2. There are many alternatives. Explain each of the folU and lag adjustments to

Question

2. There are many alternatives. Explain each of the folU and lag adjustments to the structure:4) Placement ol evaluation system Equity theory provides an important mechanism for epaing the in about equity theony systems,Answer the ollowing questions about equity hor, Dloihe Adams version of Equity theory 12) Defne Sexplain the resuits utcomes f h inecti variables. (3) Describe Elliot Jaques's alterations to the theory hinks that your frm might be a monopsonist in the labor market but is unsure i the etitor in the product market or it you are a monopolist eplain the frm h of these two situations pnsider when considering sunveys 1- he survey or in the analyss mation do we need

Explanation / Answer

Equity Theory :-

J. Stacy Adams, a psychologist, in his theory mentioned the fair balance between employee's input and output in a workplace i.e. he compared the balance between input, an employee gives to the organization such as hardwork, effort to improve the quality of work and in return what output (rewards, wages, promotion, appreciation) he gets from the organization.

Variables of Adam's version of equity theory :-

There are mainly three key variables -

Under these variables there are many sub variables such as -

Outcome of the interactions of the variables :-

Adam's outcome in this theory is that if employees gets equity in their input and output then they will feel motivated to work for more. If employees gets wages and rewards what they actually deserve then they will automaatically feel motivated to give quality of work and also retain in the company. If gets less paid, they will feel demotivated.

If the variables interact, suppose,

As companies donot want any conflicts in the work environment, so mostly they avoid these types of situations. It is said that as Adam's theory is more of a social truth based theory so in the case of motivating employees Frederick Herzberg's two factor theory can work better.

Elliot Jaques's alteration of theory :-

His main component in his theory is the time zone. He stated that every employee has his own time zone in a company. The employees must be paid according to that. Employees wo work hard to reach a goal in a particular time horizone must be paid according to that. The pay should be longer if that worker had given longer time. He also stated that low pay workers who works according to hourly pay, daily pay, weekly pay they soluld be considered as it is and on the other hand, employees who gets their monthly salary should be considered as yearly payment. His main intension is to give the employees fair payment.

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