Current economic conditions and conquering work-related fears: Employee satisfaction during times of uncertainty.

Undergraduate
Research Paper
Business
Pages 14 (3514 words)
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Cost of production in modern days has gone so high and business organizations are losing or gaining little profits to meet demands of all their stakeholders. This has prompted business organizations to retrench some of their employees and reduce remuneration for the remaining members in order to lower their cost of production…

Introduction

Current global economic crisis has greatly affected employee satisfaction in many organizations hence declining their performance and ability to cater for their personal expenses. Organizations are currently reducing remunerations to their employees without considering its effects to their personal lives and motivation to work hard. Many organizations have also withdrawn employee benefits such as bonuses, promotions and commissions creating work related fears among employees (Rorty, 2010). This fear among employees, especially during times of economic uncertainty, is not healthy to business performance, and need immediate attention to ensure that business organizations survive the crisis without losing their workers. Kenneth E. Strong Jr. and John A. DiCicco identified three building blocks to overcome fears, namely, “Authority, Responsibility, and Accountability”. They actually make a good leader out of a person not just to think and do what is right for one’s self but also for others. ...
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