Budgets and Motivation

Paper Summary:

The paper explains that a budget is an essential part of the functioning of an organization. The paper further discusses how today, the better management is able to keep its employees motivated and satisfied, the better it is able to retain its valuable workforce, thereby saving large amounts of money that it would otherwise have to expend on the recruitment and hiring process. The paper shows how an aware and alert management would be able to assess and analyze the needs of its employees and conceive of appropriate motivational plans and ideas. These ideas need not be implemented at great cost to the company; they may come well within the budget.

Table of Contents:
Introduction
Budgets and Employee Motivation
Role of Management in budgeting to motivate its employees
Conclusion

From the Paper:

"A budget may be understood as a 'road map to profit', without which the company may have to face losses. A budget would allocate money, and it can be defined as a very realistic projection of what the employer expects to receive, in return for what he is ready to spend. In general, a budget can be formed from averages; an employer must be able to budget for a reasonable period of time, and therefore, be able to control costs, and perhaps increase revenues. (The Profit puzzle: Finance, Budget) The basic meaning and function of a budget that would motivate an employee is that it must meet the various priorities of the organization, while at the same time exercising spending restraint. (Meeting the priorities of the nation while achieving spending restraint)."

Sample of Sources Used:

• Belilos, Claire. 1997, 'What do Consultants actually do? Why do managers hire them? Whom should they hire as consultant?' CHIC Hospitality Consulting Services. Available at: http://www.easytraining.com/consulting.htm
• Bruce, Anne. & Pepitone, James S. 1998, Motivating Employees. McGraw-Hill Professional.
• Bureau of Labor Statistics: U.S. Department of Labor. 2006, Budget Analysts. Occupational Outlook Handbook, 2006-07 Edition. Available at: http://www.bls.gov/oco/ocos003.htm
• Burnett, Ken. 2001, The Project Management Paradigm. Springer. Employee Motivation and Incentive Schemes/Customer Loyalty. From http://www.sms-direct.com/employee-motivation.htm Employee Motivation - How to Motivate Employees, Create a Motivational Workplace. Available at:http://humanresources.about.com/cs/moralemotivation/l/blmotivationctr.htm
• Gruner, Stephanie. 1995, 'The Employee-run-budget Worksheet' Inc. Magazine, [Online] Available at: http://www.inc.com/tools/2000/10/13788.html

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