Executive Summary
The researcher of this topic has experience of being a banker and standpoint as a consultant to analyze the set of motivational tools and techniques that can be implemented to increase sales production of Barclays Bank consumer banking segment. Particularly in the banking and finance industry, a highly competitive and challenging environment, sales associates struggle to hit their monthly sales target. More than often, they will feel demoralized and lack the motivation to carry out sales activity.
Managers would inevitably focus on teams and individual motivation because poor motivation leads to huge repercussions such as poor communication, diminished productivity, increased turnover, and eventually creates a very toxic and damaging cultural environment in a workplace. This research will aid managers of Barclays bank in identifying the various tools of motivation and formulate strategy and organizing programs to lift each individual’s motivation spirit and ultimately achieve higher team production results. Every staff member’s performance is assessed based on their proficiency in the set objectives. It is vital to ensure the team has the correct information concerning the set standards and goals; most employers of Barclays Investment bank have given a significant emphasis on the aspect of talent management because of various reasons.
Introduction
The objective of the Barclays Bank is to establish itself universally as an ethically responsible enterprise to fasten the bank’s growth to serve in the future. These objectives can be met by having a well-motivated sales team. The target market for Barclays Bank includes underdeveloped markets in Africa, developing markets in Asia, and developed markets such as the USA. It is essential to have staff who have the relevant skills to get into these markets and win over new clients. With a good sales manager, the marketing team will have exemplary leadership to meet their target (Shirokova and Kalinichenko, 2016, p. 12). Knowledge of products will help the section deliver the correct information to the potential clients, who have a wide variety of options to choose from available.
Problem Statement
In all business aspect, sales are one of the most vital and indispensable departments as it promotes growth in an organization and has a substantial impact on the company reputation. Particularly in the banking and finance industry, a highly competitive and challenging environment, Associates struggle to hit their monthly sales target; more than often, they will feel demoralized and lack the motivation to carry out sales activity. Managers would inevitably focus on teams and individual motivation because poor reason leads to huge repercussions such as poor communication, diminished productivity, increased turnover, and eventually creates a very toxic and harmful cultural environment in a workplace.
Managers usually find it challenging to motivate their associates because each individual’s motivation differs significantly. Moreover, every individual is unique in their way, and the factor which triggers inspiration to run for sales could be intrinsically or extrinsically. Besides, due to the recent outbreak of COVID-19, when work from home becomes a norm, it poses more difficulties for managers to connect with their associates (Martins, 2020, p. 5). This research will aid managers of Barclays bank in identifying the various tools of motivation and formulate strategy and organizing programs to lift each individual’s motivation spirit and ultimately achieve higher team production results.
Statement of Purpose
The topic of motivation has sparked my interest because of my own experience in Barclays Bank as a relationship manager. Managers often deliver the wrong message to their associates, and instead of motivating them, it adds pressure. It does not contribute positive outcome on associate actions when notifications are misbelieved. Managers often use one approach to motivate their associates, and yet some are not very receptive to such an approach. For example, they give extrinsic rewards such as an additional one day off from any workday if they hit their sales target set for the month.
Aim of the Research
- To allow managers to identify the set of motivational tools and techniques that can motivate them to run for their sales target every month.
- To provide consistent results from the team, choosing the right tools and technique can ensure that associates are motivated to run for their sale KPI every month. It is a manager duty.
- To identify the different motivational factor of their associates and allow them to realize their potential and values on oneself.
- The research aims at boosting the sales of bank and the staff well-being.
Statement of purpose
This research aims to enhance a deep understanding of the various motivational tools that emphasize the team needs and implement within the budget and limitation of the department. For example, while setting up a team dinner to reward the team as a whole for their effort on setting a new record high in terms of their personal and group production. The study will also focus on the cause and effect of different motivational tools and weigh the most efficient tool for the team to bring up individual sales performances.
The researcher of this topic has experience of being a banker and standpoint as a consultant to analyze the set of motivational tools and techniques that can be implemented to increase sales production of Barclays Bank consumer banking segment. It will take roughly two weeks to get consent from compliance and higher management to agree on researching an ethical way that only allows disclosing specific information compliant to the Monetary Authority of Singapore (MAS) and banking act.
Method Used
The research will be conducted on a fortnightly basis in an interviewing way to receive updates of any changes and analyze if those changes can motivate associates to run for their KPI. Restrictions such as transparency on witnessing associate behaviour could be overcome by probing more critical questions during the interview. Equipped with the relevant experience, knowledge of being a banker, and connection within the banking and finance space could better support and assist in my findings on the above research topic.
Literature Review
It is challenging to keep all the staff members motivated, as everyone has their views and demands. Therefore, it is recommended to use the valuable asset of human capital to increase success and boost sales output. The sales manager must use the right approach to achieve their goal. Particularly in the banking and finance industry, a highly competitive and challenging environment, associates struggle to hit their monthly sales target. More than often, they will feel demoralized and lack the motivation to carry out sales activity (Komor, 2019, p. 123).
Managers would inevitably focus on teams and individual bases because the effect of inadequate stimulation leads to huge repercussions such as poor communication, diminished productivity, and increased turn overrate, and eventually creates a very toxic and harmful cultural environment in a workplace.
All the teams need to understand the set theories and laws. This can be achieved through education and seminars, and the results will be noticeable after some time. For example, using incentives and awards will make the team members meet the KPIs. In this case, Barclays Bank wants to be at the top of the market by having the most active clients. Those salespersons who bring in most clients should be awarded good packages and other rewards.
Theories of Motivation
Sales and marketing is a vast field that demands proper mechanisms to help the company to meet its demands. A motivated team will work for the good of the company and help the company sell new products, which will, in turn, bring more results. Without a doubt, not every team member will perform well, as some will perform poorly despite the heavy investment. Various people came up with theories that will promote the welfare of all the staff members to ensure they meet their target (Butenko, 2020, p. 12). The motivation of the staff will help the company to get more customers who will invest and buy the various product.
Maslow’s Hierarchy of Needs
Cronje and Smith came up with this theory to illustrate that human beings need an increase in their needs to perform well in life. Life can be challenging as people struggle to provide for their families. A staff member who cannot provide for his or her family will feel demotivated to deliver the set KPIs. Based on the hierarchy of wants, content theories of job satisfaction revolve around what human being wants. Humans who have a high degree of sale satisfaction have all their basic needs met without struggle (McLeod, 2020, para. 1). This theory has a five-stage that place these needs of humans in different groups and prioritizes the main one from the minor ones. These groups include:
- Physiological demands like shelter, food and clothing.
- Security and safety like safe safety and physical protection.
- They need the opportunity to socialize with others without being discriminated against and avoided while at work.
- Sale worth needs which include being acknowledged by their seniors and other staff members.
- Lastly, the sale actualization needs mean self-accomplishment and leaving behind a legacy.
The management can apply the following motivation technique to meet the five demands:
- Physiological demands
Paying the sales team well will help them to care for their basic needs. An employee who has food, shelter and clothing will deliver better services for the bank.
- Security and safety
The management should handle cases of sexual harassment by putting the suitable measures to protect the staff. A sexually harassed staff will feel demotivated and can even quit the job. Putting these measures will motivate the team and promote dignity and the image of the company.
- opportunity to socialize
Staff who are allowed to engage in social activities will feel connected to each other. It is motivating for everyone when the whole team is working hard and in harmony.
- Sale worth needs
Everyone loves being recognized for their work, as it will help them seek more significant goals. Awarding and recognizing top performers will motivate the strugglers to attain more meaningful pursuits.
- sale actualization
Lastly, recognizing the long-lasting servants will help the juniors aspire to the top level. The management should recognize long-serving to motivate the juniors.
Motivator-Hygiene/ Herzberg’s Two-Factor Theory
This theory was developed from an assent done among engineers and accountant to determine what makes a person feel good about their job. It was noted that there were five aspects of working that brought satisfaction like recognition, achievement, and the type of job, advancement and responsibilities. It was established that management, pay, relationship at work, and other aspects determine how motivated the person will become. A regime that adopts this theory will create more opportunities for personal growth among the sales team. Every company must protect its staff to help them feel secure and happy with their job.
Recognizing the efforts made by the team will make them better with time- for example, when they produce good results, they must be rewarded (Aquino Jr, 2020). This theory is based on two factors that distinguish between psychological and physical aspects to explain what motivates staff and those that demotivates them.
McGregor’s X and Y Theories
In 1960, this theory was modelled to group staff basing on two sets of assumption, with the x assumption basing on all the opposing perspectives of the staff members. People tend to inherit negative energies from doing work they dislike and avoid doing it as much as possible. This makes the management force them to do work they do not like, and they will do this to achieve the results regardless of if the existing people like it or not (Keller-Privat, 2017, p. 462). However, with Y, assumptions will choose the opposite perspective of physical and mental strength investment (Keller-Privat, 2017, p.123).
By eliminating dissatisfaction, staff can achieve more significant goals through hard work and commitment. Management must identify sources of negative energies in the staff members and fix them before they get out of hand. Allowing toxic members to influence those with ambitious mindset can be demotivating. They must appoint good team leaders that will guide and motivate the rest of the team. Additionally, HR should identify good traits while employing staff members, and they should give them a positive environment to thrive.
McClelland’s Need Achievement Theory
According to this theory, people are driven by the desire to succeed by seeking their achievements. Everyone wants to be successful in everything they are doing, and they will make an extra effort to make this a reality. High achiever will always set lofty goals to beat as a way of fulfilling their determination. Personal growth helps people do better in everything they are doing and become better in life. Without setting goals, they might fail to meet the set KIPs that determine the company’s success (Al-Akeel and Jahangir, 2020, p.22).
Management that adopts this theory will create more opportunities for personal growth among the sales team. Teaching and training staff on various is a way of showing trust in them, and they will be motivated to work. Giving them suitable material and resource will make their work easy, and they will meet the expectations.
Percept Theory
The organization that adopts this theory will create more opportunities for personal growth among the sales team. Every company must protect its staff to help them feel secure and happy with their job. Recognizing the efforts made by the group will cause them to become better with time- for example, when they produce good results, they must be rewarded. The person value might differ in the organization, but they will do every KPI is meet. Both the management and staff must work hard to meet the requirement, and it is good to work together to establish this relationship (Grotjohann and Oberfeld, 2018, p. 123).
Job security is always one of the most motivating factors for all employees. Those who will secure jobs will secure the bank’s interest and work hard to meet the KPIs, while those with no job security will not meet the expectations due to fear of their future. The employees with poor package terms will spend the most time looking for a better job. The management must secure the future of their top staff as a way of motivating them.
Vroom’s Expectancy Theory
This theory suggests that the behaviour is a choice of products, which is available to be prioritized. According to Vroom, this idea is meant to bring satisfaction and reduce satisfaction in the sales team. Individual factors play a significant role in the overall output of the theory. There is a connection between motivation and performance of the staff, as those who are well motivated will do everything to succeed. A less motivated team will perform poorly, as they do not care about the set KPIs that are significant for its growth. Good behaviour and traits can be acquired by the system put in place by the management.
The administration needs to evaluate their staff member and identify struggling. After being identified, they should be trained well for their challenges that could be personal (Butenko, 2020, p. 12). It is essential to set up an independent guide and consoling system to help staff seek mental guidance. Failure to do this will enhance poor performance and depression in some of the staff members.
Lawler Model
This is one of the most used theories of motivation that has many aspects of the growth and development of the staff members. Under this model, the relationship between attitude and performance is established to meet the demands. Attitude towards a jib is a significant aspect of salesperson performance. This model assumes human behaviour as variable, and people will behave based on the set conditions. The external and internal factors around the workplace will determine how effective the sales team will perform.
An attitude of a person is acquired from the environment they are working in and those surrounding them. The perspective will breed into behaviour that might be good or bad. An environment where everyone is hardworking and motivated will influence the well-being of the poor performers. The management must put in place training and mentorship sessions to promote positivity in the team.
Talent Management to Boost Productivity and Morale
With the desire to be successful in a competitive environment, businesses need to have a workforce that can execute the human capital strategy to maximize output efficiently. Incompetent staff will feel demotivated to perform the team that has been assigned to them. HR should ensure they employ the right staff who will love the work they are doing. This can be achieved by investing in employees’ development and enrolling top talents within a career field, rewarding, and having a performance management task to continue being productive.
Bad package terms are another issue that is making many staff unhappy. The management needs to improve on the terms for the employees. They want more extended warranties to help them develop their lives. Furthermore, the administration must listen to the complaints of the whole staff (Joo, 2018, p. 123). Employees whose voice isn’t heard tend to find ways to have their views addressed. It promotes negative energy within the organization that can be spread to other sales team members. It is important to ensure the packages are set to the right scale and are revised accordingly. It is important to involve the sales team in the package negation to ensure everyone has not been left out or they are unsatisfied.
In the recent past, most employers of Barclays Investment bank have given a significant emphasis on the aspect of talent management because of various reasons. The most important reason is the attraction of top talent. This is based on the fact that having strategic talent management provides organizations with an opportunity to attract the most skilled and talented employees available. This has been established to be enhancing the creation of an employer brand that consequently translates to the attraction of potential talents solving to the contribution of business performance improvement in an organization.
Employee motivation has also been enhanced through the availability of strategic management in organizations based on the fact that it assists them in strengthening motivation with subject to the employees improving the more reasons with regards to these employees staying in these particular organizations and playing their roles. For example, managers go to the field to feel the experience of their team is motivating for all the juniors. Through this approach, they will be able to know the challenges their juniors face and fix them.
The concept of talent management has enhanced the continuous coverage with subject to critical roles based on the fact that it equips organizations with the tasks mandating essential skills for planning and addressing the most significant and highly skilled tasks with subject to its employees. This entails that the company would have a continuous flow with issue to employees filling the critical roles to enhance organizations’ smooth running. Among other reasons include increased employee performance, retaining top talent, improving business performance, and higher client satisfaction.
Factors that Motivate Staff Members
Payment Packages Available
Payment packages that have been set aside by the management is a key motivating factor for sales teams. A salesperson earns based on the number of units they have sold. Setting the right price will make them thrive on selling more, while low prices will discourage them from seeking other companies. It is important to set prices basing on category and grouping to allow the team to choose the right package. It is the management must pay the sales team fairly to help them meet their basic needs. It is essential to set and modest scale to pay all the staff members. For example, if one sale to packages, he should be paid 100 dollars; those that sell 20 should get 200 until the golden package is met. This move will make the team strive to reach the golden package level.
Good management
Leadership is critical for the success of any team, as bad leadership might demotivate the team. Even with good payment packages, if the management is bad, salespersons will feel demotivated by how they are treated. Managers should inevitably focus on teams and individual motivation because the effect of insufficient stimulation leads to huge repercussions such as poor communication, diminished productivity, increased turnover, and eventually creates a very toxic and hostile cultural environment in a workplace.
Management must identify sources of negative energies in the staff members and fix them before they get out of hand. Allowing toxic members to influence those with ambitious mindset can be demotivating. They must appoint good team leaders that will guide and motivate the rest of the team (Polyzos et al., 2018). For instance, an abusive manager will lower the self-esteem of his team, and many will quit the job.
Culture of Recognition
A good number of companies fail to motivate their staffs by recognizing their efforts and success. In many cases, the management takes up the credit for the success and even share bonus among themselves. Leaving out the sales team makes them feel unworthy and of less significance to the company. A good manager should recognize and dedicate the award to the sales team that played an essential role in selling the company profile. By doing so, they will feel approached and will aspire to achieve tremendous success. Everyone loves being recognized for their work, as it will help them seek more significant goals.
Awarding and recognizing top performers will motivate the strugglers to attain more meaningful pursuits. This will boost the morale of the whole team, who will want to aspire to be better. Some companies will displace the names and messages from the top performers as a way of appreciating their good work. This will boost the team’s morale who need to find ways to be the best in the region (Edwards, 2017, p. 177). Most management does not share much credit with the juniors when the company makes a significant milestone.
The Work Environment
Workplaces are places where we spend a lot of time, and they must be good for everyone. It is important to establish a good work environment for everyone despite their diversities. Companies should set rule and regulation that will promote a good work environment. Employees who make the lives of other unfavourable should be warned from doing this and punished if they persist. A toxic work environment is a significant demotivation factor among many salespersons. Everyone at the company needs to behave and act ethically. This will not put other people in a compromising situation. It is essential to give every person a chance to work for the company despite the diversity.
Training and Skill Development
Many companies launch new products that required a lot of training and reading to comprehend. Offering these services to the sales team will give them the right skills. It is vital to train all the team member on all the products that the company is selling to equip them with the right skills. It will be motivated to do work they have enough knowledge and understanding. Many salespersons might misinform the client on the product if they are not educated. Therefore, they must be given everything they need to meet the company’s targets.
Enough Resource for Work
Everyone works to meet their interests, especially making money for themselves. Lack of resource can be frustrating and demotivating for the staff. Many will use the limited resource as an excuse not to meet the set targets. It is critical for the management to consider while allocating the budget. The team must be given resource that will make their work easy. For instance, enough PDM should be given to the team travelling out of town to cater for their needs. With enough resource, the team will feel appreciated, and they will deliver all the KPIs.
Research Methodology
The information and data obtained for the literature review were originated from various library databases and internet websites. The majority of the literature articles were peer-reviewed articles for the databases related to banking in Singapore. In contrast, others derived from the library and google scholar as published academic Journals. Definition of words originates from the library. The sources used in this research are trusted sources and will be used to assess sales managers’ various ways to motivate the staff to the required KPIs. The bank’s success relies heavily on the systems put in place to achieve this.
Research Design
The research type or methodology, in this case, was Qualitative methodology as well as an integrated case study design in the chapter. For instance, using qualitative methodology, data from different sources can be used as subject materials for analysis and alluding to accurate details. This data methodology or Research technique is typically based on the experience and observations of humans. Nevertheless, the Qualitative research technique is based on open-ended processes. The case study design is usually employed to gather information regarding a small group of people or individuals. It limits many people or examination fields and compresses it into one accurately researchable theme.
Qualitative vs Quantitative Research
Quantitative research bases on the number of graphs and statistics to develop a hypothesis. It bases on the collected data to certify a view and make a recommendation. With this research method, one can establish the general facts on the topic and develop an analysis that will be accurate. This method uses experiment, observation and other detailed surveys to create an appropriate investigation. The quantitative analysis develops high trust in the clients who believe in the figures.
In this research, figures and fact from previous assessments in Singapore will be used to achieve the objectives. For instance, statistics on the level of customer satisfaction can be obtained through stats analysis and research. Using various sources will help develop the right approach in establishing how many salespersons are treated well at work and those that are not treated at work (Ismail, 2020).
With the analyzed information, the Barclays Investment Bank of Singapore can use statists to develop the right measures to improve their strategies to promote motivation in their company. With this analysis, management can adopt appropriate strategies to boost their morale. Furthermore, this analysis will identify the common ways managers go wrong in handling their juniors. A good manager must motivate his staff and ensure they have favourable conditions to work effectively. Many fail to set the suitable KPI, which in turn puts excess pressure on the salesperson.
On the other hand, the qualitative method is expressed verbally in a suitable language. It is adopted to comprehend concepts, experience and thought of the subjects. For a long time, using this approach has improved the use of the data assessment. Many do not believe in the outcome of this method as it can be regarded as biased. Under this research, there is an in-depth view of the tops that are not well comprehended. This helps the researchers write an analysis of what took place in their own words for education benefits. Having worked as a relations manager, it is vital to use this research to set the right man-management strategies to boost staff members’ well-being.
This research will use observations, open-ended questions, literature reviews and exploration of various theories. The researcher has worked as a relationship manager in one of the top banks. With this experience, the information written in this paper will establish why many sales marketing teams are not well motivated to work for the bank. However, it is essential to avoid being biased in giving the information. This method is less used due to being bias as the interviewee tell accounts that benefit them.
Research Design: Case Study Design
For instance, in this case, the researcher was supposed to seek permission from Barclay’s investment Bank and attend the marketing day showcase using the case study technique. The researchers were to issue all males walking into the bank during that time with flyers to invite them to participate in this research report. The researcher of this topic has experience of being a banker and standpoint as a consultant to analyze the set of motivational tools and techniques that can be implemented to increase sales production of Barclays Bank consumer banking segment. It will take roughly two weeks to get consent from compliance and higher management to agree on researching an ethical way that only allows disclosing specific information that is compliant with the Monetary Authority of Singapore (MAS) and banking act (Decker, 2017, p. 2).
They were to ask all interested respondents for some short-timed interviews. They used a purposeful sampling method to select 30 salespersons who manage to meet the report’s criteria. They were to separate unnecessary answers from interviews after gathering all raw data from the discussion and finally use open coding to analyze it.
Population and Sample Size
The population was to be accounted on all those male individuals who visit Barclays Bank branches in Singapore, using a sample approach of male population ageing between 21 – 30 years and conduct purposeful sampling. This will help to determine which group is best suited for the marketing and the mistakes they make while marketing.
Instrumentation and Questions
Unit of variables or measurement included how frequently participants approach clients per day. They were supposed to present family medical history, present health condition, age assessment tools, semi-structured interviews, data analysis procedures, and open coding (Ismail, 2020, p.123). The questions suggested to be asked during the discussion were as follows.
The Interview questions that were asked included.
- What is the biggest motivation that drives you at work? How do they impact your performance? How do you think you can improve on self-motivation?
- How does your company reward your performance? Do you like the reward? How would you like the company to improve on the reward system?
- Do you frequently engage with the management? How do you usually engage? Do you like such engagement? How would you like the company/ management to improve in this aspect?
- How does your company empower you? How do you think the company can improve in this aspect?
- How does your company enrich you? Do you think they met your expectation? What else can they do to meet your expectation?
- How do you find the company culture? How do you think the management can improve on the culture?
- How are your teammates? What and how do you think your teammates can improve?
- Any other comments?
Role of a Researcher
- A good researcher is supposed to seek permission from the bank branches to safeguard and protect the freedoms and rights of human participants.
- The researchers must ensure that the research has been conducted at the exact time as per schedule.
- The investigator should encompass all his or her past observations and experiences with the participants or study, which can help the audience or reader comprehend the connection between the research and the researcher.
- The researcher is responsible for suggesting and commenting about ethical concerns and issues that may arise and illustrate ways of addressing such matters during the study.
Data Collection
The data collection tool used for this study is a semi-structured interview, Open-ended, and the duration of each interview is 30 minutes.
Data Analysis
The first step in data analysis is to eliminate the responses that aren’t relevant. An open-coding methodology analyzes the data. Information is labelled into categories and relationship is developed.
Data Collection Methods
This research will use data from the web and company database. The information used will be within the last five years to improve the credibility.
Combination Research
This method combines both qualitative and quantitative methods of data research. The researcher gains a comprehensive and breadth understanding of the topic. Qualitative research helps explore the views, experiences, beliefs, and motivations of individual participants. In this case, it’s evident the soldiers in various units lacked discipline and motivation at large. Their attitude is questionable as they don’t deliver skills as expected.
Reliability and Triangulation
Peer debriefing will be done to enhance the accuracy of the study. An external auditor with no relation with the researcher is used to review the entire research. Member checking can be done to determine the accuracy of the research study.
Ethical Consideration
These interviews with be conducted with ultimate professionalism and transparency. It is vital to keep all the data collected confidential. Any other person will not conceal those who participated in the research data. It is essential to use unknown names and signs to represent them.
Findings and Analysis
Findings from the Questionnaires
The following table shows the response of the key motivating factors in various enterprises like the banking sector in Singapore. Independency and free time topped the list with 264 and 251, while education and personal growth were last. It is evident sale team love the aspect of self-independence while working (Zámečník, 2016, p. 856). Self-independence bases on the type of management in place as strict management will prohibit people from making certain decisions.
The Biggest Motivation to Work
Salary
A good portion responded that a good salary and incentives are their primary motivation to go to work. They believe getting more deals and clients will help them get more money to live a good life. The unmarried salesperson suggested that getting extra money will help them do fun activities while those married wanted to secure the future of their families.
Good Workmates
A good portion of the respondents believed being around their workmate makes them happy. Through working, they can find the best fulfilment and joy as they partake in their activities. This motivation is promoted by management employing the right employees who promote a positive work environment for all the staff.
Opportunity to Travel and Meet New People
Those companies that give their staff members a chance to travel to other cities are regarded as reasonable by respondents. Many people love going to new places and experiencing diversity in the world. Management should allow people to travel and interact with other people. Proving the team with much-needed resources is motivating.
Awards after Meeting Set Goals
Many companies pay salespersons basing on interest, and those with most will get more money. Many salespersons feel they get motivated when they meet the set goals and get awarded. They will work extra hard to complete this, and in turn, they will get money or other incentives.
Culture of Recognition
It is important to recognize people when they do something good, which will boost their confidence in what they are doing. Some companies do not identify hard work from the team, which contributes to poor performance.
Company Culture
This aspect plays a vital role in the level of job satisfaction of most salesperson. According to the study, many salespeople do not love wearing branded clothes that they are made to wear. Many suggested that those close do not look good to wear. Those that look good are loved without fuss, and they feel it is promoting their looks. Companies need to invest in a suitable outfit for marketers as a way of promoting this culture. Everyone loves looking good, and giving these staff the right business is a way of motivating them.
The Management
Without a doubt, management plays a crucial role in how well the staff is treated. Good management is a motivation for all juniors who need guidance. Most respondents felt their managers do not care about their well-being but only the result. Some of them are biased and harsh towards some members of the team. With good management, the team can approach them without fear of losing their job. Human being feels happy and motivated when they are taken care of by the management.
Training and Skills Development
It takes a lot of effort to become an expert, and they need a lot of training and guidance. Having the right skills and knowledge about Barclays bank products will help the team to achieve its objectives. Employees who are not well trained will fail to meet the expectations, which will result in demotivation and frustrations. The management educates the team on various products to improve their efficiency.
According to Mercer Singapore, Singapore has the least engagement in the Asian nation. Most sales and marketing companies are least engaging. According to statistics, 80% are proud of their company, 79% are motivated to do extra to set KPIs, 73% are satisfied with the company, 67% would recommend the company to their peers, and 67% would stay if offered the same benefits and pay elsewhere (Singapore Engagement Index Report, p. 4). Figure 1 shows the comparison of the performance of Singapore companies compared to other nations. This is a poor performance from these companies, and they must evaluate their strategies to promote staff motivation. Barclays bank must train and engage its staff to help them perform their activities well.
Discussion of the findings
In Singapore, compensation schemes vary across different industries depending on the components and the executive’s nature. The standard executive compensation components include non-cash compensation benefits earned annually such as paid holidays, bonuses for reaching a goal, the base pay, which is a regular wage that makes up most of an executive’s annual compensation package. Prerequisites and long-term incentives are among the components.
The nature of the job is one of the critical causes of low morale among the members of the sales. There is no doubt that not all posts are the same, with some more demanding than others. Employees working in the most selective departments are more prone to lack of morale as they feel they do not have a life beyond their work. The pressure associated with the piece makes some feel the weight of the job they are doing.
They are forced to work extra hours to finish up some assignments. This issue can be sorted by increasing the number of the workforce in these crucial departments. The HR should ensure an off day and overtime allowance for those who work extra hours. Everyone works hard to get paid for their services without being underpaid. Many companies in Singapore are underpaying staff, a factor that is enhancing poor performance. It is essential to set a suitable payment scheme to pay the team well.
Bad package terms are another issue that is making many staff unhappy. The pages are concise, making employees feel insecure and spending a lot of time looking for a better job. These terms cannot allow them to take a financial loan that might help them develop. The mode of the agreement termination is given many employees’ considerably sleepless nights. Everyone wants to work at a workplace where they feel secure. The management needs to improve on the terms for the sales team. They want a longer agreement to help them develop their lives (McCunn, 2016, p. 124). Furthermore, the management must listen to the complaints of the whole staff. Employees whose voice isn’t heard tend to find ways to have their views addressed. It promotes negative energy within the organization that can be spread to other sales team members.
Unfavourable organizational practices are demotivating many employees within the company. The system regarding the employees is not as good as those that work hard never get awarded for their hard work. The company politics are making it hard for some employees to promote their status in the workplace. This level of corruption makes many feel they are unwanted, and their work will never be rewarded. The immediate bosses are making it hard for their juniors to develop within the organization (Fadhilah, 2020). Every employee wants to develop while working; failure to have this makes them feel demotivated.
Recommendations to the Management
In a certain study done over three months in 2011 in 10 nations, in Singapore, 177 salespersons were assessed. These participants had different levels of organizations of the different companies ranging from Banking, engineering and telecommunication. In this survey, nearly 59% of the staff in Singapore regarded themselves as well-motivated at work as compared to the 55% of the regional. 97% were motivated when the supervisors or managers shared data with them, with 14% less motivated (Grewal, 2018, para. 5). This must improve to boost the performance of the teams, as it will improve productivity.
Fair Payment
The management must pay the sales team fairly to help them meet their basic needs. It is essential to set and modest scale to pay all the staff members (McCunn, 2016, p.123). Those packages should be given reviewed often to give them better terms as a way of motivating them.
Good Management
Managers should inevitably focus on teams and individual motivation because the effect of insufficient stimulation leads to huge repercussions such as poor communication, diminished productivity, increased turnover, and eventually creates a very toxic and hostile cultural environment in a workplace. Management must identify sources of negative energies in the staff members and fix them before they get out of hand. Allowing toxic members to influence those with ambitious mindset can be demotivating. They must appoint good team leaders that will guide and motivate the rest of the team. HR should identify good traits while employing staff members, and they should give them a positive environment to thrive.
Culture of Recognition
Everyone loves being recognized for their work, as it will help them seek more significant goals. Awarding and recognizing top performers will motivate the strugglers to attain more meaningful pursuits. This will boost the morale of the whole team, who will want to aspire to be better. Some companies will displace the names and messages from the top performers as a way of appreciating their good work. This will boost the team’s morale, who need to find ways to be the best in the region. Most management does not share much credit with the juniors when the company makes a significant milestone. A good manager should recognize and dedicate the award to the sales team that played an essential role in selling the company profile. By doing so, they will feel approached and will aspire to achieve tremendous success.
A positive Work Environment
According to this research, a toxic work environment is a significant demotivation factor among many salespersons. Everyone at the company needs to behave and act ethically. This will not put other people in a compromising situation. It is essential to give every person a chance to work for the company despite the diversity. Opens discrimination should be stopped, and those doing it should be punished.
Training and Skill Development
It is vital to train all the team member on all the products that the company is selling to equip them with the right skills. It will be motivated to do work they have enough knowledge and understanding. Many salespersons might misinform the client on the product if they are not educated. Therefore, they must be given everything they need to meet the company’s targets.
Enough Resource for Work
This is a critical part that the management must consider while allocating the budget. The team must be given resource that will make their work easy. For instance, enough PDM should be given to the team travelling out of town to cater for their needs. With enough resource, the team will feel appreciated, and they will deliver all the KPIs.
Conclusion
Conclusively, the sale team is important for any company’s growth and must be taken with seriousness. It is important to keep this team motivated to meet high goals for the company. Through proper culture and packages, the team will be able to feel appreciated by the whole organization will do everything that works at their level best. Most companies in Singapore are not meeting the requirement needed to meet the motivational needs of all their staff. It is important to establish the right relationship with the staff to meet this crucial requirement.
A good company should give all its staff members a chance to learn through training and skill development. This will help them feel appreciated. Lack of motivation will make the bank lose its best sales. Loss of staff can give thee competitors an upper hand, a move that must be avoided. Managers need to be close to their teams and address all the issue that affects their well-being. Implementing the findings of this research will help Barclays bank to meet their KPIs and have a motivated satisfied workforce.
My Reflection
My experience as a relationship manager at Barclays Bank made me feel concerned for the well-being of the sales team. Despite their hard work, the packages in place are bad, a reason many staff members quit after a short time. I had a conversation with much junior staff who feel the company culture is oppressive and favouring the older staff. I understand their concern; at the start of their cheer, they need a good platform to develop. Managers should play up their game in safeguarding the interests often their teams. It is selfish to take all the credit and pocket all the bonuses without considering the team that worked for you. Everyone loves being recognized for their work, as it will help them seek more significant goals.
Awarding and recognizing top performers will motivate the strugglers to attain more meaningful pursuits. Job security is always one of the most motivating factors for all employees. Those who will secure jobs will secure the bank’s interest and work hard to meet the KPIs, while those with no job security will not meet the expectations due to fear of their future. This will boost the morale of the whole team, who will want to aspire to be better. I hope the management implement these recommendations to better the lives of the sales team.
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