Job_Redesign

Job Redesign and Workplace Rewards Assessment Michell L. Williams PSY 320 January 18, 2010 Dr. Donna Gardner Job Redesign and Workplace Rewards Assessment Citigroup Inc. is one of the largest financial networks in American, spanning 140 countries with approximately 16,000 offices worldwide. The company employs approximately 300,000 staff around the world, and holds 200 million-customer accounts in more than 140 countries. Citigroup is a primary dealer in US Treasury securities. Citigroup is a major American financial institution. Citigroup and financial conglomerate Travelers Group combined to create the banking giant Citicorp and on April 7, 1998. The merger was one of the largest mergers in financial history (Wikipedia, 2010). Citigroup Financial Network has an excellent workplace environment to discuss Job Redesign and Workplace Rewards Assessment. Citigroup encourages and motivates employee job performance in the workplace environment; this allows the employees continually improving his or her work abilities. This will allow the new employee to acquire feelings of professional accomplishment and become content with the workplace environment. The workplace is not “business as usual” in the 21st century, it is no longer valid, and will not again for many years into the future. To accommodate new technology reorganization is constantly changing in the fast-paced culture that exists. In addition, employees come and go; an organization has to have the assessment of goals prepared continually to achieve an encouraging workplace environment. Job Redesign and Workplace Rewards Assessments is an essential tool that is used to motivate employees in the workplace. Motivational theorist Edwin Tolman and Kurt Lewin portray the individual as goal-seeking organism (Reeve, 2001). According to Lewin, individual goal seeking is a need and psychological demand (Reeve, 2001). The determination of the individual sets the goal that will be accomplished. Citigroup prides itself on the various ways they motivate their employees. This paper will discuss the motivational tools that Citigroup uses to encourage and influence efficiency and job satisfaction. At Citigroup, new recruits first start out as representatives of the organization. Citigroup representatives or independent contractors are responsible for his or her own production. The work hours are solely up to the representative and success is dependent upon how much a representative works. Most individuals are looking for success will find a reason to be motivated in this business. Many individuals who join Citigroup do so because they believe in a movement greater than they believe in themselves and have a genuine desire to help people. Garone mentions that Ralph Waldo Emerson believed that those people who joined the Christianity crusade did so because they truly believed “they had a noble mission to convert people to Christianity” (Garone, 2001). The same drive and energy those Christians had, persevere in successful Citigroup business owners. To be a successful independent contractor for Citigroup, a representative should become fully licensed, focus on recruiting and distributing services to a developed list of clients. The business will not be functionally sound one without the other. Citigroup has structured a system for the success of the individual whom chooses to follow it. Many people become a part of Citigroup on a part-time basis. Some people are sold out from the start or shortly thereafter and the rest becomes history. Designated an up-line or coach, every representative is given the opportunity to be trained and thus self-management is encouraged. The fact that some individuals may need a push and then, the environment supports the submissiveness and reaction of an individual who looks to the environment for motivation. Therefore, representatives are intrinsically motivated in many ways. Reeve says: Even without the assistance of rewards and pressures, interest can spark the desire to read a book, and competence can involve a person in a challenge for hours. Functionally, intrinsic motivation provides the innate motivation to engage the environment, pursue personal interests, and exert the effort necessary to exercise and develop skills and capabilities (Reeve, 2001). With all the training that Citigroup offers, and the access to an online virtual base shop, representatives are offered the essentials and fundamental tools to assist them in their psychological development in the business. The effectiveness of company-wide rewards in motivating behavior the Citigroup Company offers and makes available a plethora of rewards to its representatives. The purpose is to encourage representatives to stay consistent in building their business and show some stability as they develop a reality of longevity in Citigroup. The builders track scoreboard is a competition in which every representative competes for incentives, recognition, and tangible rewards. The scoreboard tracks the productivity and performance of every representative on a monthly basis. Anyone running a race whether that race is in sports, a marathon or one’s personal goal toward success, competition is healthy, and it encourages growth and acceleration. Every successful business in the world has taken part in competition whether it is inside the organization or within the industry. Although this type of competition works, many representatives find it tedious and sometimes fail to track their productivity. At the same time those representatives not very computer literate and not so fond of it, therefore, forfeit incentives and leave a great deal of money on the table. To be a part of the fast track club a representative will obtain two recruits in one month before receiving life licensed. The representative will acquire a certificate from Citigroup extending congratulations on his or her first big achievement. The Pioneer club is open to future regional vice presents and a representative strives to be part of the club. The pioneer club is open to the top 150 in Builder’s Premium Points and averages either 10 team recruits (people on the team recruit as well) or four personal recruits each month during the Pioneer qualification period. Obtaining the green Power Builder Pioneer Jacket and special Golf Shirt announces that representative as one to watch. The idea of tangible rewards irrespective of cash does not appeal to every representative. Some recruits come into the business on a part-time basis, and their goal is to earn additional income exclusively. The tangible rewards are not motivational. Citigroup gives incentives to representatives who reach $4,166 in cash flow in one month; the reward is a special certificate to the future watch earner. When attaining $8,333 in cash flow in one month, a representative receives a future earner certificate. Heirlooms such as rings and watches are that are sought after by representatives who desire to build a team big and wide and take advantage of the unlimited income potential that Citigroup offers. A representative can become a member of the Financial Independence Council when he or she builds a business. These heirlooms show an individual’s success because the bigger one builds, the bigger the reward. A rep can earn the 100,000-club ring by earning 100,000 in cash. With 100,000 in cash and 100 recruits, a rep qualifies for the power builder ring. One million in cash qualifies a rep for the million-dollar earner ring. The color of the ring will determine the cash flow of a representative. The longevity of so many Citigroup representatives irrespective of earning these incentives proves they are making a substantial amount of cash flow. Not every individual strives to make an indicative amount of cash flow because his or her budgets may not require that much cash. Consequently, representatives that become a member of the Financial Independence Council are few. This is what makes the council so exclusive. According to Barbara Parus’ article she mentions, “Organizations traditionally have focused most of their energy on transactional rewards to compete. These rewards include pay and benefits. They are financial in nature and can be copied by competitors (Parus 1999).” mostly Citigroup uses a distinct reward system that bases its compensation on performance. Simultaneously compensation is not restricted to monetary rewards. With all the recognition, incentives, and rewards given in Citigroup, if job satisfaction was dependent upon it, everyone who joins Citigroup will feel obligated to excel and maintain. However, job satisfaction is more about how someone feels about his or her work. An individual can feel adequate if the relationship with his or her supervisor is doing well. Therefore, a person has the opportunity to create his or her own work environment since he or she becomes an independent contractor upon joining Citigroup. Representative goals are important to be successful in the Citigroup business. The type of goals that Citigroup concentrate on is financial goals for family and financial goals for representatives. To reach ones goals a foundation must be established for the families Citigroup help and for the representatives that market Citigroup products. The Citigroup attitude of setting goals aligns with a statement found in the article what makes people work. Jude Rich, chairperson of HR consulting firm, made the statement. He said, “When the tasks of a job can be connected to a higher goal, the work itself becomes the greatest single motivator.” (Garone, 2001, p79). The goal system Citigroup uses to help families reach their financial goals is an excellent system. As a representative life insurance is valued as the foundation because its purpose is to provide security for the home, children’s education, any outstanding debt and ultimately becomes replacement income in the event of an untimely death of one of the income providers. Families are offered a financial needs analysis (FNA) that will tell them in which they are, where they need to be and what services they need to obtain them to financial independence. To help families using the FNA, the family has to commit to their own success and follow the solutions that are provided. The key to the success of the family is commitment. Conclusion In assessing the work environment of Citigroup and how productivity can be impacted, the business does contribute to a motivational atmosphere and encourages representatives to grow a business that will have a strong influence on his or her clients. In today’s economy suggestive evident is that employees expect ongoing development (Woodruffe, 2005). and if they are not developed they will seek employment elsewhere. At the same time representatives benefit in an intrinsic and extrinsic way so much so, the Citigroup opportunity is like a dream come true for so many. Citigroup contributes to the concept that business as usual is just not an acceptable way of doing business in the 21st century. This lies true if change is inevitable and will be made in the economy for the consumer as well as the employee. This business format is the definition of a redesigning to increase job satisfaction and productivity. References Barbara Parus.  (1999, February). Designing a total rewards program to retain critical talent in the new millennium. ACA News, 42(2), 20-23.  Retrieved January 19, 2010, from Accounting & Tax Periodicals. (Document ID: 39371947). Garone, S. J. (2001). What Makes People Work'. Across the Board, 38(3), p79. Retrieved from http://search.ebscohost.com/login.aspx'direct=true&db=bth&AN=4441587&site=bsi-live Reeve, J. (2001). Understanding motivation and emotion (3rd ed.). New York: John Wiley and Sons. Woodruffe, C. (2005). They've got a job! What more could they want'. Management Services, 49(3), p24 - 26. Retrieved from http://web.ebscohost.com.ezproxy.apollolibrary.com/ehost/detail'vid=20&hid=111&sid=7b146855-530c-42d7-a579-68900874b6b3%40sessionmgr114&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bth&AN=18379986