The paper "Concept of Liberalization of the Labor Market " is an outstanding example of marketing coursework. The essay focuses on explaining the concept of liberalization of the labor market and how it has impacted companies in recent days. This is because of the drastic shift and move taken by the businesses in order to align their strategic goals and plans in line with the concept of liberalization. The liberalization of the labor market has over the recent past produced many positive results to the companies. This is due to the advantageous traits it possesses.
One of the markets like arrangement is the use of work-based incentives (Johansen, 2004). Incentives can be defined as objects which have value in them which encourages an individual to put more effort into whatever activity or job he was doing. They are forms of reward given to the employees in order to increase the effort they put in the work they do. Incentives vary between the organizations which put them into use. Incentives include bonuses given to the customers, job promotions on good and exemplary performances (Fitzgerald, 2002).
They can be broadly classified into three main categories which are namely; Reward incentives- these are incentives such as gifts, certificates, monetary rewards which are offered to the employees in a bid to encourage them to perform better in their work. Compensation incentives- these are incentives which include items such as bonuses and stock offers which are used in a bid to encourage the employees Recognition incentives- these are incentives which are offered to the employees in actions and deeds. They include praising the employees, thanking the employees, or mentioning their achievements in a company meeting (Bidden, 2009). Appreciation incentives- these are incentives which are exampled by celebration events or parties solely planned by the company to encourage the activities of the employees. In our organization, we are reaping the benefits of the application of the incentive schemes.
Since the foundation of the organization, we believed that the best performance of the company can be achieved through the empowerment of the employees. We have in all the activities put in place mechanisms which will motivate the employees in our organization. Before we put in place the incentive schemes, most of our operations were very poor.
There were very high levels of wastages in the line. There were also poor quality of output produced and less quantity of produce. The resources of the firm were highly underutilized (Audley, 2007). The relationship between the employees and the top-level management was very poor and very cold. This was the main reason for underlying the introduction of the incentive schemes by the firm. We began by giving bonuses for extra units of production. This was the stepping stone in our achievement of the organization goals and targets.
The employees strived in order to produce extra units from those specified in a bid to get the bonuses we were offering. This went well for the organization and we recorded increasing numbers of output with the same number of resources we had used in the earlier periods before the introduction of the incentive schemes. Through the production of extra units of output, there were increased sales and production returns (Encyclopedia Britannica Educational Corporation, 2008). We also witnessed maximum utilization of the resources of the company.
In the previous periods, there were high rates of the resource underutilization but through the putting in place of this program, changes were witnessed.
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