Response 100 words
Reply 1
According to Dewar, (2024),” Leaders and HR professionals have a significant role in sustainingemployee engagement and motivation. To do this successfully, you need to understand thecurrent state of recognition, its impact on your workforce, and how best to incentivize ourteams in today’s fast-paced work environment” (Dewar, 2024, p. 77). When I was working at Ascend Trucking, I remember that it was this one situation in which allthe employees were upset, and I do know I responded to an incentive during a workplacewellness program that offered a financial bonus for participating in regular health screeningsand fitness activities. The incentive encouraged me to engage in healthier habits, such asexercising more frequently and attending health check-ups. I think that the benefits of myresponse included improved physical health, increased energy levels, and a greater sense ofwell-being. The financial bonus provided a tangible reward that motivated me to maintain myfitness routine. I also enjoyed the social aspect of participating in group activities withcolleagues. The opportunity costs included the time spent on workouts and attending healthscreenings, which could have been used for other activities, such as leisure or additional workprojects. There was also the potential for discomfort or inconvenience associated with somehealth screenings. The benefits outweighed the costs. The improvements in my health andenergy levels contributed to a more productive work life, and the financial incentives reinforcedmy commitment to maintaining a healthier lifestyle. The positive changes made the time andeffort invested worthwhile. And everyone was happy and excited about the changes that weremade, because no one actually thought changes were going to be made. You know, I think thatthe employee may need to spend extra hours working on sales rather than engaging in leisureactivities or spending time with family. According to Hayes, (2024),” A cost-benefit analysis measures the benefits of a decision oraction by subtracting the associated costs. It involves measurable financial metrics such asrevenue earned, or costs saved from pursuing a project. The analysis can also considerintangible benefits and costs, like employee morale and customer satisfaction. More complexanalysis may include sensitivity analysis, discounting cash flows, and what-if scenarios forvarious options. Generally, if the benefits outweigh the costs, the project is favorable for acompany” (Hayes, 2024, p. 78-80). Reference Adam Hayes, July 25, 2024, Cost-Benefit Analysis: How It’s Used, Pros and Cons
Kyla Dewar, August 8, 2024, 18 employee incentive programs to engage your team
Reply 2
I have been looking forward to this class. I love business. I love learning about the ends andouts, the details of cost analysis, and game theory. Until last year, I owned my own transportbusiness for fourteen years and was very successful at it. I am looking forward to learning whatI could have done to make it better and how much I learned on my own. While I did own my own transport company, I found it beneficial to lease on to another companyto help secure loads. Occasionally, an incentive would be offered when there was an excess ofloads available. Before I responded to any incentive, I would evaluate the bonus available, andthe requirements needed to meet the incentive. Offering a one-hundred-dollar bonus to movetwenty-five loads in a thirty-day period was not much of an incentive when I would add up theextra expense of accepting shorter loads that did not pay as much as loads going furtherdistances. So, if these small incentives were offered, I would decline them and continue to dolonger loads that would benefit me and my business. (Arnold, 2019) When the company I was leased to finally started to notice that I was not signing on to theincentives, they did ask as to why I had not done so. I did show them that I maintainedspreadsheets that calculated costs associated with the shorter loads versus the longer loadsand that the small incentives did not have any benefit to take these shorter loads. The companydid raise the incentive to over five hundred dollars, but it still did not meet my standards, but atleast it did seem to attract other drivers to accept the challenge. In doing my cost analysis, I determined that it was not beneficial to my business to movetwenty-five loads with an incentive of less than one thousand dollars at the end of a thirty-dayperiod. Shorter loads would generally require a return trip without a load going back to theterminal. While longer trips would often have a returning load that would have me droppingwithin an hours drive of the terminal. Driving empty costs fuel and wear and tear on the vehiclefor no additional income. So after doing cost analysis, it just was not something that I wouldsign up for. (Bertram et al., 2016) References
Arnold, R. (2019). Economics (13th ed.). Cengage Learning. Bertram, M. Y., Lauer, J. A., De Joncheere, K., Edejer, T., Hutubessy, R., Kieny, M.-P., & Hill, S. R.(2016). Cost–effectiveness thresholds: pros and cons. Bulletin of the World HealthOrganization, 94(12), 925–930.
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