The Expectancy Theory Of Employee Motivation - 868 Words

When leaders conquer the ability of having subordinates work towards organizations goals and purpose this fosters a highly engaged work force leading to higher outcomes (Sagie Koslowsky, (1994). This approach of recognizing and rewarding employees for their performance was first introduced by Victor Vroom in 1964 known as the Expectancy Theory. When employees are engaged they will exceed organizational expectations and function with a sense of ownership in their place of employment (Malik, (2012). Hema and Washington (2014) state, employee motivation is gained when subordinates are empowered; giving staff power and authority to make the choices without having to wait for management’s approval. Empowering of staff not only gives employee a sense of ownership it involves them directly with the goals and purpose of the organization. Balthazard, Cooke and Potter (2006), mention, that empowerment is to tap the creative and intellectual energy of everybody in the organization not just those of senior leadership. By empowering employees, organizations will be able to initiate decision-making down from senior leaders to frontline employees (Evans, 2013). Leadership must clearly communicate expectations and expected outcomes to everyone working in the organization. These expectations will need to be aligned with the organization goals and expectations (Szilagyi Sims, (1974). There may be times when leaders will be required to define the organization’s culture when formingShow MoreRelatedVrooms Model of Expectancy Theory1180 Words   |  5 PagesVroom’s Model of Expectancy Theory Expectancy Theory is a mental form of motivation. It is based how employee makes their decisions and why they are motivated to perform the task. It identifies the motivational force behind the decision (Van Eerde Thierry, 1996). Motivation is predetermined before an employee will complete an assignment (Kopp, 2014). The components that contribute an employee’s motivation are a positive link between their effort and performance; the performance leads toRead MoreThe Inner Drive of Motivation984 Words   |  4 PagesMotivation is simply means an inner drive to behave or act in a certain manner. To relate Organization and Human Resource, motivation is defined as the processes that account for an individual’s intensity, direction, and persistence of effort toward attaining a goal. There are three key elements of motivation, which are intensity, direction, and persistence. Intensity is refers to how hard a person tries on something. Direction is the orientation, pat h or guideline that benefits the organizationRead MoreExpectancy Theory of Motivation714 Words   |  3 PagesExpectancy Theory of Motivation, an approach to improving performance. Mark R. Mattox Western Governors University Expectancy Theory of Motivation â€Å"Expectancy Theory - A theory that says that the strength of a tendency to act in a certain way depends on the strength of an expectation that the act will be followed by a given outcome and on the attractiveness of that outcome to the individual.† (Judge 07/2012, p. 224) Explanation of the Three ComponentsRead MoreExpectancy Theory And Social Cognitive Theory Essay1163 Words   |  5 PagesExpectancy Theory in Practice and Social Cognitive Theory Expectancy theory in practice Expectancy theory is about the mental processes regarding choice, or choosing. It explains the processes that an individual undergoes to make choices. In the study of organizational behavior, expectancy theory is a motivation theory first proposed by Victor Vroom of the Yale School of Management. Expectancy theory tells us that people who are confident in their ability to perform a particular task are motivatedRead MoreExpectancy Theory And Social Cognitive Theory Essay1190 Words   |  5 PagesMotivation Theories: Expectancy Theory in Practice and Social Cognitive Theory Expectancy theory in practice In Expectancy theory we focus on the mental processes when considering choice, or choosing. It clarifies what an individual feel while making choices. In the study of organizational behavior, we can see that expectancy theory is a motivation theory, it tells us that employees who are sure in their ability to perform a particular task are motivated by their expectations of the consequencesRead MoreHow Managers Motivate Employees And Helping Managers Keep Their Employees Motivation High Essay1492 Words   |  6 PagesMotivation in the workplace has been a frequently discussed subject for at least a century. Whether an employee is doing paperwork behind a desk, helping to put together a car on a conveyor belt, or trying to make a sale, motivation is essential in their job. The reason behind this is simple enough- the more motivated an employee is the more work they tend to get done. However, it can be a struggle for managers to keep their workers motivated. This struggle has led to the development of numerousRead MoreThe Theory Of Motivation As Defined By Vroom ( 1964 )901 Words   |  4 PagesIntroduction In recent years, organizations have shown an interest in addressing the subject of employee attitude regarding their jobs and tasks. Many leaders believe that motivation is a key factor in keeping employees on a path to achievement in the workplace. Motivation as defined by Vroom (1964) is the force impelling an employee to perform a particular action. Theories of motivation started to be developed following World War II. Prior to this time, organizations had not shown any concernRead MoreThe Impact Of Expectancy Theory On The Individual Values1649 Words   |  7 Pagesimportant to understand motivation. Motivation is a broad, decision-making concept in which behaviour can be commenced and conducted, by a desire for fulfilment (Huczynski and Buchanan, 1991). Having a motivated workforce is vital for a firm’s productivity and growth, however how best to motivate employees is subject to much debate, with many theories providing conflicting opinions. In this essay I will ou tline and use Expectancy theory (Vroom, 1964), a popular motivational theory, to evaluate and provideRead MoreLet1 Task 11087 Words   |  5 PagesBehavioral Influences - Expectation Theory of Motivation ______________________________________________________________________________ Abstract This paper explores a contemporary and widely accepted motivational theory known as Expectancy theory of motivation introduced by Victor Vroom in 1964. It will first explain the three key components and relationships of the expectancy theory of motivation. These components include Expectancy, Instrumentality and Valence. In addition, it willRead More In-Depth Summary of Expectancy Theory Essay1243 Words   |  5 PagesIn-Depth Summary of Expectancy Theory In today’s organization, there is a need for ways in which to effectively motivate employees. Expectancy theory addresses the underlying issues that are associated with the belief that a performance or outcome is attainable. Developed initially by Edward Tolman and Kurt Levin, introduction of the theory into the workplace was not achieved until quite some time later by Victor Vroom (Bradt, 1996). It is his first utilization of the theory that enabled others

Frank Millers 300 Movie Review - 827 Words

Other than Stan Lee, there may not be a more respected and beloved comic book storyteller than Frank Miller. He has been responsible for some of the greatest plots even conceived, creating Batman: Year One, The Watchmen, and V for Vendetta – just to name a small, select few from his brilliant library of ideas. Miller is also responsible for bringing the legend of the 300 to comic book form in 1998, which was so remarkable and breathtaking that it was adapted to film in the popular 2007 action flick, 300 – starring Gerard Butler. And, after seven long years, the battle with King Xerxes continues in the epic war continuation, 300: Rise of an Empire. Directed by Noam Murro and based on Frank Miller’s yet to be published story, Xerxes – 300: Rise of an Empire picks up right where its predecessor left off. The 300 Spartans have fallen at the hands of the King Xerxes’ mighty army, and with Leonidas now beheaded, the news of his defeat hits both Sparta and neighboring Athens – led by General Themistocles (Sullivan Stapleton). Several years prior, Themistocles helped lead his democratic nation to a successful defense against the aggressive Persians – even killing the Persian king, Darius (Yigal Naor) in the process. With his son, Xerxes (Rodrigo Santoro), devastated after witnessing the death of his father, he eventually becomes a cold, sadistic king – only surrounding himself with one trusted general, Artemisia (Eva Green). When Themistocles approaches Leonidas’ widow,Show MoreRelatedAnalysis Of George Miller s Mad Max 1957 Words   |  8 PagesSucceeding to composers Brian May and Maurice Jarre to score George Miller’s fourth ‘Mad Max’ film ‘Mad Max: Fury Road’. Tom Holkenborg (aka Junkie XL) delivered a score that mix new technologies and techniques with vintage scores cliches. Tom Holkenborg is a composer from the Netherland who has had a number of hits as a solo artist in the music electronic scene back in the late 90s and more this last decade for his work on film scores with his mentor Hans Zimmer. The pair have provided the scoresRead MoreExploring Corporate Strategy - Case164366 Words   |  658 Pagessupermarket chain Asda was distributing the Ministry’s albums to shoppers around the UK. The Ministry’s distinctive logo had become the basis for a large merchandising business, mostly for clothing. By 2001, the Ministry’s touring division was hosting 300 events worldwide, including China and India, and had regular summer 2 3 The Ministry of Sound was aiming for a stock market listing within a couple of years. Then things started to go wrong. The dance music on which the Ministry was based was goingRead MoreAccounting Information System Chapter 1137115 Words   |  549 Pagessuch as a description of the companys pension plan and the employee stock incentive plan. This gives employees a base from which to compare their benefits program to those of other companies. Annual reports also provide employees with a year-end review of the results to which they have contributed during the year. In this sense, the annual report provides reinforcement and rewards. The annual report also informs or reminds employees of the organizations values and objectives and sensitizes themRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 PagesManagement Course: MBA−10 General Management California College for Health Sciences MBA Program McGraw-Hill/Irwin abc McGraw−Hill Primis ISBN: 0−390−58539−4 Text: Effective Behavior in Organizations, Seventh Edition Cohen Harvard Business Review Finance Articles The Power of Management Capital Feigenbaum−Feigenbaum International Management, Sixth Edition Hodgetts−Luthans−Doh Contemporary Management, Fourth Edition Jones−George Driving Shareholder Value Morin−Jarrell Leadership, Fifth

The Nigerian Foreign Exchange Market free essay sample

The Nigerian foreign exchange market; rate determination; control and prospects for Naira convertibility Good morning members of the high table, my colleagues in the industry and all other distinguished guests. It is my greatest pleasure to present this paper at the Foreign Exchange seminar organized by the Chartered Institute of Bankers of Nigeria. I hope I am able to shed light on this extremely challenging topic. Definition: The foreign exchange market can be defined as the collective activity of exchanging currencies i. e. here currencies are bought and sold. The price for the currency is known as the exchange rate. This is one unique market that is not located anywhere but exists on electronic platforms – telephones, telex, internet and other electronic gadgets. The reality of today is that most convertible currencies offer a 24-hour access for market participants. This unique feature has brought with it significant depth in the market. The Nigerian foreign exchange marke t: The Nigerian foreign currency market is to a large extent a part of the global Fx market. However, it is still in the infancy stage in terms of development and does not offer a 24-hour access to the trading of its local currency. To appreciate the Nigerian forex market it is pertinent to highlight its make up. In carrying out this analysis the market can be divided into two major categories; †¢ The official market †¢ The unofficial market These markets have unique features, which therefore dictate the profiles of its participants. The official market, as the name connotes, is the officially recognized market by the regulatory authorities. The market allows the sale of foreign currency for transactions that are eligible and allowed by the Central Bank of Nigeria (Federal Government of Nigeria). Such eligible transactions must be supported by all specified documents. This market is further broken down into two categories, the Central Bank of Nigeria (CBN) market the Autonomous market. The Central Bank of Nigeria (CBN) market: The market is peculiar in that it handles over 75% of the total volume of foreign currency sold in Nigeria (excluding inter-bank). The market is also used to manage the foreign exchange rate in the economy. The system currently adopted to sell foreign currency in the CBN market is the Dutch Auction System. I have used currently because the CBN has adopted a variety of distribution methods over the years. The CBN rate sets the direction for the market. Its rate is usually the lowest in all the foreign currency markets. The Autonomous market: This market comprises all other players in the official market other than the CBN. They are; ? The export proceeds market: This is the generic name for all foreign currency inflows outside of the CBN i. e. roceeds from exports, oil companies, government parastatals, individuals etc. The market supports the settlement required in the inter-bank market and settlements of capital accounts’ transactions that are not eligible for CBN funds though valid transactions. ? The inter-bank market: This market came into existence in September 1986 when the CBN allowed banks to trade foreign exchange amongst themselves (as is done internationally). The stan dard of trading in the market is â€Å"two-way quote† i. e. a quoting bank always gives its binding buying and selling rates to a calling bank. There is heavy documentation and reporting requirement on the buy and sell sides in the export proceeds and inter-bank markets. In some instances volume limits are imposed. ? The Bureau-de-change: These are small outfits licensed by the CBN to handle retail cash transactions. Recently some of their members were licensed to process funds required for travel purposes i. e. Business Travel Allowance (BTA)/Personal Travel Allowance (PTA). The unofficial market warehouses all FX utilisation that are not eligible, i. e. not allowed by the CBN, and all sales of foreign exchange that are not reportable to the CBN. This market can be divided into; the free-funds market and the street market. The Free-funds market is also known as the Transfer or Convertible market: This market has been promoted by the strict controls that exist in the official market and the transparency issue on duties. It has been said that this market provides support for the management of the duty applied on goods imported. The forex for all prohibited goods brought into the country may also have this market as its source. It is a widely held opinion that the substantial part of the supply to this market is â€Å"sterilized† official funds. Most foreign exchange earners (with low corporate/individual compliance commitments) supply funds to this market because of its higher rates i. e. premium over the official sources and confidentiality. The premium that obtains here is primarily due to the absence of documentation. The Cash/Travelers’ cheque (TC) market: This is the easiest of the markets to access. It commands the highest premium due to the speed and guarantee of delivery offered. The cash market is the street market mostly found around the international airports, hotels and major markets. (In Lagos – Tejuosho, Akerele, Ikeja) Rate determination in the Nigerian forex market As with other markets the interplay of demand and supply dictate the price. Demand supply: This simply says the higher the demand (over supply) the higher the price. If the demand for dollar increases significantly relative to its supply, more Naira will be required to purchase a single unit of dollars. However behind the demand and supply are a group of factors: Fundamental, Institutional and Technical. The fundamentals: By this I mean factors concerned with the economic financial condition of the country i. e. alance of payment (bop), interest rates and inflation rates, leading and lagging indicators, economic growth, fiscal deficits and the money supply, market expectation and economic ideology. Institutional factors constitute the policy framework surrounding a particular currency. Examples are exchange parities under Bretton Woods, European Exchange Rate Mechanism (ERM). Technical factors are the studies of the dynamics of market trends once they are under way, rather than with the supply and demand factors, which cause them. The study of how the market moves rather than why it moves. Search for psychological â€Å"resistance† and â€Å"support† levels in currency prices. The short-term scope of the foreign exchange market gives greater relevance to technical analysis over fundamental analysis. The Nigerian market is however rudimentary. Rate determination is not driven by institutional or technical factors. The fundamental factors have more relevance. The fragmentation of the market makes it difficult to have a unified rate for Naira against foreign currency (most importantly $/N). In the Nigeria therefore fx rates are determined in various ways depending on the market; The CBN market: As earlier mentioned the process adopted in this market is the Dutch Auction System (DAS). This is a system whereby a specific amount of foreign currency is offered for sale. The allotment of the currency begins with the highest bid rate received until the total amount offered is fully exhausted. The rate at which the last amount is taken up is the marginal rate or the CBN rate on the day in question. The customer determines the rate at which to bid for the funds required, however this is often informed by the volume on offer by the CBN, the demand at the previous bid and other fundamentals. This rate sets the pace for the market. And the actions of the CBN in its market affect the autonomous market, which is a very thin market – increase or decrease in supply will cause large movements in price. The export proceeds market: Most of the suppliers of funds within this market (especially the oil companies) also adopt the Dutch Auction System. They invite banks to bid for their funds. In this case, the bank is the one quoting and not the corporate customers/individuals. Prices quoted by banks are determined by the inter-bank market levels and the sentiments the inter-bank dealers hold. The inter-bank market: The money market standard for its members is the two-way quoting system. This is seen as the most professional market. Rates reflect the sentiments of the quoting banks and the market is akin to the standard of the international markets. It was introduced in Nigeria in 1997 and despite the numerous setbacks it has suffered it is still acknowledged as the best model of pricing. The position taking activities and predatory elements of the banks are basis of the flavour in this market. The market is ruled by fundamentals and the interpretation of news. The unofficial market: Rates are determined by forces of demand and supply with an underlay of fundamentals, government actions and regulatory policies. Control in the Nigerian forex market: I have taken the liberty to restrict the discussion on the controls in the market to sovereign and regulatory. This is informed by the next topic, which is convertibility. As a background therefore, we shall examine the exchange controls in the market. Sovereign control: The Federal Government of Nigeria has the final authority on foreign exchange management in the country. Until 1995, the country operated under the 1962 Exchange Control Act. In 1995, the market was partially deregulated with the Foreign Exchange and Miscellaneous decree. Some of us here will remember the statement of the then Finance Minister, Chief A. A. Ani when he presented the 1995 budget statement. Chief Ani is quoted inter alia â€Å"Bring N85 million and I will sell to you $1 million, (any amount of dollars as long as the exchange rate is at $/N85) even for BTA! †. BTA required only an airline ticket to travel abroad (Cotonou inclusive!! ) and a visa (in the case of Cotonou there was no need for a visa! ) Nigerians bought tickets and asked for dollars.