Final answer:
The term describing the degree to which employees influence their work organization and execution is 'empowerment'. It's a modern approach contrasting the traditional hierarchical system, aligning with Theory Y where employees are encouraged to be part of the decision-making process.
Step-by-step explanation:
The degree to which employees influence how their work is organized and carried out is called empowerment. Empowerment allows for a more participative environment within the workplace, where employees have a say in decisions that affect their work and are encouraged to take initiative and make decisions. This concept is in line with Theory Y management, which assumes employees are naturally motivated and thrive in environments where they have more control and input. It contrasts with traditional hierarchical relationships in the workspace and signifies a trend towards cooperative and inclusive management practices. Additionally, it has been noted that managerial support and the way managers leverage their power can significantly influence employee satisfaction and growth. Therefore, employee engagement, participative employment, employee-management co-determination, and employee involvement are closely related concepts that support a work environment in which workers feel valued and part of the decision-making process.