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Day: September 2, 2016

Rewards and Punishment in Business

Managers can rely on the carrot or the stick to reward or punish employees. Unfortunately, most managers don’t give much thought about how they reward or punish. In dozens of management development courses I have delivered, I have asked managers, what they use to motivate their employees. Most say money. When asked to think deeper about employee motivations they often realize that they have not really given much thought about what motivates employees, much less given much thought about how they as managers do it.

Few have given much thought to the fact that the wrong type of reward can in fact have the opposite effect. I always share with them the story of the top sales representative at a large pharmaceutical company where I used to work. He was the best the company had. Not only did they reward him with bonuses, but they also had many award trips that representatives could win on a quarterly, semester and yearly basis. He practically won them all! He was winning trips to exotic locations and exciting cities all over the country. I was working in a sales operations position at the time. I visited with him to learn more about his success. During our visit I was shocked when he told me how unhappy he was with the company and how he was thinking of leaving!

I soon learned why. He had a large territory and was constantly “on the road”. He also had several small children. While he realized that he had to travel to be successful, he did not appreciate the fact that almost every 3 or 4 months the company expected him to go on these fancy trips, which took him away from his family even more. He asked, why couldn’t they just give him the money or award him with prize points, rather than force him away from his family! Management had never considered if the type of rewards we were offering was really motivating those who received them. The same is true, if not more so, when it comes to punishment. When working on case studies dealing with difficult employees, attendees at my leadership development programs usually respond first by saying simply “fire them”. They also talk about putting them on “performance improvement plans” or other types of punishment. Few have given serious thought about the type of punishment or the manner in which they deliver the punishment and whether it has impact on improving behavior in promoting the desired type of organizational conduct in the future.

In a study designed to discover if the way managers deliver punishment has a positive impact on behavior within organizations, Ball, Revino and Sims showed that “punishment can positively influence subordinates’ subsequent behaviors (and prevent negative behaviors) if the punishment is conducted in a particular way” (1994, p. 314). They found that positive results occurred when punishment was perceived by the employee to be just and “matching the infraction” they committed and “consistent with what others have received” for …

10 Services That Banks Offer

Whenever we are looking for a particular bank product, we of course always want the best for ourselves. There are numerous services that banks offer. The following article intends to outline 10 of the principal services that banks offer and the reasons why we would want the best in each one … for ourselves!

Wanting the best for ourselves is especially true when we are looking for a means to entrust the safe keeping of our money. So where is the best place for your money? Give it to a friend? Put it in a piggy bank? Hide it in a particular place where only you know? Put it into a bank? Well these are some of the possible places and means wherein you can keep your money. But there is one thing that these ways have in common: they are all actually risky. They are all risky in the sense that the money you have entrusted to them are in danger of being spent, destroyed or will be worth less to you when you take the money back.

Of course, entrusting your money to a reliable and trusted bank is one of the most trusted ways to keep your money safe. Of course to do this, you have to open a savings account first before you are allowed to deposit your money with a bank.

Before opening a bank account, it is best practice to carry out any research about any prospective bank. If you think you are satisfied with your research and think that the bank you have chosen can meet all your business and personal needs, then this will be the time for you to enroll yourself and begin to make your deposits.

I Now Have A Bank Account!

Now, you and your money are already relatively safe and secure. I have to congratulate you for finding the best bank for you. However, I would like to reiterate here that all banks vary in the services they provide. A good example of the common services offered is the savings account. This is basically the initial service one can ever have when joining a bank. With regards to services, there are also some cases where some banks offer one type of service and others do not.

10 Services Offered By Banks

For you to have a clear view of a bank's services, I have included 10 of the services that most banks offer to consumer banking customers.

  1. Savings and other Accounts
  2. Online Banking
  3. Wire Services (includes customer care service)
  4. Payroll
  5. CDs
  6. Payments
  7. Collection
  8. Transfer of Funds
  9. Bill Payments
  10. Loans