Methods and methods of staff motivation. Motivation of financial managers

In the last article, I wrote about the higher meaning of money management as a path to greater control over own life and, as a result, to a higher level of happiness.

Today I would like to touch on a more applied aspect of financial management - the definition of goals, or the formulation of why financial planning exactly what you need.

Correctly set goals are extremely important - a motivation system created on their basis will help you to get used to recording income and expenses more easily, and will also allow you to rationalize, and therefore improve the feeling associated with the necessary control of your costs. Our goal, ultimately, is that financial management should not be a painful, unpleasant exercise, but a conscious action directed towards achieving goals that are well understood by you, thus an action that brings pleasure. I did it, as did many others. successful people- and there is no reason why you cannot improve your life through financial planning, and even enjoy it.

Let's look at the main motives that are usually cited as the reasons for introducing a personal finance management system into your life.

1. "I want to spend less" . It happens that you think that the money is going nowhere, and you decide: you should spend less. A month or two passes, and they all leave and leave. And it seems that nothing specific is needed, but there is a feeling that you live beyond your means, and you should be more modest.

This situation is quite complicated from a motivational point of view, because you do not have a direct need to deal with your finances, but there is only a general feeling that this approach is correct. This can be compared with the health of a person between the ages of 20 and 30, when immediate action is not yet needed, but by indirect signs it becomes clear that life needs to be changed slowly.

The good news is that you are on the right track. I would venture to suggest that the main reason why you do not understand why you need to spend less is that you have no connection between financial decisions today and your standard of living in twenty, thirty or forty years. This is absolutely normal. In the following, we will analyze the typical spending structure of a person aged 20 to 80, and you will be able to make sure that even small savings made before the onset of inevitable large expenses will help you go through difficult stages of life more easily, avoid getting into bad debts at high interest rates and in end up leading a more prosperous life.

2. "You need to pay off your debts" . For many of us, at some stage in our lives, there comes a situation when borrowing a large enough amount of money seems to be an easy and effective way out of a certain situation (by “large enough” I mean an amount that exceeds your monthly income). At this moment, it seems that there is no problem - as I took it, I will give it back, because I earn. After a couple of months, you usually realize an amazing and very simple fact: it doesn’t work out. Well, it doesn't work, that's all. And you kind of earn money, but all the time you need something, all the time it diverges somewhere. And these unfortunate few thousand rubles, well, it’s impossible to allocate. Familiar? If yes, then I will tell you that you are not alone, this is a fairly common situation. It is very difficult to give money away, especially if you owe a large amount - giving it away little by little seems to be inconvenient, giving it away completely and quickly - there is not enough money, and saving up to give it all away - there is not enough system.

AT modern world with the development of credit cards, this situation has become even more aggravated - after all, the person from whom you borrowed at least sometimes reminds you that the money needs to be returned, and the bank - after all, it is just beneficial for him that the volume of your debt does not decrease, provided that you a good borrower and regularly pay interest.

Both of these situations are solvable, in the future I will describe strategies for getting out of the debt crisis, and how the personal finance management system should be configured to solve these problems.

3. "Need to save up for..." Congratulations, you are in a great situation, you have a clear goal that you can easily visualize. However, if you are reading this article, most likely you have some kind of problem (and if you don’t, then I congratulate you, you can be happy for you!).

I'm guessing that you may be concerned about the following: first, you can't start saving. Second: you are saving, but this money is spent on some other purpose (“urgently needed”). Third: you save, but the accumulated amount is very slowly bringing you closer to the goal.

Here I must honestly warn that the creation of a financial management system is not a silver bullet. If you get thirty thousand rubles, and you want to save up for a new Mercedes S-class, then your goal is most likely unattainable, and most likely disastrous for your budget - even if you manage to save up for a desired purchase, the maintenance of this car will eat up all your income. Therefore, this dream is destined to remain a dream, at least until you start earning more.

If your goals are more realistic, but you still have problems, then planning and financial discipline will certainly help you. How to make the accumulation process as painless as possible (and preferably fun), I will also try to tell you.

The three reasons I gave above are the most common in my practice, so I am quite familiar with them and how you need to adapt your own financial management system to achieve them.

But I would really like to hear, especially from those who have read up to this point (thank you very much, oh, a small handful of truly motivated readers!) - why do you personally need a financial management system? I will be very grateful to you.

What leader does not dream of building work in the organization in such a way that employees work on their own, striving to achieve the highest results in their work. Yes, then the business would develop by leaps and bounds, and people would grow, as specialists and the manager would receive a good income.

To turn your dreams into reality will help to motivate the staff in the organization. Until recently, this branch of knowledge was given little importance. And only in recent years, when the number of private businesses began to exceed the number public institutions, the system of motivation of employees to work began to pay great attention.

What is motivation? You can read scientific terms about motivation in encyclopedic dictionaries. Speaking in the usual language of a leader, this is an internal setting for good, productive work. As a rule, most employees do not have this motivation. Day after day, doing the same amount of work, getting a fixed wages, employees do not see the point in developing. So, gradually, their days become similar to each other. Seeing no prospects for career growth, wage increases, they do not want to move forward. The task of the leader is to find the right approach to people, to give them motivation for Good work. How to do it? This will be discussed further.

Types of motivation. There are financial and non-financial motivation of employees of the organization to work. Both the first and second are of great importance within the framework of one team.

financial motivation. Many experts believe that it is financial motivation that gives a greater incentive to self-development, to the fact that a person wants not only to gain a foothold in this job, but also to improve as a specialist. Do not think that financial motivation is only high wages. If a specialist comes to work where his position has a high salary, he will be inspired by such earnings for the first time, but over time this income will become normal and stable for him. Then he will slow down in work. You, of course, can fire him, take another specialist in his place, who will also start working with inspiration, and finish in the same way as your current employee will leave after the same period of time. Staff turnover is not always pleasant for a manager. As soon as a specialist gains experience, he leaves. We think that you dreamed absolutely not about it. Financial motivation includes various bonuses, payments, cash bonuses. For example, employees did a good job, successfully completed a lucrative contract, they can be awarded a cash bonus. However, in order for this bonus to become a good incentive to work, it must be announced before the start of the contract. At the general meeting, inform your colleagues that if the work is completed in a short time, the quality will not suffer, then you will be able to pay a cash bonus to all the people who took part in the project. Discuss in advance what percentage of wages this bonus will be. Based on the results of the work, be sure to accrue it to all employees, while reporting on the accrual also at the meeting. What is it for? If you keep silent about the accruals, then the employees will certainly be delighted with the increased wages, but they will not be able to understand for what merits these payments were transferred to them. If you talk about monetary rewards after the project is completed, then you will please the employees, but will not give them the motivation to work hard during the project. They worked the same as usual. Although, they could put more effort into the matter, they could complete it much faster if they knew about the reward.

It is not necessary to reward employees financially for all completed projects. To do this, you pay them a salary every month. Additional monetary allowances should be only in order to pay attention to the most complex projects, to make their implementation high-quality and efficient.

Non-financial ways of motivation to work. Non-financial methods of motivation are also of great importance, especially if financial motivation is well established in the organization. If your employees are happy with their salary, they can still leave your organization, because here they do not see respect for themselves as a specialist.

Your task is not only to pay wages, but also to listen to the opinion of subordinates, to create a positive, friendly atmosphere in the team. Therefore, systematically you should hold various calendar holidays and events. No, your task does not include the specific celebration of the holidays. You must help organize them. For example, organize a general trip of employees to nature, to a picnic or barbecue, a boat trip, holding holidays within the walls of your organization. It is very important that the holiday itself takes place during the working day. Not every person can sacrifice his day off to devote it to communicating with colleagues. So, most of our lives we see these faces in front of us. If a picnic is a voluntary affair, then about 20% of the organization will come to it. If you gather during the working day, then people will be able to gather much faster. Let's say 50% will come to the party. Why so little? We are not used to showing ourselves in a different capacity in front of employees. Yes, we wear business suits and carry out our job descriptions. Discussing how we dance, how we communicate in an informal setting, may not always be pleasant for people working in your organization. Therefore, try to organize a 100% turnout for the event. Make the official working day only in a different form and in a different place. A valid reason can only be official sick leave. Then about 90% of the employees will come to the meeting.

Why do we pay so much attention to such meetings? The thing is that it is at such meetings that a single team is formed, which is ready to help each other, support in difficult situation. Why, where low wages, poor working conditions, work good specialists and don't want to leave? They work because they value their team.

Also, among non-financial means of motivating employees, we can include the organization of the workplace, rest rooms, good redecorating in offices, irregular working hours, opportunity to work from home paid maternity leave, etc.

General principles of motivation. When motivating staff to work, it is necessary to apply various methods alternately. Do not mix one with the other, do not overload employees various forms motivation. Take one form, put it into action. Then let some time pass. For people, motivation should be an expected and pleasant event that stimulates the good work of the entire team.

Introduction 3

1. Theoretical basis motivation financial managers 6

2. Remuneration and methods of motivation of financial managers 15

3. Motivation of financial managers in Russian companies 24

Conclusion 29

List of sources used 32

Introduction

Industrial enterprises face difficult challenges to survive in a competitive environment. Therefore, effective financial management allows, to a certain extent, to overcome the deficit in financial resources.

The most important area of ​​financial management of an enterprise is financial decisions, the essence of which is to form financial resources sufficient for the development of an enterprise, to search for new sources of financing in the money and financial markets, to use new financial instruments that allow solving key financial problems: solvency, liquidity, profitability and the optimal ratio own and borrowed sources of financing of the enterprise.

In recent years, the role of the financial director has been expanded to manage the enterprise as a whole. In other words, money managers are now engaged in and general management, whereas before they were mainly concerned with the increment Money and the company's cash flow. A combination of factors such as increasing competition between firms, technological improvements that require significant capital investment, the presence of inflation, changing interest rates, tax laws, economic stability in the world, the presence of certain speculative excesses, moral anxiety associated with the situation in financial markets - all this had a huge impact on the fact that the chief financial officer moved to the role of general manager. Moreover, to cope with the emerging changes, a flexible approach to all factors is needed. The tried-and-tested problem-solving methods are simply not acceptable in the new world, where they quickly become obsolete. Competition requires constant adaptation to changing conditions.

The relevance of the topic of this course work is undoubtedly great. Cardinal changes in the socio-economic system of Russia led to the transformation of managerial work. In modern conditions, the economic sustainability and development of an enterprise increasingly depend on the efficiency of the work of financial managers, increasing it to the required level based on the improvement of traditionally used mechanisms of labor motivation.

The reform process is hampered by the systems of remuneration and labor incentives that have developed at most domestic enterprises. In particular, the basic indicators of stimulating the work of managers poorly reflect the actual labor costs and the quality of managerial decisions; mainly takes into account the "potential" of the manager outside the final result of its implementation; there are many regional, corporate and industry bonuses that are not always related to the results of work. Insufficient individualization of wages leads to a decrease in the level of economic responsibility of executives, which negatively affects the efficiency of the use of all types of enterprise resources.

Under the current conditions, there is a steady tendency for managers to use delegated property rights for personal interests, as well as to the detriment of the interests of production, and environment. In particular, when the results of production activity deteriorate, the management of the enterprise has the opportunity to maintain the level of its wages higher than that of ordinary employees. On the other hand, the achieved performance indicators of the management object do not always correspond to the rational use of resources, since they can be obtained by postponing the construction of treatment facilities, adopting poorly developed project documentation, exploitative attitude towards the personnel of the enterprise, and the sale of social funds.

Thus, it is obvious that there is a need to form a motivational mechanism for increasing the efficiency of managerial work, adequate modern conditions business environment, which requires the manager to activate his creative potential, strengthen economic responsibility for the effective implementation of power.

The purpose of this work is to study the issue of motivation of financial managers. This goal will be achieved by studying:

Theoretical foundations of the motivation of financial managers, namely the study of the functions of financial managers and their role in the organization. Also, attention will be paid to the theory of agency relations, which largely determines the need to motivate financial managers in order to resolve the shareholder-manager conflict;

Features of remuneration and motivation of financial managers, where we will consider such motivational mechanisms as a system of bonuses, options, social package, non-material incentives;

Russian experience in motivating financial managers on the example of the largest domestic companies such as LUKOIL, Yukos, VimpelCom, MTS and others.

1. Theoretical foundations of the motivation of financial managers

1.1 The financial manager and his role in the organization

To run a business, a company needs an infinite number of real assets. Many of them, such as machines, factories and office buildings are tangible assets; others - such as technologies, trademarks, and patents - are intangible. But you have to pay for any of them. In order to obtain the necessary money, the corporation sells certificates certifying the right to claim its real assets and the cash flows generated by them. These certificates are called financial assets, or securities. For example, when applying for a loan to a bank, the company in return issues a receipt that it will repay the debt with interest. Thus, the bank turns money into a financial asset. Financial assets include not only bank loans, but also stocks, bonds and many more special varieties of securities.

A financial manager is an intermediary between the firm and the financial markets (or capital markets) in which investors buy financial assets issued by the firm for sale. The role of the financial manager is shown in Figure 1.1.1, which schematically depicts cash flows from investors to the firm and back to investors. Cash flow occurs when a firm issues securities to raise cash (arrow 1 in the figure). The money is used to purchase real assets used in the firm's operations (arrow 2). Later, if the firm is successful, real assets generate more cash inflows than are required to cover the initial investment (arrow 3). Finally, the funds are either reinvested (arrow 4a) or returned to the investors who purchased the primary issue securities (arrow 4b). Of course, the choice between arrows 4a and 4b is not arbitrary. For example, if a bank gives a company a loan in stage 1, then this money with interest must be returned to the bank in stage 4b.

Rice. 1.1.1 Cash flows between financial markets and the firm. Legend: (1) the firm raises money by selling financial assets to investors; (2) money is invested in the activities of the firm and goes to the acquisition of real assets; (3) the activity of the firm creates money; (4a) money is reinvested; (4b) money is returned to investors

This drawing draws our attention to the main issues that the financial manager constantly faces. First, in what real assets should the firm invest? Bo second, where and how to get money for these investments? The first question is answered by the firm's investment decisions (also called capital planning decisions). The answer to the second question is the funding source decisions (or, for short, funding decisions).

Investment decisions and financing decisions are usually considered in isolation from each other, independently. Having discovered an investment opportunity, or "project", the first thing a financial manager tries to find out is whether the project will cost more than the amount of capital investments that its implementation will require (this question can be formulated more briefly and clearly: will the value (cost) of the project be higher than its price ( money spent on it.) And only if it turns out that the answer to this question is yes, he thinks about ways to finance the project.

However, the distinction between investment decisions and financing decisions does not mean at all that, when analyzing an investment project, a financial manager can forget about investors and financial markets. After all, the main task of financial management is to maximize the value of the money invested in the company by its shareholders. Let's pay attention once again to figure 1.1.1. Shareholders are willing to invest money in stage 1 only if the decisions made in stage 2 generate a commensurate return in stage 3. “Commensurate” means at least equal to what investors outside the firm, in the financial market, would receive . If your firm consistently generates disproportionate returns, shareholders will demand their money back.

So, we apply the term financial manager to anyone who is responsible for important investment and financing decisions. But only in the smallest firms, one person is able to be responsible for all decisions related to the management of the company's finances. As a rule, responsibility for such decisions is dispersed. Of course, senior management is always involved in making financial decisions. But the engineer who designs new means of production is also involved in them: after all, design determines what real assets the company will have. A marketing manager, when running a major advertising campaign, also makes important investment decisions: the fact is that an advertising campaign is an investment in intangible assets that, hopefully, will pay off in future sales and profits.

However, there are managers who specialize only in finance. Their role is summarized in Figure 1.1.2. The duty of the treasurer is to keep track of the current account of funds, to attract new capital, to maintain relations with banks, shareholders and other investors who own the firm's securities.

In smaller firms, the treasurer is usually solely responsible for finance. But large corporations usually also have a chief accountant (controller accountant) in their staff, who is responsible for the company's financial statements, internal accounting and tax payment. Obviously, the functions of the treasurer and the chief accountant (controller) are different: the main task of the treasurer is to raise capital for the company and manage it, while the chief accountant is primarily responsible for ensuring the efficient use of cash.

Rice. 1.1.2 senior financial managers in a large company

In addition, most large firms have a financial director who oversees the work of both the treasurer and the chief accountant. The CFO is mainly involved in the development and implementation of financial policy, as well as corporate planning. Generally, the CFO's general administrative duties are not limited to pure finance, and it is not uncommon for him or her to serve on the board of directors.

The chief accountant or financial director is responsible for the organization of the budget process (capital investment planning process) and control over it. However, large capital investment projects are so closely linked to product development, production, and marketing plans that the managers in charge of these activities are, willy-nilly, involved in the planning and analysis of such projects. And if the corporation has employees specializing in corporate planning, then they also participate in the preparation of the capital budget.

Due to the extreme importance of many financial issues, for the final decision they are submitted for discussion (approval) of the Board of Directors. For example, only the board of directors has the legal authority to declare dividends or authorize a public issue of securities. Decisions related to small and medium-sized investment projects are usually delegated by the board of directors to the appropriate officials, but the right to adopt large investment programs is almost never delegated.

1.2 Agency theory

It is known that the goal of the firm is to maximize the property (wealth) of its shareholders, and this boils down to maximizing the price of the firm's shares. While this view is entirely acceptable when first looking at firms, it has long been recognized that managers of firms may have other goals that compete with the maximization of shareholder wealth. The fact that the owners of the firm - its shareholders - give managers the right to make decisions creates a potential conflict of interest, which is considered within the framework of a general concept called agency theory.

An agency relationship occurs when one or more individuals, called principals, hire one or more individuals, called agents, to perform some service and then endow the agents with decision-making power. In the context of financial management, the primary agency relationship is the relationship:

1) between shareholders and managers;

2) between creditors and shareholders.

Let us consider the features of such a side of the theory of agency relations as agency conflicts. Potential agency conflict arises in all cases where the firm's manager owns less than 100% of its voting shares. If a firm is owned by one person who manages it himself, such an owner-manager will act to maximize his own wealth or, in terms of economic science, economic effect. The owner-manager is likely to measure this effect primarily by the size of his personal wealth. But in the process of maximizing the beneficial effect, in addition to personal wealth, other factors will be taken into account, for example, the amount of free time and the availability of privileges. However, if the owner-manager gives up part of his property by selling part of the firm's shares to outside investors, a potential conflict of interest arises, called an agency conflict. . For example, after selling some shares, the owner-manager may decide to live a less stressful life and not work as hard, since now he will be deducted only a part of the total income. In addition, he may decide to increase his privileges, since the cost of these privileges will now be partially covered by other shareholders. In fact, the fact that the owner-manager does not receive all the income of the company created by his efforts is a strong incentive to commit actions that are not in the interests of all shareholders.

Potential agency conflicts matter to most large corporations because, as a rule, managers of large firms own only a small percentage of their shares. In such a situation, maximizing shareholder wealth may not be the manager's primary goal. For example, according to many experts, main goal agent managers is to increase the size of the firm. By creating a large, rapidly growing firm, managers: secure their places, since buying a controlling stake by other firms becomes less likely; increase their own power, status and salaries; create additional features for their subordinates - managers of the lower and middle levels. Further, since the managers of most large firms own only a tiny fraction of the shares of these firms, it is argued that they have a special interest in high salaries and privileges, and also generously donate corporate funds to the charities they patronize, because most of these costs are borne by the other shareholders.

Another problem that is affected by the theory of agency relations is agency costs. Clearly, managers can be encouraged to act for the good of shareholders through incentives, restrictions, and punishments. But these tools are effective only in cases where shareholders can follow all the actions of managers. The problem of moral hazard, that is, the possibility of unnoticed actions of managers in their own interests, arises because shareholders in practice cannot control all the actions of managers. As a rule, to reduce agency conflicts and partially solve the problem of moral hazard, shareholders must bear agency costs, which include all costs incurred to induce managers to act from a position of maximizing the wealth of shareholders, and not their own selfish interests. There are three major categories of agency costs:

1) the cost of monitoring the activities of managers, such as the cost of audits;

2) the costs of creating an organizational structure that limits the possibility of undesirable behavior of managers, for example, the introduction of external investors into the board;

3) the opportunity cost that arises when conditions set by shareholders, such as mandatory shareholder voting on certain issues, limit the actions of managers that are contrary to the achievement of the main goal - increasing the wealth of shareholders.

If shareholders do not make any effort to influence the behavior of managers, and therefore agency costs are zero, it is almost inevitable that shareholders will lose some of their wealth due to inefficient (for shareholders) actions of managers. On the contrary, if shareholders try to ensure that all actions of managers are fully aligned with their interests, agency costs will be very high. Thus, the optimal amount of agency costs should be determined in the same way that any investment decisions are made: agency costs can increase as long as each dollar of their increase increases the wealth of shareholders by more than 1 dollar. In essence, an increase in agency costs is acceptable if there is a positive value of .

One of the ways to resolve agency disputes is to stimulate managers. There are two extreme points of view regarding the ways of resolving the agency conflict between the shareholder and the manager. Proponents of one extreme argue that if the remuneration of the firm's managers depended only on the price of the firm's stock, agency costs would be low, since managers would then have a strong incentive to maximize shareholder ownership. However, it would be difficult - if not impossible - to hire competent managers on such terms, since in this case their earnings would also depend on the economic environment, over which they have no control. According to the other extreme view, shareholders can control all the actions of managers, but this option would be very costly and inefficient. The optimal solution lies somewhere between these two poles and involves linking the remuneration of the head of the firm with the results of its activities and, at the same time, some control over its actions. In addition to control, there are the following mechanisms that encourage managers to act in the interests of shareholders:

1) incentive systems based on the performance of the company in the form of options to acquire the company's shares or in the form of premium blocks of shares;

2) direct intervention of shareholders by making contact with the management of the enterprise or by making proposals that must be put to a vote at the annual meetings of shareholders;

3) the threat of dismissal if its initiators gain the required number of votes of shareholders;

4) the threat of buying a controlling stake by a new investor, who, as a rule, replaces the management.

So, we found out who a financial manager is and what issues he is responsible for, we also got acquainted with what top financial management positions of a company exist and what their functions are. Next, we touched on the problem of agency relations arising from the separation of ownership from management, focusing on Special attention agency conflicts and agency costs. The next chapter of the course work will focus on the methods of motivating financial managers, the need for which is obvious in order to optimize agency costs and resolve agency conflicts.

2. Remuneration and methods of motivation of financial managers

2.1 Features of the remuneration of financial managers

The effectiveness of the company's work largely depends on how interested the financial director is in the results of his work. A high salary is not a sufficient incentive for senior employees. The creation of a comprehensive motivation system will allow not only to retain key specialists in the company, but also to focus them on the successful solution of strategic tasks.

In accordance with the classification adopted by the American Association of Wage Professionals (“World at Work”), the motivation system for any category of employees includes: fixed salary, variable part or bonuses, social package and non-material incentives. The use of certain elements of the motivation system at a particular enterprise depends on its size, the position occupied by the employee ( functional responsibilities, powers and responsibilities) and principles of enterprise management (managed by business owners, hired managers, corporate governance). The only element of the motivation system, the principles of which are practically the same for both ordinary employees and financial managers, is the salary (of course, its size varies significantly). Consider distinctive features creating a motivation system for financial managers using the following elements: a variable part of the monetary reward, a social package, non-material incentives.

The permanent part of the monetary reward, as experience shows, is not a serious stimulating factor for senior managers. However, this is one of the main indicators that managers pay attention to when looking for a new job. Therefore, a company should maintain a fixed salary at the level of the average supply in the labor market, the so-called median, in order to simplify the task of assessing the cost of vacant managerial positions.

The fundamental differences between motivational schemes applied to financial managers and incentive methods for ordinary employees are a larger share of the variable part of remuneration in the total amount of payments and a longer period for which bonuses are paid.

In most companies, the variable part of the remuneration of financial managers is about 30-50% of total amount cash payments, while for ordinary employees it usually does not exceed 20%. This is due to the fact that management is more responsible for the results of the company's work and is forced to bear greater risks.

Another no less significant difference that must be taken into account when building a motivation system for a financial director is a long period for which it is possible to evaluate the results of work. In most cases, it is impossible to evaluate the effectiveness of management in the short term (for example, in a month). This is due to the fact that the goals set by the business owners in front of the management (growth of the company's value, development of new projects, etc.) cannot be achieved in a short time.

Speaking about the fundamental differences between the motivation systems of financial managers and ordinary employees, we can highlight the following:

The ability to directly influence the final results of the company's activities, as well as the measurability of these results, make it possible to build a motivation system for financial managers based on objective indicators that characterize the results of the company's activities. This is not always applicable when motivating ordinary employees;

The financial manager is characterized by a longer period for which his performance is evaluated. If for lower-level employees, the assessment period can range from a month to a quarter, then for him it ranges from a year to three;

The motivation system of financial managers should be focused on achieving the goals set by the business owners, while the rest of the staff is focused on solving local intra-company tasks;

The amount of remuneration must be large enough. Due to the high professional qualifications, as well as the business and personal qualities of a manager, they almost always have several job offers.

2.2 Variable part of financial managers' remuneration

The conditionally variable part of financial managers' remuneration can be divided into two parts: short-term bonuses and long-term bonus programs.

Short term bonuses. This category includes remuneration paid to financial managers based on the results of the year. In order to ensure the objectivity of accrual of bonuses, they are "tied" to the key performance indicators of the company. For the financial director, the cost of attracting credit resources, the efficiency of taxation and the placement of free cash can be used as indicators that characterize the efficiency of his work in the short term.

It is necessary to distinguish between the following types of bonuses:

A guaranteed bonus is indicated in the employment contract as a payment made in addition to the established monthly salary, provided that the employee has worked for the established calendar period, usually a year or six months. The bonus is called "guaranteed", since its payment is not due to any quality indicators of the employee's work - to receive such a bonus, it is enough just not to quit before the expiration of the established period.

A non-guaranteed bonus, the payment of which is made dependent on the achievement by an employee or company (or its division) of certain indicators in a certain period. The indicators on which the payment of a non-guaranteed bonus depends must be clearly defined in advance and fixed in the employment contract or in a document referred to in the employment contract (for example, in a decision of the company's board of directors).

An arbitrary bonus is paid solely at the discretion of the employer and may not even be mentioned in the employment contract. An arbitrary bonus is aimed at increasing the general loyalty of the manager to the company.

Linking bonuses and key performance indicators set for financial managers can be as follows. First, the current value of the selected indicator is determined, then it is set target value for the next year and a scale of dependence of the size of the bonus on the actually achieved value of the indicator is being developed. For example, last year average cost attracted loans amounted to 11% per annum. For the next year, in accordance with the strategic goals of the company, the financial director is faced with the task of reducing the cost of loans to 10% per annum. If the task is achieved, a bonus of 100% of the monthly fixed salary will be accrued. The composition of variable short-term payments, as a rule, includes several bonuses that orient the manager to solve the most important tasks. By varying the amount of bonuses, you can adjust the priority of tasks.

Long-term bonus programs. Most long-term incentive programs are based on the so-called investment approach, in which the manager's remuneration is determined as part of the achieved financial result (profit or company value). Long-term motivational programs are usually developed for three to five years. Recently, incentive schemes for financial managers based on real options. The essence of option programs is that the company transfers or sells a block of its own shares to the manager, as a result of which he, along with the business owners, is interested in the growth of the company's market value. Traditionally, only top managers of the company become participants in such programs. However, options have recently been used in Russia and in the West to motivate a wider range of key employees.

The main advantage of motivating managers with the help of option programs is that such programs allow resolving conflicts of interest between shareholders and managers, which are not uncommon in Russian companies. The income of the former largely depends on the value of the companies. The income of managers, as a rule, depends on the achievement of local and short-term goals, which may not coincide with the strategic goals of the company. The option ensures that the long-term goals of managers and shareholders coincide.

Today, companies use several varieties of option remuneration systems.

A share buyback option gives the manager the right to buy back the company's shares at a fixed price for a specified period in the future. In other words, the manager gets the right to buy back the company's shares in three years at the current price. Since the purchase price is fixed, the manager is interested in maximizing the market price of the shares over three years.

A share buyback program is a program that allows an employee to buy back company shares in the current year at a discounted price.

Bonus program (phantom option) - a program that allows the manager at the end of a predetermined period to receive not shares, but an amount of money equivalent to the difference between the current and future value of the shares. Often this type of option is called phantom. It is used when shareholders are not ready to allocate part of the shares for bonuses to managers.

Grant to receive shares - the right to receive a block of shares by a manager free of charge. The number of shares that will be transferred to the manager if the goals are achieved is determined. The desire to increase the value of this block of shares should motivate the manager to increase the value of the company.

The limited option is a special case of the previous program. Its peculiarity lies in the fact that the main condition for obtaining a block of shares is not the achievement of certain goals by the manager, but work in the company for a specified period. Typically, a limited option is used as a retention tool for high-value executives.

It should be noted that option models for stimulating financial managers are applicable not only to public companies. In a company whose shares are not listed on the stock exchange , the use of models using options is also possible. To do this, it is necessary to describe in the bonus documents the method for assessing the value of shares and the conditions under which the manager will be able to sell the package transferred to him.

Let us denote the advantages and disadvantages of the system of motivation of financial managers with the help of options. The advantages include the effect of keeping the manager in the workplace, i.e. prevention of undesirable frequent rotation of top-level specialists. True, it should be noted that after a certain milestone for top managers, the main motivation is the opportunity to realize professional ambitions, manage interesting projects and work in a close-knit team of like-minded people, and not material gain. In addition, the degree of personal participation of the manager in success (whether he is a decision maker or a passive executor of the owner's decisions) is also important to ensure loyalty.

It is also not easy to talk about reconciling the interests of managers with the interests of shareholders. Managers, participating in the company's profits through options, do not share possible losses with the owners. Thus, the motivation to increase profits can lead to the implementation of projects that are too risky, which is contrary to the interests of shareholders.

The disadvantages of option payments include the complexity and high cost (and in Russia, legislative imperfection) associated with the introduction of the option system.

An increase in market value may not reflect an increase in the company's intrinsic value, but be the result of stock market fraud, misreporting, or misinformation in the market coming from the company's management. The sale of share options or shares directly at a price lower than the market price reduces the value of other shareholders' holdings and reduces their stake in the company. And with a decrease in the value of the company in the market, options or shares in the company lose their motivating effect.

Nevertheless, even the presence of shortcomings does not reduce the effectiveness of the use of option incentive programs, the main task of which is to make managers treat the company as if it were their own property. It can also be said that with the help of options it is possible to balance the interest of management in achieving long-term goals and in solving short-term problems.

2.3 Social package and methods of non-material incentives for financial managers

The social package is a material non-monetary incentive, when the manager is given the opportunity to use official transport, a cell phone, medical insurance and other services, the cost of which is paid by the company. Contrary to the widespread belief that the financial manager's benefits package does not play a big role, it can be noted that this tool is highly effective and allows you to retain key employees.

Some organizations successfully practice an approach in which a specialist has the right to choose from a certain set of benefits (health and pension insurance, loans, school fees, children, etc.) those that he likes best, but within the amount established by the company. Another option is not to offer an assortment basket, but to allocate a certain amount of money to the manager, which he is obliged to spend on a social package. For many, this program is more attractive, because. top-ranking leaders do not like to limit their choice to an “imposed” set of benefits and are ready to take care of their social protection on their own; this is especially true for the heads of large industrial organizations and investment banks, where the amounts of such payments are very large. It is recommended that they include, for example, life insurance and liability insurance, but an employee can arrange medical insurance, tuition fees and even a pension plan on their own in any organization they like. The owners of organizations, as a rule, are willing to "monetize" benefits.

With all this, the social package is nothing more than creating certain amenities and saving time for employees, which is an irreplaceable and therefore expensive resource for any organization. The social package is aimed only at ensuring that the top manager is not preoccupied with problems that distract him from work, but can calmly conduct productive activities in the interests of the organization.

Non-material incentives for management, in contrast to the social package, allow not only to keep employees in the company, but also to motivate them to achieve their goals.

Among the most common non-financial incentives are:

Recognition of manager's professionalism by business owners;

Trust and delegation of authority;

Well-known company brand;

A steadily growing business;

Long-term career prospects;

Education;

corporate culture.

The practice of building motivational schemes for company financial managers shows that the following intangible motivating factors are most effective: giving managers the opportunity to implement their own ideas, as well as the complexity and scale of the tasks to be solved. The list of factors influencing the decision to dismiss looks somewhat different. In the first place, managers put such factors as unsatisfactory relations with shareholders (owners), lack of corporate culture, mistrust and limited rights in the field of solving tasks. Thus, we can conclude that in the matter of retaining and motivating key employees, monetary remuneration plays a smaller role compared to intangible factors.

So, we have studied the most common schemes for remuneration and motivation of financial managers. Practice shows that all these methods have both positive aspects and disadvantages. We will consider the use of some of them, namely option programs, in the next chapter of the work devoted to the application of methods for motivating financial managers in Russia.

3. Motivation of financial managers in Russian companies

Until recently in Russia, only a limited circle of owners understood that the profitability of a business is affected not only by direct investment and the right market segment, but also by effective management. Many organizations only gained momentum, accumulated technology and capital, without paying due attention to the personnel potential of the company. Most Russian business uses only short-term motivation (bonuses). Issues of pensions and so on are classic forms of personnel management that are not related to long-term motivation. It's just some social support.

The relative stability of the market situation and successful Western experience have prompted domestic firms to introduce long-term incentive programs. Oil companies were the first to use them, followed by subsidiaries of multinational enterprises. Their HR staff began to work out various methods of remuneration and compensation.

Stay on the sidelines today general trend, not just not fashionable, but risky. The “outsider companies” are becoming less and less likely to attract and retain highly qualified financial managers.

Option programs are a system that encourages activities focused on the long-term development of the company, increasing its capitalization, and teamwork. The options are already used by the leaders of the oil and gas complex and companies that have passed the initial public offering procedure in Western markets, such as Gazprom, Yukos, LUKOIL, Tatneft, VimpelCom, United engineering plants(OMZ), Mobile TeleSystems, Wimm-Bill-Dann.

The oil company Yukos and the operator cellular communication Vimpelcom. Thus, Yukos was one of the first in Russia to introduce such a program. Back in 1998, the option program implemented by this company covered more than 1,000 company executives, including middle managers. Shareholders allocated shares for this pilot program, and the options were exercised a year later. In the future, Yukos planned to give options to another 1.5 thousand of its employees, including engineers and even workers. For this project, the company allocated up to 85 million shares (3.8% of issued shares). Yukos is perhaps the only Russian company, which has consistently expanded the ranks of employees participating in stock options.

In 2000, the Board of Directors reserved 3.15% for the program authorized capital. Yukos developed and implemented three programs: a classic option (the right to buy shares in the future at a pre-agreed price), conditional shares (receipt of shares depends on the achievement of certain indicators) and donation of shares. The first two programs in 2001 involved 69 managers, in 2002 - 101, and in 2003 - 124. The third program covered almost 5 thousand people, including ordinary employees of regional divisions. By 2004, the number of participants in the classic option program had grown to 124 people. In addition, Yukos donated shares to specialists in the regions. For example, in the subsidiary OAO Samarneftegaz, every tenth oilman became a shareholder.

At VimpelCom, the program began to operate later, while it extended only to top managers. VimpelCom initially encouraged employees with shares, and then found it more effective to encourage bonuses, the amount of which depends on the company's commercial performance and individual performance. The operator also used options, but unlike the Yukos program, when the option was exercised, the shares remained the property of the company, the option holder received only income from the growth of share prices. The first tranche of options, payable over three years, was distributed by the Board of Directors to several senior executives. An individual contract was concluded with each manager, which stipulated the conditions for using options. Options could be exercised only if the top manager completed the tasks stipulated by the contract on time. To secure the option program, VimpelCom bought back 250,000 of its shares on the New York Stock Exchange.

It is no secret that the management's proposal to buy back the company's shares at a price close to the market is not always beneficial for the staff, and in the case of a gratuitous transfer of shares or a sale at a price below the market, the enterprise itself bears the costs. It is no coincidence that Sun Interbrew opted for an "interim option" option plan: participating managers would be entitled to exercise the option for several years at a fixed price (below the market at the time the option was exercised) set on the day the option was granted. Participants in the option program noted that such a system does not contain risks for the manager, and the benefit he receives depends on the results of the company's work - how much the market price of shares at the time the option is exercised will change compared to their price at the date the option was granted.

At the end of 2002, OAO TATNEFT's option program was completed for the placement of 9.3 million shares among the company's management at a price much lower than the market price. The results of the first issue of options on Tatneft shares were far from satisfactory for investors. In the second quarter of 2002, the company sold 9.4 billion shares to its managers at a nominal value of 0.1 rubles, the losses from this operation amounted to 155 million rubles. At the same time, Tatneft bought shares for the option program on the market, which led to an increase in their market value. Shareholders rightly believe that such a scheme devalues ​​the very idea of ​​options: managers should help increase the price of the company's shares, and not receive them for a pittance.

OAO United Machine Building Plants (OMZ) in 2004 began to implement an option program for top and middle managers. One of the conditions for exercising the option was an increase in the price of the company's shares to $11. This condition was not met, but the company nevertheless encouraged managers before merging with the Power Machines holding. Managers got the opportunity to buy back 1.5 million ordinary shares (4.2%) at a price of $0.5 per share, with a market price of about $9.17.

Yakov Kop, HR Director of OMZ, considers it important that the terms of the option agreement be realistic: “The program is not designed for deceit, but for constructive work. We set a task to be accomplished (that is, to achieve a value of $11 per OMZ share in three years). If you don’t set such a task for yourself, it makes no sense to invite managers or work at all.” Cope acknowledged that the option matters not only in terms of monetary motivation, since there is a significant gain between the option price and the share price, but also in terms of creating a team spirit in the company: the manager participates in the business as if in his own: “An important goal is to form a team capable of achieving the desired results. Now a serious management team is being formed, partly from “our own” people, partly from outside specialists. We have been recruiting for a very long time and we believe that this team should achieve what they want. You have to keep in mind that if a manager leaves his team, he won't get anything." This is not about leaving for health reasons or moving within the company, but rather moving to competitors, serious mistakes in work and other similar reasons for leaving. If a manager leaves for a good reason, his participation in the options program can continue in full, Kop emphasized.

Since July 1, 2002, LUKOIL supplemented the salaries of managers with "phantom shares": it acquired shares on the stock market and virtually assigned them to managers. At the same time, in the current regime, only dividends are accrued to managers, and after the agreed period (about three years) the shares will become their property. The size of such a "motivational" package is determined not by the number of shares, but by the amount - 20% of the employee's total earnings.

In April 2003, the Board of Directors of LUKOIL approved the following corporatization program for top managers. During 2003, the company bought back 10.9 million of its own shares (1.3% of the charter capital) on the market, and since 2004, it has been concluding share purchase and sale agreements with the leaders of LUKOIL and its subsidiaries with deferred payment. If the participants in the program fulfill their contractual obligations and the company achieves its targets, in three years the managers will be able to buy shares at the weighted average price for the first quarter of 2003 on the RTS. At LUKOIL, 100–150 employees are covered by the options program.

In MTS, during the initial offering, 0.6% of the shares were immediately allocated for an option program, of which the majority has already been allocated to management in the form of options. Andrei Braginsky, director of investor relations, says that the main task is to aim management at long-term growth in capitalization and increase employee loyalty to the company. The employee receives both monetary and psychological benefits, since he considers the success of MTS as his own. Of course, the material benefit from a change in the share price largely depends on the situation in the mobile communications market, but everything that concerns the company itself is in the power of its management.

To date, many domestic organizations are not yet able to retain valuable employees for a long time. They harbor the illusion that any specialist can be easily replaced by the best. However, life itself dictates the need to develop modern forms motivation and, hopefully, all companies will soon come to this decision.

“Long” incentive systems allow a financial manager to stay in the company for a long time: stock options, strategic (deferred) bonuses, corporate pension plans, manager training, career growth, and the presence of a social package.

There are no universal schemes for motivating top managers. Established models can only serve as a starting point for individual approaches in each specific case.

Conclusion

Every business starts with a leader. The quality of decisions made by the management corps directly affects the efficiency of any organization. However, as practice shows, especially in Russian conditions, leaders are not always interested in improving the efficiency of the organizations they lead. The fact is that the interests of managers as employees hired by owners (shareholders) to manage their property do not always coincide with the interests of shareholders (the conflict of interests between managers and shareholders is considered in detail by the theory of agency relations).

Theoretically, both shareholders and managers should be interested in the stability of the existence and profitability of the company with which they are associated. In practice, however, their interests diverge considerably. Thus, managers are interested in the stability of the company, the strength of their position, the extension of their contracts to work in the company, the growth of their own income, and the reduction of the risk of exposure to unforeseen circumstances. Therefore, in the process of developing and implementing a company's development strategy, they are usually inclined to establish a strong long-term balance between risk and profit and, accordingly, are not inclined to support decisions that lead to high profits for the company, but are associated with high risk. In turn, the shareholders (owners) are primarily interested in the high profits of the company and the high price of its shares, since they can receive income from the company in the form of dividends and when selling shares on the market in the event of a high level of their quotations. Therefore, shareholders support decisions that lead to high profits for the company, albeit with high risk.

In such a situation, it is most important to motivate the activities of company managers in the interests of its shareholders. The motivation system for financial managers includes a fixed salary, a variable part (various bonuses and options), social packages and non-material incentives.

It is difficult to unequivocally judge the priority of any component of the motivational system of financial managers. The permanent part of the monetary reward, as experience shows, is not a serious stimulating factor for senior managers. However, this is one of the main indicators that managers pay attention to when looking for a new job, therefore, it should be given due attention and maintained at a decent level (at least at the level of the average supply in the labor market).

The variable part of the remuneration of financial managers is approximately 30 - 50% of the total amount of cash payments, which is much more than in the case of remuneration of ordinary employees. This is due to the fact that management is more responsible for the results of the company. The variable part of financial managers' remuneration can be divided into two parts: short-term bonuses and long-term bonus programs (options). The most widespread in Russia is the system of bonuses (this is due to the simplicity of its application), however, it is set up mainly for the short term and does not involve solving agency conflicts. Long-term motivation systems help to solve these problems - option systems, which, however, also have their advantages and disadvantages.

An important component of the motivation system for financial managers is the provision of a social package to them. It is widely believed that this component is of no importance for top management, however, this tool is highly effective and allows you to retain key employees.

True, it should be noted that after a certain milestone for top managers, the main motivation becomes the opportunity to realize professional ambitions, manage interesting projects and work in a close-knit team of like-minded people, where his professionalism and significance are recognized, i.e. material gain fades into the background.

Based on the foregoing, we can conclude that it is necessary to apply all methods of motivating financial managers in a complex.

Many Russian enterprises are faced with the fact that attempts to build motivation systems for financial managers are not always successful. This, in turn, leads to the failure to achieve business goals and the turnover of highly qualified management personnel. There are some of the most common mistakes made in the development of motivational programs.

Individual agreements with the shareholder (owner) that do not have legal force. The absence of a documented commitment leads to the fact that managers do not have confidence in receiving remuneration, and this negatively affects the results of work. It is necessary to develop clear provisions on bonuses and material remuneration of managers in the employment contract.

The motivation system is being introduced without coordination with management. If the motivation system was imposed on the manager by the owners, and for some reason he believes that it does not allow him to fairly evaluate the results of his work, then such a system will not work. It can be recommended to coordinate the motivation systems existing at the enterprise with management, this will help to avoid conflict situations and sabotage.

Lack of authority to perform assigned tasks. Tight shareholder control. Small and medium-sized businesses are characterized by such situations when the manager is forced to coordinate almost every decision with the owners of the business. This indicates a lack of trust in management and devalues ​​any motivational schemes. To avoid this, it is necessary to discuss in advance with managers the scope of their powers, for example, the maximum allowable amount of expenses that a top manager can carry out without agreement with the owner.

Nevertheless, we are aware of the successful experience of using long-term motivation programs at such domestic enterprises as YUKOS, LUKOIL, MTS, Vimpelcom, OMZ, etc., which indicates that the use of modern methods of motivating financial managers is appropriate in Russian reality and increases the efficiency of activities the company as a whole.

In conclusion, it should be noted that the motivation system will become effective only if it is fairly and consistently applied in remuneration of management. The main thing for the owner is to find an interesting and effective incentive for the manager (a salary, even a high one, is not a long-term incentive). Only he will force the financial director to work in line with the interests of the owner. Contradictions between the owner and the manager will exist as long as the business exists. And no business will become effective if the interests of the two sides are not combined in this eternal conflict.

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The most common method of improving labor efficiency individual workers and the personnel policy of the enterprise as a whole is the material motivation of the staff. It is the most universal system - the material motivation of employees is effective for all categories of employees without exception. Every employer should know how to properly use the material motivation of personnel, what methods exist and how effective they are, and it is best to familiarize yourself with the features of its application using practical examples.

What is material motivation of staff

First of all, the material motivation of personnel is a method of influencing employees, directly affecting the size of their actual monetary or other material remuneration. At the same time, there are quite a few specific ways to implement this technique, and employers and employees are far from always aware of the possibilities and features of their application in labor relations. At the same time, the material motivation of personnel often has a certain reflection in the norms of the law - in some cases, certain compensation and additional payments are obligatory for employees, for example, when working in harmful or dangerous conditions.

In general, material motivation, although most often implies direct monetary motivation of employees, but is not limited to it. In particular, non-monetary methods of remuneration that have a direct material reflection can often be attributed to material motivation, for example, the provision of vacation vouchers, company products or other essential goods to employees and other benefits.

Legislatively, the right of the employer to use methods of material motivation is practically not limited in any way, with the exception of methods of negative impact, with which one should be as careful as possible. The main types of material motivation will be discussed in more detail below.

Goals and objectives of material motivation of personnel

The main tasks of any methods of personnel motivation are to increase the overall efficiency of the enterprise through its personnel sphere. Well motivated and motivated employees demonstrate higher work efficiency. However, the general tasks and goals of material motivation of personnel are much more complex. So, they include:

Each employer can independently determine the goals and objectives of the system of material motivation of employees based on the needs and capabilities of his particular organization.

3. Types of material motivation of employees

According to its expression, material motivation is divided into:

• Direct cash. AT this case imply direct incentive methods that affect the total income of the employee and have a clear monetary expression that increases it.
• Indirect or non-monetary. Such methods of material motivation provide for the provision of material benefits to employees, or vice versa - deprivation of the opportunity to receive them in one form or another without a direct impact on his income.

According to the mechanism of motivation, methods of material motivation can be divided into:

• Positive. These methods of motivation include any options for material motivation that provide employees with certain benefits. That is, improving their actual financial situation in one way or another as a reward for the good performance of official duties and the absence of complaints.
• Negative. Negative methods of motivation include tools to punish employees for violating established internal regulations, neglecting discipline at the enterprise, failing to comply with accepted production standards, and other misconduct of a labor or disciplinary nature.

Directly, the methods and types of material motivation of personnel, which are used most often, may look like this:

• Wage. The salaries of employees, wage systems, tariff rates - all this is the main component of the mechanisms of material motivation of personnel. Accordingly, since any organization makes decisions on setting wages for various positions, it can be said that material motivation is used by all employers without exception. However, the salary itself is far from always the most effective motivational tool, since its change requires the use of a fairly large number of procedural procedures, and its payment is also associated with many nuances and subtleties that should be taken into account by both employees and employers.
• Prizes. The most common additional mechanism for motivating employees is the provision of cash bonuses. At the same time, bonuses may include both the issuance of the year-end, and individual remunerations assigned in accordance with key performance indicators or other methods of influencing employees. It should be remembered that all cash bonuses are included in the wages of employees and affect its calculation, which is important when solving many issues related to social security and guarantees for workers provided for by law.
• Gifts. Employers have the right to give individual gifts to employees as a motivating tool. They can be of the most diverse nature and be provided both in the form of direct products or services of the enterprise, and in the format of various other goods or other values. Examples of gifts include vouchers, vouchers for visiting various establishments, tickets for cultural events.
• . The employer does not have the right to directly fine an employee for violating labor discipline in any case - the application of fines to employees is strictly prohibited by labor legislation. However, the legislation allows for the possibility of depriving employees of a bonus if they have disciplinary sanctions, and in some state structures- and demotions with a corresponding reduction in wages. At the same time, all disciplinary sanctions and the mechanisms for their impact on employees must be taken into account in the internal local acts of the organization.
• Benefits and compensation. The employer may provide additional financial assistance to needy employees, compensation for rental housing, the use of transport, mobile communications or public transport. All these techniques can be attributed both directly to material motivation, and to methods of motivation of a non-material nature.

The employer is not obliged to apply certain types of material motivation in general - in most situations, the decision on the appropriateness of certain methods of motivating employees rests solely with the employer. At the same time, certain types and methods of material motivation can be both extremely effective and relevant in some enterprises, and be almost completely useless or even actually harmful in the conditions of other organizations and positions.

Advantages and disadvantages of material motivation of employees

Like any method of organizing labor in an enterprise, the material motivation of employees has its own characteristics and its characteristic negative and positive features. So, the advantages of material motivation of staff include:

However, the system of material motivation of workers also has certain inherent shortcomings. These include:

• Increasing the costs of the enterprise. In most cases, the use of material motivation of employees is more expensive than the use of individually developed methods of non-material motivation, which in some cases may not involve any costs in principle.
• Not enough tools. Despite the fact that material motivation has many types and methods of implementation, the tools of personnel specialists, managers and employers in this case are much lower in comparison with the range of opportunities provided by non-material ways of motivating employees.
• Increasing the tax burden. In matters of bonuses and wage increases, the material motivation of personnel provides an increase in the tax burden on the enterprise and an increase in deductions from the employee, in contrast to non-material or non-monetary methods of additional remuneration of workers. At the same time, it should also be remembered that all bonuses and salary allowances must be taken into account when calculating the average earnings of employees.

The procedure for implementing material motivation systems for personnel - a step-by-step guide

It should be noted that employers need to justify the use of methods of material motivation of employees. It is quite easy to do this - it is necessary to consolidate the provision on the material motivation of employees as a local regulatory act. Also, the possibility of using methods of material motivation may be present in the text of an individual labor contract or an adopted collective agreement. At the same time, the employer has the right to use several provisions on material motivation, accepting and fixing separate documents for different positions of employees, different types of motivation and other features of accrual.

Almost always, direct material motivation through the provision of bonuses, benefits, compensations and gifts must be accompanied by an appropriate order from the head of the organization's structural unit, personnel employee or direct employer. This order must be recorded in the document flow of the organization.

If the enterprise has local regulations that strictly define the situations, methods and procedure for motivating employees with material rewards, violation of the established procedure may entail bringing the employer to responsibility. Therefore, it is recommended that local regulations provide for a mandatory final decision by the employer in each case of providing additional benefits to employees with the ability to refuse to issue them with or without explanation.

Examples of material motivation of personnel

The realities of Russian business contain a large number of effective examples staff motivation. At the same time, the most original and effective methods are implemented, first of all, on modern enterprises in the field of information technology. In particular, the practice of such companies as Google or Yandex can serve as an example of material motivation for employees in IT, providing for a variety of benefits and preferences depending on the individual performance of each employee.

An important fact is that the practice of many large corporations that are members of general partner networks can serve as a good example of the material motivation of staff. This material motivation lies in the possibility of obtaining products and services of partner companies at preferential prices or even free of charge on the terms of their mutual provision. At the same time, in some situations, such a partnership can provide minimal costs for each enterprise.

10 .10 .2016

financial motivation

What is motivation?

This is the reason

Money- it's always payment of the past

The Right Motivation

1. Set a goal.
   
2. Stick to the standards.
   
3. 
   

Non-financial motivation of employees Lyudmila Bogush-Dand

What is motivation? If we turn to the explanatory dictionary, we will see that the motive is the reason for performing some action. This reason always refers to the future. For example, if I want my house to be warm in winter, I insulate my apartment. I take action today only when I have a reason in the future. There is no financial incentive.

financial motivation- it's easy when business develops and incomes grow. It would seem, what could be more effective? You do your part, you get paid. But when the crisis comes, there are more jobs, and incomes remain at the same level. How to motivate employees in this case?

What is motivation?

If we turn to the explanatory dictionary, we will see that the motive is This is the reason in order to take some action. This reason always refers to the future. For example, if I want my house to be warm in winter, I insulate my apartment. I take action today only when I have a reason in the future.

There is no financial motivation

Money- it's always payment of the past of what has already happened. You did the job, you got paid for it. It's not motivation, it's justice. Let's look at such an example. We agreed that today you will repair my car, and tomorrow I will pay you money for the work. I arrive the next day and it turns out that you didn't fix the car, you only did 50% of the work. I can't pay you because the job wasn't done. It would seem that everything is fair, but you already expected to receive this money. Now you are a little disappointed. And, of course, you will receive this money as soon as my car is ready, but today they are not. Frustration cannot motivate. Motivation is an internal process, it cannot be supported with money.

The Right Motivation

1. Set a goal.
   Employees don't need to be motivated, they need to be inspired. They have to go to something and achieve it. Nothing inspires like a goal you have achieved.
2. Stick to the standards.
   During a crisis, the bar must not be lowered. Your promises must be kept. During a crisis, you often have to pay more but get less. This is a fall in standards. It is not worth cutting staff or reducing wages, in this way you destroy standards. Let employees work harder, but they will receive as much as was promised. Let the standards stay the same.
3. Monitor the financial education of employees.
   Your employees need to understand how the company makes money. No one raises wages just like that. It is increased only when production volumes increase, and lowered if sales and incomes fall. If the situation in the company has become tense, explain to employees what is happening, what needs to be strengthened and improved. Someone will not agree that more work will be needed, but those who stay will do their job well.

We often talk about the importance of teamwork, forgetting that the owner is also part of the team. Always keep employees informed, inform about changes in the company's work, hold strategic sessions. Remember that honesty is the best motivator!