Final answer:
Contrary to Expectancy theory, which focuses on the link between effort and reward, the 3rd thing managers need to do according to certain management theories is to encourage individual sacrifices for the greater good. This is embodied by Theory Y management, which also emphasizes intrinsic motivation and employee empowerment.
Step-by-step explanation:
Within the context of Expectancy theory and contrasting management styles, such as Theory X and Theory Y, managers need to adopt different approaches when it comes to motivating their employees. Specifically, dubbed the third thing managers need to do, stands in sharp contrast to the principles of Expectancy theory. The 3rd point focuses on the manager's inclination to make individual sacrifices for the greater good, even if these sacrifices are not mandated. This is a significant departure from the ideas underpinning Expectancy theory, which emphasizes the direct correlation between efforts, performance, and rewards.
According to Expectancy theory, motivation is fostered by an individual's belief that effort will lead to good performance and that good performance will result in desirable rewards. This means managers should ensure that employees perceive a direct link between their efforts and the rewards they receive. However, the contrast comes with the notion that in some theories like Theory Y, it is proposed that employees are also intrinsically motivated by factors such as responsibility, recognition, and the nature of the work itself, which can lead to individual sacrifices that benefit the entire organization.
Therefore, in contrast to Expectancy theory, a manager operating under Theory Y would encourage team members to contribute to decisions and work processes, empower them to solve problems independently, and motivate them to pursue initiatives that align with the organization's goals while recognizing their contributions as part of the overall success of the team.