Incentives( an Economist view)

Incentives

One thing which I have learnt while reading the book titled Freakonomics by (Steven D Levitt &  Stephen J Dubner) is that how incentive are working. We have basically two type of incentives positive and negative(in economic views). Positives, say like monitory rewards, non-monitory awards and negative are the penalties and punishments.

 There are three favors of the incentives viz Economic, Social and Moral. A single incentive scheme will have to  include all three  varieties. for an example 30%  tax on cigarette is economic incentive, ban in restaurant and bar is social and terrorist raise money by selling in block market is moral incentive.

Idle incentive, should take consideration of all these favors to achieved the required results/changes. Unless these were not put into very appropriate manners it would be quite challenging to achieve the desired outcome.  This is an economic approach towards incentives.

I undoubly  while reading this book believed that HR persons should  be master of an economics to peruse Human asset in all possible direction. The world of HR shall be only limited to business HR but this is time to became an HR economist to serve the stakeholders of the business community. It would be highly recommended to read Freakonomics .

Faith.

Amol Nakve.

Just for Today, Lord.

Hi,

Last evening I have attended the seminar conducted by SHRM India on HR ration.

Good to know that ISO and SHRM are working toward the standards like ISO 9001 for HR.  

The subject of the day was HR Ratios and how this can be helpful for HR fraternity by Mr. V. P. Mashroo( V.P. HR for Harsha Engineers Limited.)

He has started the function with following prayer, I just thought to share with you.

Just for Today, Lord.

I will live through the next 12 hours and not try to tackle all of life’s problems at once.

I will improve my mind.

I will learn something useful.

I will learn something that required efforts, though and concentration.

I will be agreeable.

I will look my best, speck in well- modulated voice, be courteous and considerate to my colleagues.

I will not try to change or improve anyone but myself.

I will have program.

I might not follow it exactly but I will have it.

I will save myself from two enemies- hurry and indecision.

I will do two things,

I will do a good turn and keep it secret. If anyone finds out, it won’t count.

I don’t want to do, just for the exercise.

I will believe in myself.

I will give my best to the world and feel confident that the would will give its best to me.

 Regards

Amol Nakve.

Ahmedabad.

Character and Behavior.

How to Build the Character and Behavior.

Zenger and Folkman suggested the following three steps to alter behavior and build character.

1) Always Deliver: Be cautious in the commitments you make. One of the core values of Infosys is, 'under promise and over-deliver' rather than over-promise and under-deliver. If you know that you may not be able to deliver, then you should not commit. False commitments inconvenience others and damage their trust in you, If you have made a mistake, admit it and work on correcting it. Next time remember to be careful.

2) Be humble: Do not flaunt the power and authority given to you. Be willing to laugh at and correct yourself. Humility is a very commendable quality. It encourages strong relationship building.

3) Find a Mirror: You need to be constantly aware of how others perceive you and your character. The mirror may be a good mentor, a trusted colleague, or a friend. 360 degree feedback is also helpful.

(note:  from the book Managers Who Makes a Difference by T.V. Rao.