¶ … pay good wages I a lot money; I a lot money I pay good wages." (Robert Bosch) Explain quote, means . Using concepts textbook, (Contemporary Management, 7th Ed. Gareth R. Jones & Jennifer M. George) apply explain managerial significance.
Contemporary Management
The quote that Robert Bosch said is "I don't pay good wages because I have a lot of money, I have a lot of money because I pay good wages." What he meant by this is that the salaries he paid his employees were not the result of his wealth, but his wealth was the result of paying good salaries to his employees. In other words, he valued and acknowledged his employees' work.
The success of Robert Bosch and his businesses are relied on his management skills. This refers to innovation, but also to people management skills. Most of Robert Bosch's businesses were innovations, technological advancements. But there are also other ingredients that significantly contributed to his success. Bosch knew how to manage...
In addition to this, Bosh understood that employee satisfaction is very important in his companies' success. Bosch did not want companies to function, he wanted his companies to become leaders for generations in the industries they addressed. In order to reach this objective, Bosch knew he needed his employees' loyalty. This loyalty must be cultivated through long periods of organizational development focused on the improved of his employees' skills, and abilities, but also on their motivation.
Robert Bosch understood that in order for his businesses to be successful, his employees had to be successful, and to consider themselves successful at their jobs. These employees consider themselves successful at their jobs if they feel their job is valued. There are several strategies used in human resources management intended to reveal appreciation towards employees, and to increase their motivation. Some of these…
