Falcon Insurance Company
The report majorly focuses on the motivation that should be applied in any workplace to keep it better. Motivation process is essentially important for any workplace. It enhances the performance of the employees and it creates a positive environment in the firm. The company, which is chosen for this particular project, is Falcon Insurance Company that is an Arabian insurance company. A brief overview of this company has been provided in the report and the need of motivation has been elaborated in the report. A further analysis of the theories of motivation has been provided and the situation in which such motivation can be applied has been discussed in the report.
Falcon Insurance Company is an insurance company located in Arabia. They provide insurance facility to every individual in Oman. They offer insurance in all fields like life insurance, they cover commercial risk plan, they also provide insurance in the field of office cover solutions; medical; aviation; marine hull and cargo; and motor, travel, and personal lines insurance, as well as retirement plans. Under the life insurance plans, they have many schemes. The scheme includes the medical facilities, mortgage protection, and education insurance. It also includes the retailing schemes and the manufacturing schemes. It provides insurance facilities in all sectors. It now changed the name to Arabia Falcon Insurance Company in 2017. Compared to other countries it is new in this segment. It was established in the year 2005. The promotion is thought to be the biggest means of motivation in the company. A common situation frequently arises in the company where the employees are not equally rewarded. It serves as a negative point in the company. In this case the theory of equity is applied (Cong & Van, 2013).
Motivation is an essentially important process in all the workplaces. It is of immense important as it helps in increasing the productivity of the employees. It increases the spirit of working among the employees. It should be present in all workplaces. There are different theories of motivation. Motivation serves as a positive role for the betterment of an organization (Schunk, Meece & Pintrich, 2012).
According to this theory, the actual reward does not motivate the employees; the perception of the same motivates the employee. The perception includes the reward exclusively (Dörnyei & Ushioda, 2013). If both the employees works hard putting same efforts and they both are not equally awarded, in that case one of them gets demoralized. In every situation the rewards and awards does not help in serving motivation. In Arabia Falcon Insurance Company, this situation can arise. The promotions sometimes serve as a motivation to the employees. The theory includes that the motivation of people comes down to ratios. The ratio of his hard work is compared to his reward. The comparison is done between the rewards and the efforts. A person actually compares the ratio of the reward to the effort with the comparable ratio of reward to effort that the person thinks other persons are getting (Miner, 2015).
Theories of Motivation
The CEO of the company thinks there are certain, which are important for all the employees to possess. The factors are the ability to perform, the self-actualization of working. Insurance is a sector where ability and self- desire to work is extremely important. The motivation offered to them should be in these fields. Performance is considered the most vital function of motivation, ability and the environment in which an individual works. This reflects in the values of the company and it emphases on the building of team. In this company, the person must have the self-urge to work. The self-urge of the employees can motivate him to do the job successfully (Renninger, Hidi & Krapp, 2014).
The theory that has been discussed can be applied in the company. The promotions play as an effective means of motivation. The best way to apply the theory of motivation is by offering a chance to the employees to work on interesting projects. The company does not want to keep stressors and any other thing that does not satisfy the lives of the people. The theory of rewards and recognitions are designed to motivate the workers. The company must look into the matters of motivation. According to the equity theory of motivation, the company must give equal opportunity to all the employees so that there is no chance of complaining of the employees. The rewards should be equal for all. The case that has been discussed above provokes the application of the theory of equity motivation (Pakdel, 2013).
Apart from the theory of equity, the reinforcement theory is also something that can be applied in the company. It includes the strengthening of behavior. The company must give certain extra commission, certain goodies, a bonus should be offered when somebody does a good job. This is the positive reinforcement, which serves as the powerful motivation for the employees. The other factor included in the theory is the negative reinforcement. This is a form of motivation itself as it aims towards strengthening the behavior of the individuals. Long-term sanctions are removed from the company, which is the process of the motivation. The extinction is another major aspect of the theory. This concentrates on weakening the behavior of an individual (Cherry, 2012). This is basically the process of excluding a person from getting goodies while he performed. While a person does extra effort but he gets no acknowledgement, in return of that he stops doing the work. In this case, the individual must be given thanks so that he gets the motivation of performing the job effectively. The individual must be encouraged for doing the job and he must be motivated to do his work. The acknowledgement serves as a great motivation for an individual. It is followed by punishment. Punishment is the final aspect of the theory. It implies at weakening a behavior. The punishment is the consequence of a behavior. This includes the process of receiving a punishment because of a behavior. The undesirable behavior leads to the punishment procedure. Thus from this theory this can be concluded that the positive reinforcement and the negative reinforcements are the strengthen behaviors. On the other hand, the extinction and the punishment are weakening behavior (Elliot & Dweck, 2013).
Considering the above situation, the final theory that can be applied is the expectancy theory. This theory is designed for bringing together many aspects of the theories that has been discussed earlier. It is a combination of the above-discussed theories. The expectancy is the perception of the person that the effort is the sole thing that affects the performance. The theory includes the motivation, the expectancy, the instrumentality and the valence. The motivation, reward and the action is correlated to each other. If the reward, which is the process of motivation, is small, the action is also small and vice versa. This is not going to change even if the expectancy and the instrumentality are high (Piaget, Inhelder & Piaget, 2013).
Conclusion
Therefore, from the above analysis this can be concluded by mentioning that the theories of motivation are necessary in all workplace and in all situations. The factors are correlated to the theory and the concept of motivation. The above mentioned theories should be applied in the Arabian Falcon Insurance Company to increase the productivity of the employees which indirectly will lead to the increase in the revenue of the company. Apart from the mentioned theory, no other theory is needed in this particular case.
References
Cherry, K. (2012). Theories of motivation. A closer look at some important theories.
Cong, N. N., & Van, D. N. (2013). Effects of motivation and job satisfaction on employees’ performance at Petrovietnam Nghe An Construction Joints Stock Corporation (PVNC). International Journal of Business and Social Science, 4(6).
Dörnyei, Z., & Ushioda, E. (2013). Teaching and researching: Motivation. Routledge.
Elliot, A. J., & Dweck, C. S. (Eds.). (2013). Handbook of competence and motivation. Guilford Publications.
Miner, J. B. (2015). Organizational behavior 1: Essential theories of motivation and leadership. Routledge.
Pakdel, B. (2013). The historical context of motivation and analysis theories individual motivation. International Journal of Humanities and Social Science, 3(18), 240-247.
Piaget, J., Inhelder, B., & Piaget, J. (2013). The growth of logical thinking from childhood to adolescence: An essay on the construction of formal operational structures (Vol. 84).
Renninger, A., Hidi, S., & Krapp, A. (Eds.). (2014). The role of interest in learning and development. Psychology Press.
Schunk, D. H., Meece, J. R., & Pintrich, P. R. (2012). Motivation in education: Theory, research, and applications. Pearson Higher Ed.
Zimbardo, P. G., Johnson, R. L., Lee, R., & McC Ann, V. A. (2012). Psychology. Pearson,
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