Millennial is the term mainly used to the individuals who reached their adulthood around the turn of 21st century; also termed as generation Y. It is the demographic cohort following the generation X. The generation that follows the generation X, with the birth years ranging from the early 1980s to the early 1990s (Ball, 2012). This generation is mainly liberal towards their political ideology, practice religion less than the previous generations and grew in the age of technology and thus is very versed in technology. It is estimated that the Millennials make up to 21% of consumer discretionary purchases.
Job satisfaction can be termed as the degree of happiness workers feel about their work, which can affect performance. Job satisfaction can be influenced by an individual’s ability to finish the required tasks, the level of communication in an organization and the way administration treats the employees. The Millennial generation is expected to grab the 75% of the total workforce by 2035. Thus, it is crucial to understand the indicators of the millennial job satisfaction (Bisht, Chaubey & Thapliyal, 2016). These young workers are more prone to job satisfaction than their predecessors. The change of career path is enabled for the Millennials and even encouraged by LinkedIn and other social networking platforms.
A job satisfaction is a feeling of fulfillment of enjoyment that an individual or a worker derives from their job. The most important factor that is requiring obtaining the job satisfaction is the engagement. It is important that individuals engages in their work and are focused and productive. If a worker is completely engaged in his or her work, it is likely that he or she will be able to find their individual strengths. Other factors that assist in obtaining job satisfaction are the respect, praise and appreciation. Millennials in the current business context wants fulfillment at work along with fulfillment at home. It is important that organizations gives respect to the millennials at the workplace and also appreciates their work as they work for purpose and not for paychecks (Kwong, 2016). According to the survey conducted by Society for Human Resource Management 2016, half of the surveyed employees rated the respect from the seniors as the most important aspect to obtain the job satisfaction.
The workers job satisfaction plays an important role in terms of their health and wellbeing and also plays an important role for the organizations in terms of its productivity, employee relations, absenteeism and turnover. The factor of job satisfaction is very complicated and is influenced by many situational factors of the job and the dispositional characters of the individuals. The degree of the job characteristics on the job satisfaction of an employee could be identified with the assistance of two-factor theory and job characteristics model. It has been argued by many authors that job satisfaction influence the workers job performance. Job performance is a contributing element in an individual job satisfaction. In the current business context, it is evident that managers generally want to have satisfied workers who feel happy at the workplace. Managers want to have employees at the workplace who feel that their jobs gives them positive characteristics such as challenge, security, pleasant co-workers and good pay.
Motivation is the term derived from word ‘motive’ that means needs, wants or desires within an individual. It is the process of encouraging people to reach their goals and objectives. Motivation in management demarcates the ways in which managers promote the productivity of the employees. Motivation is actually a level of desire that an individual feels in order to perform his or her respective work. People who are motivated to perform deliver more productive works, more engaged and feels more invested at the workplace.
Millennials who are the most educated and culturally diverse than any generation before also needs motivation to perform their respective works. If a company wants to motivate its millennials workers, it is important to convey the company’s vision to them (“Millennials at work Reshaping the workplace”, 2017). According to Forbes, millennnials mainly work for some meaning and impact on their work and are not satisfied only with the heavy paychecks.
Motivational theories are considered as the studies that derive individuals to work towards a specific goal or outcome. Every business enterprise is interested in motivational theories as motivated workforce is more productive which leads to more sustainable use of resources. Most of the motivational theories differentiate between the intrinsic and extrinsic factors. It is believed that workforce with higher self-confidence level have more ability to gets success (“Motivation & its Theories”, 2017). There are many motivational theories such as Herzberg’s two factor theory, Adams Expectancy theory, Three-dimensional theory of attribution, Maslow’s hierarchy of needs and many more.
Motivational theories can be distinguished between content and process motivation theories. Content theories focus on ‘what’, while process theories focus on ‘how’ human behavior could be motivated. Content theories are the oldest theories of motivation and in the work environment; they have had the greatest impact on the management practice and policy. Content theories are also known as needs theories. On the other hand, process theories are concerned on how motivation occurs and what kinds of factors could influence the motivation in the human behavior.
Herzberg’s two factor theory, which is also known as Motivation-Hygiene theory states that there are certain factors at the workplace that cause job satisfaction and a separate set of factors that can cause dissatisfaction. According to Herzberg, the opposite of satisfaction is not dissatisfaction, but is no satisfaction. As per him, the job satisfiers deal with the factors which are involved in doing a job. According to theory, there are five factors that deliver job satisfaction to the workers, namely, achievement, recognition, work, responsibility and advancement (Tolbize, 2017). There are also some factors that lead to job dissatisfaction such as company policy and management, supervision, salary and working conditions.
Adam’s equity theory demarcates that people are encouraged if they are treated equally and receive what they consider good for their efforts and costs. According to Adams’ equity theory, workers compare their contribution to work and the benefits that result in the contribution of the company. The stated theory calls for the fair balance to be collide with employees’ inputs such as hard work, skill level, and acceptance with employee’s outputs such as salary, benefits and recognition (Podmoroff, 2016). The stated theory is developed with a belief that employees become de-motivated both in terms of their job and employer, if they feel their inputs are greater than the outputs.
The psychological contract is referred to the unwritten point of expectations of the employment relationship which is dissimilar from the formal, codified employment contract. The psychological contract and the employment contract deliver the employer-employee relationships. According to organizational researcher Denise Rosseau, the psychological contract involves the mutual beliefs, common ground, informal arrangements and the perception between the two parties (Li & Dai, 2015). It gets developed and evolved completely on the basis of communication between the employer and the employee.
The violation of the perceived psychological contract is the leading cause of the dis-satisfied employees and the destructive behavior of the workplace. The contract is built between the employees and the employer when they enter into a working relationship. The psychological contract is the fairness or the balance between how an employee is treated by the employer at the workplace and what the employees have to put into the job.
The psychological contract represents the obligations, rights, rewards and many more that an employee believes he or she is owed by his or her employer in return for their work and loyalty. The psychological contract is the relationship between the employer and the employee and mainly concern on the mutual expectations of inputs and the outcomes (Long, 2012). It is usually seen from the feelings or standpoints of the workers though a full appreciation is required in order to understand both the sides. When an individual holds their own view regarding what a psychological contract holds at a personal level, in organizational terms, the collective view and whole workforce are far more significant.
It is evident that psychological contract is the expectations of an employee or the workforce towards the employer. It usually represents the basic senses that are obligations, rights and the rewards. A healthy psychological contract helps an organization to meet its organizational mission and visions. The contract is very useful in evaluating the people’s response to the changing context of the careers and it is very consistent with times (O’Neil, Drillings & O’Neil, 2012). The healthy workplace relationship between the employer and the employee helps in enhancing the company’s production and also in maintain the workplace environment. The practices that enhance the employee satisfaction, productivity, employee turnover directly assist a business establishment in achieving their mission and vision.
Extrinsic motivation is basically referred as our inclination to participate in activities for gaining few external rewards. It is significant to note that the rewards can be psychological or tangible in nature. Trophies and money are two basic types of tangible rewards. People participate in activities that they may be usually not find terribly rewarding for earning a salary (Gorman, 2007). Psychological nature of extrinsic motivation can contain public acclaim and praise. In this type of extrinsic reward, the reward is not physical; it is a type of motivating reward which is external to the real process of taking part in the activities.
Extrinsic motivation can be highly effective type of motivation. Extrinsic motivation itself forces to measure outputs like goal achievements as well as pay less attention to the input such as collaboration and hard work (Davidson, 2012). This type of motivation forms a dynamic where the higher levels of performers are motivated and the lower level of performers like employees get motivation. It also forms a lone-wolf mentality where each and every one are in it themselves without collaborating with others.
Increasing the motivation at the workplace is the aim of every organization as enhancing the motivation of the employees helps the firm to boost the productivity. One of the best methods in motivating the employees is by creating a positive work environment for the workers. Organizations must encourage their employees by giving them positive work environment. The second method would be providing the assistance in achieving the goals of the employees. Managers must help the employees to become self-motivated (Bjo?rnsson, Bjo?rklund, Strandberg, Eriksson & Olinder, 2015). The third method would be recognizing the achievement of the workforce. It is crucial that seniors or the supervisors celebrate the achievement of the employees by giving some rewards to them. Providing incentives to the workers for their hard work could also be a method of motivation.
Motivation of the employees could also have negative effects on the organization. If an organization motivates its employees by threatening them to reduce the hours of the underperforming workers, then workers may have negative consequence of the motivation (Davidson, 2012). Providing incentives to the workers affect the budget of the company and also increases its overall costs. Sometimes, employees get jealous from the good performing employees and that creates a division among the workers at the workplace.
References:
Ball, B. (2012). A summary of motivation theories. Retrieved from https://www.yourcoach.be/blog/wp-content/uploads/2012/03/A-summary-of-motivation-theories1.pdf
Bisht, S., Chaubey, D., & Thapliyal, S. (2016). Analytical Study of Psychological Contract and its Impact on Employees Retention. Pacific Business Review International, 8(11). Retrieved from https://www.pbr.co.in/May2016/5.pdf
Bjo?rnsson, G., Bjo?rklund, F., Strandberg, C., Eriksson, J., & Olinder, R. (2015). Motivational internalism. New York: Oxford University Press.
Davidson, J. (2012). Motivation. [Place of publication not identified]: F+W Media.
Gorman, T. (2007). Motivation. Avon, Mass.: Adams Media.
Kwong, T. (2016). How Does Millennials’ Perception on Their Employers Affect Their Work Ethic? A Study in Hong Kong. University Of Management And Technology, 11(4), 289-308. Retrieved from https://www.fm-kp.si/zalozba/ISSN/1854-4231/11_289-308.pdf
Li, J., & Dai, L. (2015). A Review of Psychological Contract. Psychology, 1539-1544. Retrieved from https://file.scirp.org/pdf/PSYCH_2015092216182508.pdf
Long, R. (2012). Motivation. Hoboken: Taylor and Francis.
Millennials at work Reshaping the workplace. (2017). Retrieved from https://www.pwc.com/m1/en/services/consulting/documents/millennials-at-work.pdf
Motivation & its Theories. (2017). Retrieved from https://managementconsultingcourses.com/Lesson20Motivation&ItsTheories.pdf
O’Neil, J., Drillings, M., & O’Neil, H. (2012). Motivation. Hoboken: Taylor and Francis.
Podmoroff, D. (2016). 365 Ways to Motivate and Reward Your Employees Every Day. Ocala: Atlantic Publishing Group.
Tolbize, A. (2017). Generational differences in the workplace. Retrieved from https://rtc.umn.edu/docs/2_18_Gen_diff_workplace.pdf
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