new markets. As a result, efforts are made to build Many entrepreneurs open their production centers and business offices in other countries. Many entrepreneurs enter into mutual cooperation agreements with entrepreneurs from other countries. As a result of all this, international or global business is encouraged.
9. Promotes capital formation – Razor Naskert has very rightly written that “In developing countries only the entrepreneur can play an important role in breaking the impenetrable fortress of capital and gives impetus to the economic forces in capital formation.” In fact, entrepreneurship also encourages capital formation in the country. To adopt entrepreneurship, the entrepreneur invests his entire deposit in his VIVR. For the remaining requirement, he takes loan or gets capital by issuing shares. As a result, other people Savings are also encouraged to save, this encourages capital formation in the country.
10. Decentralization of economic power When entrepreneurship is adopted from house to house, economic power is not centralized in the country and society. As a result, economic power and wealth are distributed in the hands of many entrepreneurs. As a result, economic power is decentralized in the country. This automatically saves the country from the defects arising from the centralization of economic power.
11. Contribute to the execution of government policies and plans Entrepreneurship plays an important role in the implementation of state policies and plans. Entrepreneurs set up their enterprises and produce products and services according to industrial policy, import export policy, technical policy, etc. In addition, entrepreneurs direct their actions according to the priorities of the goals of the plans. In this way, the process of entrepreneurship makes an important contribution in the implementation of government policies and plans.
12. Helps solve social problems - The process of entrepreneurship is effectively helpful in solving social problems. Major social problems are illiteracy, unemployment, disease etc. Entrepreneurs through their social activities open many schools, build hospitals or provide financial assistance for schools and hospitals which helps to solve these problems. By providing people directly or indirectly with their undertakings or works, they do it in the removal of poverty.
13. Balanced economic development The process of entrepreneurship can lead to balanced economic development of the country. The development of business activities in every geographical area is possible only with the development of entrepreneurship. Pro. Nurkse has also written that "Entrepreneurs pave the way for balanced economic development."
14. Proper utilization of resources - There are many types of resources in the country, such as air, water, mountains, plateaus, rivers, seas and beaches, forest wealth, animal wealth, agricultural produce, mineral materials, human etc. By making good use of all these resources by entrepreneurship, their utility can be increased. Similarly, the entrepreneur also transfers them to different places to make them available at the place. This increases their space utility. Consumers get more satisfaction from them only due to increase in utility. That's why Prof. Cook (C.W. Cook) has written that “Entrepreneurship builds a bridge between the productive resources of the nation and the consumers.”
15. Contributes to economic development Many nations remain rich or the pace of their development is slow. Economists agree that a major reason for this is that the development of entrepreneurship in those countries remains stunted. Pro. Dupriez (Prof. Dupriez) has also accepted that, “lack of entrepreneurs is a great hindrance to economic development.” However, business activities can be developed by developing entrepreneurship and intensifying the process of entrepreneurship. The activities will not only make good use of resources, and increase employment but also increase the speed of capital formation, which will ultimately lead to all-round development of the entire country.