Good Example Of Bank Of America Essay

Type of paper: Essay

Topic: Employee, Workplace, Company, Motivation, Employment, Business, Banking, Goals

Pages: 2

Words: 550

Published: 2020/11/13

The Bank of America in collaboration with its subsidiaries provides commercial, retail banking, corporate and services internationally. It also offers cash management, trade, custodial services and treasury. It operates mainly in commercial banking, treasury, financial market segment and financial banking. According to (Andrew, 48), the company provides money transfers, current, savings and executive overdrafts. In addition, the Bank of America provides financial market and treasury solutions to institutional and corporate customers. Also, it is involved in offering custodian services and investing banking services.
Increasing motivation in any field or workplace can aid in boosting productivity, raise morale and improving performance (Andrew, 53). While various motivators work for various types of employees, there are a number of common tactics for getting employees energized and exited for their duties. These motivational techniques can be:
The company provides incentives towards work and this increase motivation to employees. This can be done either by creating team incentives to motivate team work or create individual incentives for every employee. Cash prizes, restaurant certificates or gift cards can stand for financial incentives. In addition, there are non-financial incentives that include parking spots, compressed work days, extra vacation days and office space choice. According to (Henry & Lord, 57) employers should regularly survey workers in areas of their satisfaction. This helps in spotting the morale breakers before get out of hand.
The company motivates employees with the profit-sharing incentives programs. In this case, their earnings maximize as they assist you increase yours in the entire company. This promotes both teamwork and collective goal-setting simultaneously. In addition it also provides the employees with sense of ownership and can reduce turnover and improve performance as well as increase morale in employees. In addition, the company encourages employees to continue in participating organizational industry or continue with their education (Andrew, 64).
The outcomes of motivational techniques to the company and the employees should not be underestimated. They result to achievement of goals and objectives of the company whereas to the employees, they work towards achieving the set goals and objectives. Therefore, the company is able to maximize its profits while minimizing cost. The company should make its goals and objectives reasonable and achievable not to discourage employees.
Conducive working environment gives employees the upbeat. Thus, company should encourage idea sharing and teamwork and ensure staffers have the knowledge and tools to perform their tasks well. This ensures unity among the employees; conflicts should be eliminated to avoid damages. In case of achievements from the employees (Henry & Lord, 65), the company should appreciate and give rewards to the achievers. This makes the employees to work hard thus maximizing profits.
A motivated employee in any field of work performs better. When an employee feels appreciated they attempt to duplicate what they are appreciated for. Similarly, if you motivate by threatening to fire a lazy employee, he may strive to prevent the consequence negatively (Andrew, 77). Also, provided a supervisor understands the role of an employee and provides clear coaching, an employee should perform better in his job.
Wrong motivation in a company might teach employees to be dishonest. In special cases, commission sales can lead to honesty failure. Therefore, customer satisfaction should be tied in with sales statistics whenever employees are motivated. Otherwise, the reduction in employee and customer satisfaction may be costly (Henry & Lord, 76).

Works Cited

DuBrin, Andrew J. Essentials of Management. Mason, Ohio: South-Western/Cengage Learning, 2009. Print.
Henry, Colette, and Lord B. The. Veterinary Business and Enterprise: Theoretical Foundations and Practical Cases. London: Elsevier Health Sciences UK, 2013. Internet resource.

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WePapers. (2020, November, 13) Good Example Of Bank Of America Essay. Retrieved May 18, 2024, from https://www.wepapers.com/samples/good-example-of-bank-of-america-essay/
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Good Example Of Bank Of America Essay. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/good-example-of-bank-of-america-essay/. Published Nov 13, 2020. Accessed May 18, 2024.
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