Abstracts » Travel industry

The Pareto principle

Article Abstract:

Nineteenth century economist Vilfredo Pareta developed the 80/20 principle after realising that 20% of people owned most of the wealth while the remaining 80% lived in poverty, with the subsequent 80/20 Rule stating that 80% of results are achieved by 20% of the known variables. Managers can use the rule to analyse cause and effect, such as identifying that a minority of employees account for most absenteeism which may be adversely affecting team efficacy. Key factors must be identified and assessed in order of importance and urgency and the results acted upon accordingly. The 80/20 Rule is discussed.

Methods, Management, Beliefs, opinions and attitudes, Pareto, Vilfredo

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Good salary

Article Abstract:

Good wages no longer motivate employees once essential monetary needs have been satisfied. Employee surveys in 1946, 1981 and 1986 ranked good wages fifth in a hierarchy of 10 motivating factors. However, supervisors were incorrect in ranking good wages first as a motivating force for employees. Management challenges are to identify other changing factors such as interesting work and appreciation of effort which might be influential.

Psychological aspects, Wages, Wages and salaries

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Job security

Article Abstract:

UK professionals have rated job security low as an employment motivation factor. Howver, recession has threatened perceptions of security. Some managers have used fears of unemployment to achieve more with fewer resources. The organisation will suffer from such expediencies. Organisation loyalty will diminish with the consequent loss of staff in recovery.

Analysis, Job security

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