Y Ltd. Is a bank functioning in India. It is planning to diversity into insurance business. Lately, the government of India has allowed the private sector to gain entry in the insurance business. Previously, it was the prerogative of LIC and GIC to do insurance business. But not with liberalisation of the company and to make the field competitive other companies have been given licence to start insurance business under the regulation of 'Insurance Regulatory and Development Authority'.
Y Ltd. plans to recruit high quality employees and agents and exercise effective direction to capture a substantial part of life and non-life insurance business.
a) Identify how the company can supervise its employees and agents effectively.
b) What financial and non-financial incentive can the company use for employees and agents separately to motivate them?
c) How can the company ensure that higher order needs i.e., esteem and self actualisation as specified by Maslow are met?
d) How can informal communication help to supplement formal communication?

Explanation

The higher order needs can be satisfied through :
(i) Career advancement opportunities.
(ii) Assignment of challenging job.
(iii) Employee empowerment.
(iv) Participation in management decisions.