Introduction

Egg is the largest pure online bank in the world. It is well known for credit cards but offers other bank products. It was set up as people wanted more flexible banking. It has a reputation for creating new ideas. Egg knows that if its employees are keen and happy, they will provide a better service to customers, who will in turn be loyal to Egg and buy more.

Working better

Motivation is about getting people to work effectively because they want to. To help motivate its people Egg makes sure they:

• plan for themselves.
• work well with managers.
• enjoy their work.
• are rewarded for their efforts.
• feel they have the power to create change.

Egg refers to this as 'unleashing the power of people'.

There are many theories about what motivates workers. Egg uses McClelland's 'Three Social Motives'. These are:

• achievement - working hard to get the result you want.
• affiliation - enjoying working closely with other people.
• power - feeling or being seen as having influence.

Theory

The main theories are:

• FW Taylor's Scientific Management Theory - this suggests a 'carrot and stick' approach. Hard work gains rewards. There are penalties for those who don't work hard.
• Elton Mayo's Hawthorne Experiments - Mayo found that workers responded to having someone take an interest in them. They worked better given responsibility, being in teams and with good managers.
• AH Maslow's Hierarchy of Needs - workers need to reach certain levels of motivation in order. They start with survival and security, then reach social and status needs. At the top is self-fulfilment or 'ambition achieved'.
• Douglas McGregor's Theory X and Theory Y - McGregor's Theory X is that workers come to work to do the job, ask no questions and receive their pay. With Theory Y he believed that workers are keen and want responsibility. He believed employers should treat workers as Theory Y, as they would then work better.
• Frederick Herzberg's hygiene factors - some factors (like a clean place to work) did not motivate, but caused problems when they were missing.

Egg thinks it is really important that managers know their people. It knows that its people have needs too and tries to make sure that both these, and the needs of Egg, are met. What workers need is called 'I want'. Egg's needs are called 'Egg wants'.

'I want' is reached by workers discussing needs with managers. Egg tries to meet those wants to 'unleash the power of people'. 'Egg wants' are met by agreeing clear targets with its people. Each party - Egg and the worker - tries to help the other reach its aims.

Conclusion

If Egg can get what it wants, whilst making sure workers reach what they want, then both have achieved. This is like both reaching 10 out of 10.