2Assistant Professor & Head, Department of Real Estate, Faculty of Business &Entrepreneurship, Daffodil International University, Dhaka, Bangladesh
Keywords: remuneration; motivation; Unilever; Bangladesh;
These motivational factors have important linked point in this exchange process. The positive reinforcement of employees is their behavior. In Unilever, the employees need to provide the best effort to organizational goal . The organizational goal is not possible achieved if the employees are not satisfied. For achieving the target line the Unilever needs to achieve the highest competitive advantage. Since, it is necessary to maximize the employee’s capacity to achieve the target line. So, it is very important issue to maximize the employee’s effort.
Unilever is a multinational corporation that commitment is to respecting human and labor rights. Unilever Bangladesh provides a standard remuneration. But there remain some challenge that will require some systematic approach. Now-adays the living cost of Bangladesh is increasing but the minimum wage of the labor in Bangladesh is very low that cause employees high dissatisfaction. It’s necessary to effort the labor minimum living needs. It’s assumed that higher the company provides the remuneration the employee’s motivation also increases. This study mainly investigates the impact of remuneration and provides suggestions that how it will be better work for Unilever.
• To indentify the factors of the remuneration that affects the desires, wishes or wants of the employees.
• To evaluate the relationship between employees remuneration and employees motivations for employees performance improvement.
• To recommend how Unilever their competitive remuneration package for employees motivation.
The factors of the remuneration that affects the desires, wishes or wants of the employees
The employee’s wants desire and wishes influence by various several factors of remuneration. These factors are divided into two categories – internal and external factors.
• Strategy of Company – the company overall strategy pursues by the employees remuneration. Therefore, the organization needs to pay higher than their competitors for quick and sustainable growth.
• Performance appraisal and job evaluation –satisfactory wage with the different level of job. The award provided to the employees through their performance appraisal.
• Employees related factors – the remuneration severally related to the employees. The employees are related to various factors like –
• seniority mostly effect on the remuneration structure and most senior person in Bangladesh are getting higher pay here.
• Performance – employees pay always depend on performance and reward performance is work as high motivation.
• Experience – employees can get reward or valuable insights on their experience basis.
• Potential – individual employees are paid by organization on the basis of their potentiality. Therefore, if a junior employee has more potentiality they get the rewards.
• Labor market –the labor supply and demand is influence the labor market and salary structure. The labor gets low price if there is availability of exceeds number labor. But government makes rules for minimum wages of labor.
• Living cost - employee’s desire level is highly influenced by cost of living. The high living cost internally forced employees to desire high salary.
• Labor Unions – the labor union absence or presence is highly depending on remuneration quantities. The labor union fixed the wage and salary level. But in Bangladesh there are no labor union exists.
The organizational skill management system is given the opportunities to the employees to perform best performance in motivational quality application and sullied processes . Employees are very actively performed if they get recognition in the organization. Recognition plays a vital role that encourages the employees or team members for doing their task in the same way . Constrictive criticisms as the feedback help to improve employee’s performance. Negative reinforcement for example – mistake or giving threat to the employees is sometime cause of loss of job and some employees are tried to adjust their behavior for avoiding punishment . The positive feedback is also work as a high motivator to the employees .
• Fixed pay – their strategy is to support the employees on the basis of individual skills, performance, and experience and group role. Fixed payment generally pays monthly and in cash.
• Benefits – Unilever provides certain cost effective benefits that include disability and medical insurance cover, provision of death, directors’ liability insurance and so on.
• Annual Bonus – the annual bonus provide on the basis of annual business strategy and ability to manage the cost base flexibility. The annual bonus ability target CEO 150%, other executive directors 120%.
• Management Co-Investment Plan (MCIP) – the MCIP is the share matching arrangement where the executive directors will additional retentions period.
• Individual feel or behavior is depending on satisfaction level.
• Employee’s satisfaction level is influenced by both intrinsic and extrinsic rewards.
• The degree of comparison with others is influenced the satisfaction level.
• Employees desire level is influenced their satisfaction level.
• The other rewards extrinsic factors lead the employee’s satisfaction level.
The employee’s different situation influence the remuneration and motivation’s relationship. In this area some basic elements need to be constant such as
• need must fulfill for fulfilling human needs.
• Comparison with other people rewards and needs equal standard level
• Reward structure focus on employees needs.
The employees are internally influenced by the remuneration structure.
Employees Remuneration like- salary, wages, reward, payment encourage them to work in a satisfactory level.
The motivational process is depending on the remuneration and it highly related with the employees productivity. The motivation and productivity has positive relationship.
The employees motivation and productivity positively related to employees performance.
Source: Authors’ Compilation
The overall situation is analyzed for providing the accurate recommendation to the organization . The employees are encouraged by the performance based reward system and improved their performance for getting more reward. Therefore, Unilever should pay the employees for their high performance and call quarterly meeting it improving the performance of the employees. They should also focus on the quick feedback and superior praise to the employees for more active working environment. It’s particularly true for generation X and Y and they are work nicely with the special reward program . The employees expected reward system can be understood by the fair wage system. The business and employees should maintain the fairness that is the internal quality of relative business employees.
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