THIS WEEK one would avoid attempting an indepth analysis of the 2014 national budget proposals that were presented by Finance minister Patrick Chinamasa.
This is occasioned by the fact that it is not fair to those who spend months preparing the budget for one to hastily come up with a hodgepodge of loosely prepared conclusions.
There are two positives that can be gleaned from the budget which are worth commending.
The first is the clarification on the multi-currency policy. The economy needed the government through the responsible minister to state clearly whether the days of dollarisation were numbered.
All reasonable economists know that using other countries’ currencies is never a permanent panacea for all economic ills. Most such experts are aware that hurriedly removing the basket of multi-currencies at the behest of nostalgia without first stabilising macroeconomic fundamentals would yield economic mayhem.
There are economic agents who thrive where there is mayhem. Similarly, there are scholars who love advising policy makers to make impudent decisions so that when policies fail, they can hatch up empty and high-sounding conspiracy theories. High-sounding conspiracy theories based on delusions of grandeur and economic paranoia never bring food to the table and certainly they cannot stabilise an economy which is going through rough waters.
The minister also mentioned policy inconsistencies and the need to correct them. It is imperative that government policies especially macroeconomic ones, be synchronised well so as to eliminate unnecessary duplication of effort by different ministries.
Business motivation is defined as the art of engendering motives or internal drive or power in employees through monetary and non-monetary means. Very few people would argue that money is one of the greatest motivators in modern capitalist economies. There are few people in society who are genuinely altruistic and definitely there are even fewer people who can do a job for a lifetime without corresponding growth in monetary rewards commensurate with their effort.
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The more money a person earns the higher the likelihood that they will be incentivised to work better and more effectively. This is one of the reasons why owners of corporations and senior managers of many organisations do not dismiss from work at 4:00pm or 5:00pm when the majority of company or organisation personnel leave for a well deserved rest after a back-breaking day.
Perquisites and other incentives such as houses and security services paid for by the organisation definitely go a long way in releasing some latent inner energy located within human faculties.
The way modern societies operate and people’s different talents and gifting make it obvious that it would be unfair for all personnel in a company or organisation to get the same recognition or incentives. Rewarding people the same way when their contribution to the organisation differs in terms of breadth and depth encourages laziness and discourages creativity and innovation. This is a major weakness of communalist philosophy or system of leadership. Of course it is common empirical knowledge that in certain instances owners of the means of production sometimes rig the reward system in their favour even if they do not contribute much to organisational viability and survival.
At a time when companies are squeezed by the liquidity crunch and the absence of succour from government circles due to resource constraints, companies may use non-monetary means to incentivise labour and creativity at workplaces.
Non-monetary incentives may include giving cards and certificates of appreciation to employees who perform well at work. There are many instances reported in the public domain in which employees were able to get better jobs or obtain promotion within the same industry on the basis of good written commendation from employers or managers.
Waiting for say 35 years before giving an employee a long-service award is a bit too much. Even waiting for five years to appreciate loyalty is waiting for a long time.
Some well meaning and committed employees depart this life or move to the so-called greener pastures before getting such awards. Promoting and retaining worker loyalty needs more than monetary incentives.
Companies that give T-shirts and other regalia to their employees tend to experience nearly costless advertising and improved worker loyalty. Mementoes or personal effects like plates, cups, caps, trophies and gift cards that workers can give to the significant others in their social circles or keep for posterity can enhance motivation.
In difficult times economically, companies need to think not only in futuristic terms but outside the box so as to motivate their employees.
Ian Ndlovu is an economics lecturer at the National University of Science and Technology. His research interests cover business, development, economic and e-commerce issues. He writes in his personal capacity.
