Monday, May 11, 2020



Significant Motivation Types and Its influence to Insurance Industry

People motivated within their own need and HR sector should provide these needs through various types of factors (Maslow 1970). Each employee shows the different type of skill, knowledge and competencies. HR department should identify these potential aspects from each employee. This cognizance is essential as HR people for develop their HR plans. It is important to organization culture development and getting involved employees to that process (Sansone and Harackiewicz, 2012). The most truth of this era is organization wants to more agile and flexible for the market. They respond to market changes and things which occur in eventually. Organizations are trying to involve with these challenges with the commitment of their employees. At that point motivation comes forth to serve the organization culture. Because all people wanted to do something, when they are motivated with their needs (Pulakos and Kaiser, 2020).

Significant Motivation Types
Observation of motivation types and factors could be affording more results like self-satisfaction, Money, Vehicle, Lands, Rewards or many valuable things. But all of these stuffs could motivate people when they engage with positive desirable attitude (To Do mind). And when employees are get right direction behalf of the organization to achieve more for quality, Leadership and recognition, as well as other tangible assets. With those facts we can explain in two types of motivation factors (Armstrong & Taylor 2014) as below:
Intrinsic Motivation: This motivation type can describe as self-awareness and enthusiastic, morality of to do something and inner attitude to motivate. When people feel their values, competency, interesting for work they automatically adopt with organization culture. It is more individual engagement process (London 2009). These types of employees psychologically feel their bond with organization and engage with works, performing well (Diamandis 2015).
Extrinsic Motivation: Extrinsic motivation arises when people fulfilled their expectation. It’s usually included rewards, Incentives, promotions, benefits and what they expecting from organization. The significant factor of these type, people could motivate immediately and probability of high engagement (Singh 2016). Employees encourage through outside process based on organization culture and management decisions (Fischer, Malycha & Schafmann 2019). More sales based companies accelerate their employees based on extrinsic motivation.

Figure 1.0: Difference between Extrinsic Motivation and Intrinsic Motivation.


 Source: (Cherry 2020)

Influence for Insurance Industry for their Process
The insurance industry has much more people engagement process. This process exists on Management, Sales Agent and Customers. With all this is Service based business and sells the intangible products. Organizations have huge workforce as their agents the service providing happen on these agent platform. Hence it is vital to motive this force in agreeable way. With identified both type of motivators by HR department and treat them both respectively. Most of the sales agents have inborn ability to sales and they performing their own way. These agents are keen on have more targets and challenges and those who perform with less supervision are identified as intrinsic motivators. These types of sales agents treat cautiously and sensitively. Because they are get engaged with the process without forcing and don’t need to push them to do things. They are moved to organization goal through Proper training and development programs. These identified sales force which engaged with intrinsic motivation type was accomplished through recognition and appreciations. So much of these people are aspiring for those kinds of factors. As it is people who not achieve much motivation level would be trained for erecting their motivation. These all sales people entitle for the proper career path for their motivation. They encourage through this career progression, it will help them to develop their competency and skills. Allow them to feel the proud of these designation levels and preserve their career targets.
As same as intrinsic motivation type extrinsic motivation type also plays most important role in insurance industry. Some time it appears than intrinsic motivation type due to organization process. In here the organization considers the market trends and sales force needs. This type of motivators consider their needs and how approaches those needs through the company. So that the organization carefully considers each process which exist for fulfill the sales force needs. Sales agents are evaluated based on their sales achievements and commission, incentives, rewards provided. In association with the finance department sales force get their benefits on time. Sales administration unit launches the competitions and other rewarding criteria throughout every year, sales agents for their motivation. Within these criteria’s select the winners and reward them as announced criteria. In here consider the attractive reward models such as (Foreign tour, Vehicle, Hotel Package, Cash rewards) and how its motivate them to engage with business. Annually evaluate the progress of these criteria’s and change those based on market trends. HR Department maintains the grievance handling policy for advisors and handles all the grievances carefully. Provide proper solutions for each advisor through complain panel and evaluate those results for better grievances plan. As same as the organization needs the other complains like mis-selling, misconducts or ethical issue for better organization culture. Each individual treat carefully based in organization culture and legal aspects for encourage the sales force for more ethical services. Hence organization focuses on both motivation types and develop the organization policies for better service. Because intrinsic and extrinsic motivation types are more significant to control sales force properly.
 

Reference:

Armstrong, M. and Taylor, S (2014). Human Resource Management Practice, 13th Edition, United Kingdom.

Cherry, K. (2019). Intrinsic Motivation: How Your Behavior Is Driven by Internal Rewards.

Diamandis, P., 2015. How To Disrupt Yourself. [online] World Economic Forum. Available at: <https://www.weforum.org/agenda/2015/03/how-to-disrupt-yourself/> [Accessed 8 May 2020].

Fischer C, Malycha CP and Schafmann E (2019) The Influence of Intrinsic Motivation and Synergistic Extrinsic Motivators on Creativity and Innovation. Front. Psychol. 10:137. doi: 10.3389/fpsyg.2019.00137

London, A., 2009. THE IMPACT OF INTRINSIC AND EXTRINSIC MOTIVATION ON JOB CHOICE IN GENERATION Y. [online] Pdfs.semanticscholar.org. Available at: <https://pdfs.semanticscholar.org/6e51/5ed64d3de59a37d29957856ca14930b5588e.pdf> [Accessed 8 May 2020].

 Martin, A.J. (2013). Motivation to learn. In A Holliman (Ed.). The Routledge international companion to educational psychology. London: Routledge.

Pulakos, E. and Kaiser R. B., 2020. To Build An Agile Team, Commit To Organizational Stability. [online] Harvard Business Review. Available at: <https://hbr.org/2020/04/to-build-an-agile-team-commit-to-organizational-stability> [Accessed 8 May 2020].

Sansone, C. and Harackiewicz, J., (2012). Intrinsic And Extrinsic Motivation: The Search For Optimal Motivation And Performance. [online] https://www.researchgate.net/. Available at: <https://www.researchgate.net/publication/232566368_Intrinsic_and_Extrinsic_Motivation_The_Search_for_Optimal_Motivation_and_Performance> [Accessed 29 April 2020].

Singh, R., 2016. The Impact Of Intrinsic And Extrinsic Motivators On Employee Engagement In Information Organizations.. [online] Eric.ed.gov. Available at: <https://eric.ed.gov/?id=EJ1096700> [Accessed 8 May 2020].

15 comments:

  1. I agree with your views. Motivation is the experience of desire or aversion. As such, motivation has both an objective aspect and an internal or subjective aspect (Reeve, 2009). Motivation might be extrinsic where by a person is inspired by outside forces, other people or event that transpire. Motivation can also be intrinsic where by the inspiration comes from within a person the desire to improve at a certain activity. Intrinsic motivation tends to push people more forcefully and the accomplishments are more fulfilling (Bernard, 2000).

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    1. Thank you Madu. Identifying the needs and behaviors of employees is a key factor to motivation. In here these all aspects are described the employee’s needs and behaviors. As HR people it is very important to compile necessary requirements to fulfill employee’s intrinsic and extrinsic needs. With these identified requirements developing and rewarding came as appreciable facts for the employee’s motivation (Maza 2018).

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  2. Agreed with the above views. Staff motivation is very important in any organisation that seeks to improve its performance. Motivation drives the human beings to reach their goals and organizational goals (Armstrong, 2009). The motivated employee volunteers to do more than what is expected thus becoming more successful than others. Such employee could be a good recourse and a model to be followed by other staff and adds positive input to the work within the organization (Ajang, 2007).

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    1. Agreed with you Udiya. The organizations aspire is more profit and the fame within society. As well as employee’s expectations are same as organization. With that instance motivation appeared here for fulfillment of these anticipates of employees. Organization culture should be agreed with these motivational factors to get engaged people with their works. Because the organization development is amalgamated with their employees efficiency (Skatova 2014)

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  3. Agreed with your point about the significant motivation types and its influence to Insurance Industry. In private sector organizations aim to several fundamental motivational factors, such as environment and associations at work, the value of the employee, the chance for professional growth, salary, organization and coworkers' acknowledgment. Thus, in order to motivate associates, it is necessary to have an investment in training, reduction in turnover and motivating leadership (LimaSa, et al., 2017).

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    1. Agreed with your views charitha. Staff motivation is important to all organizations for their processes. Even in developed technical era people are important in many formations. For these human get engaged with organizational goal, it is important to motive them. Because motivated people have high moral and commitments for the job and turnover is very low among them. For the more agile, efficiency business motivation is important to all organizations (Staley 2017).

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  4. Agree. Further, in reality the actions are based on combination of both extrinsic and intrinsic motivations, as an example, a child may play a sport in school days, with an intrinsic motivation of enjoyment, however, he may become a professional sportsman in adulthood where his compensation, rewards and fame would be key extrinsic motivations, while pleasure of self-achievements may still influence him as intrinsic motivation for being a successful professional sportsman Buckworth et al. (2007).

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    1. Thank you Pushpa. Want to add some key points here, Each people have their own abilities and desires. Hence as a HR people these employees should treat properly and carefully. To get succeed of that process, Intrinsic and Extrinsic motivation methods should be observed and recognized (Teo, Lin & Lai 1998)

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  5. Agreed on your views. At present Insurance companies executive level management has realized that importance of employee motivation, Insurance management framework and innovation, various motivational methods and execute them. The involvement of insurance officers and their duties are totally depended on different motivational strategies introduced by the management. So they need to more concentrated on motivational factors like style of working, opportunities to learn , rewards, recognition and higher commission rates (Balachandar, Panchanatham and Subramanian, 2010).

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    2. Thank you Sampath. If go through the more details, Identify the correct motivation method of each employee more challenging to the company. But as an organization it is a must and more important to their productivity and profits. Also ethical company process, interesting working environment and more competitive organization culture depending on these motivation methods (Tabassi,Ramli & Bakar 2011).

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  6. Agree on your views. As described by Ajila (2001), extrinsically motivated individual will perform proactively on best effort basis, to the extent that can gain or receive external rewards on performance. The employees engaged in sales, the main portion of the earnings can realized from commission received on sales most likely in insurance field, commission as an extrinsic motivation factor pursue sales representatives to work hard on defined targets (Desai, 2016).

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    1. Thank you Teshan. As you stated, motivation ends with the productivity and profits. In here the motivation types are more important to influence people towards organizational process, Hence as HR team recognition and treating these motivation types within each employee could be wholesome affect for the organization process. This is because both ways intrinsic and extrinsic motivators are drive the employees to the right way (Assegaff, Kurniabudi & Fernando 2016).

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  7. Agree with you Charith, The high level of employee motivation and commitment is not only because they are well compensated, but there is also a high level of intrinsic motivation. They are encouraged to suggest ways to improve the stores and product mix, and creativity is valued (Yukl 2013).

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    1. Thank you Gayani. Agreed with you. Observing of employees intrinsic and extrinsic motivation are more significant with the organizational plans. To keep people actively and creatively, it is more important to provide proper motivational factors to workers as their needs (Tien, 2019).

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