Premium Essay

Employee Rewards and Development

In:

Submitted By chocolatechine
Words 2018
Pages 9
Human Resource Management is defined by Boxall et al (2007) as the management of people and work towards desired outcome. The activities involved should be designed in such a way as to ensure effective and efficient use of human talent to accomplish organisational goals. Boselie et al (2005) also places emphasis on gaining ‘added value’ through the strategic development of its resources preferably its staff. To achieve this, “Poacher” and “Gamekeeper” methods would be utilised.

“Poacher” can be defined as offering an individual a job who is already employed or to entice them to quit their employment. It is considered as ‘buying talent’ rather than the organisation training to develop its existing staff. Many organisations such as Investment banks poach experienced and competent persons from reputable organisation, where junior professionals are promised higher remuneration and the opportunity to pursue their MBA in business administration. Poaching is achieved by offering a competitive pay package to an individual who may not get this offering from current employer.

Organisations who poach attempts to get the individual they desire, so they set high standards in terms of better contract and as such weakens the competitive strength of opponents. An article in the Electronic Recruiters Exchange by Dr. John Sullivan suggested that poaching proactively targets employing uppermost talent from top organisation. It allows the organisation to acquire persons who possess skills and competencies faster than organising training to develop self-skills. This method tends to decrease the ability of competitors achieving its strategic objectives and it alleviates high-level losses due to attrition. Poaching creates upward mobility, better work life balance and an opportunity for furthering education to persons. Individuals may embrace this method because there is

Similar Documents

Premium Essay

Human Resources

...National Human Resource Standard Competencies Framework & Body of Knowledge PEMBANGUNAN SUMBER MANUSIA BERHAD 2014 0 TABLE OF CONTENTS TABLE OF CONTENTS ....................................................................................................................... 1 THE STANDARDS ~ AT A GLANCE ................................................................................................... 2 THE FIVE DIMENSIONS ..................................................................................................................... 3 THE THREE LEVELS OF HR PROFESSIONALS ............................................................................... 4 HR COMPETENCIES .......................................................................................................................... 6 HR CORE COMPETENCIES ............................................................................................................... 7 HR FUNCTIONAL COMPETENCIES .................................................................................................. 8 HR COMPETENCIES FRAMEWORK.................................................................................................. 9 HR COMPETENCY LEVELS ACCORDING TO DIMENSIONS......................................................... 10 HR BODY OF KNOWLEDGE............................................................................................................. 19 CONCLUSION .....................................

Words: 5703 - Pages: 23

Premium Essay

Cipd

...Tutor Marked Assessment- Submission document 3PRM Supporting Good Practice in Performance and Reward Management |Your Name |Karolina Mehmeti | |HLC Student Number | | |Cohort/Group |November 2014 | |Your Tutor |Lisa Stevens | |Date of Submission |01/11/2015 | |Number of words used in this TMA (discount references and tables, charts and graphs) | | Save this document as Full name, Unit, Cohort, Assessment For example AngelaSample_3PRM_Jan15_Assessment It will be returned as AngelaSample_3PRM_Jan15_Assessment_Feedback CIPD Assessment Activity |Title of unit/s |Supporting Good Practice in Performance and Reward Management | |Unit No/s |3PRM ...

Words: 3300 - Pages: 14

Premium Essay

Total Reward - Benefits

...for companies to survive, stay competitive, attract high qualified workers and have low rate of employee turnover, they need to have attractive offer in place. Offer also referred to as total rewards is monetary and nonmonetary rewards provided by companies to attract, motivate, and retain employees (Mathis and Jackson p360, 2011); they include compensation, benefits, work-life, performance and recognition, and development of career opportunities. Wages given to employee for time of work or services provided to the company; indirect supplemental rewards given to employer and his or her family; practices instituted by a company aimed at balancing or maintaining good life at work and at home are description of total reward program in part; others are evaluation of performance of employee towards success of company’s goal; acknowledgement of employee effort by the employer and strategies to enhance employee skill as well as to advance employee career goal. Perkins (2011) sees total reward approach as less of designing a pay and benefits package and more about thinking through a dynamic exchange process in which both managers and employees are directly enjoined. In short, it is a social as well as economic interaction. Some organizations have made this a priority and as a result have experienced better performance of employees and subsequent growth of the company. Total Rewards No organization can survive without employing qualified individuals for the right positions except...

Words: 1533 - Pages: 7

Free Essay

Riordan Manufactoring

...gaps in Riordan Manufacturing’s process will be analyzed using a standard gap analysis approach with accompanied alternative solutions that have a long-term focus. An optimal solution will be identified along with an implementation plan with meaningful end-state goals that support the vision of the organization. Situation Analysis Issue and Opportunity Identification Riordan Manufacturing has developed various processes and procedures to manage the business. The organization maintains a heavy focus on research and development with a strong sales force to help distribute the various products. Manufacturing plants are situated in Pontiac, Michigan; Albany, Georgia; and Hangzhou, China with the corporate headquarters in San Jose, California. With rapid growth and expansion Riordan Manufacturing has begun to experience issues that will impact organizational goals and strategic plans. The key issues affecting the organization center on employee motivation, employee...

Words: 4698 - Pages: 19

Premium Essay

Mkt 421 Final

...The primary functions of Human Resource Management include Human Resource planning, which entails planning for the present and future supplies and demands of an organization. The staffing function is mostly concerned with the identification of prospective applicants for present and potential openings. Staffing entails recruitment and selection. Employee relation is another function, which is meant to address the employees’ grievances and problems. This involves labor relations and unionized organizations. Another function is Human Resource Development (HRD), which involves training and development, where employees are given the knowledge and skills to perform their works effectively. HRM ensures that members in the organization acquire the competencies or skills required to meet the present and future job demands. HRM is also concerned with compensation of its workers for their contribution towards the organizational objectives. Even though, non financial plays a crucial role in improving the morale of the personnel, the significance of monetary reward cannot be undermined. Another HRM function is maintenance, which refers to improving and sustaining the already established conditions. The main function of HRM is to ensure that an organization acquires competent and willing workforce and to utilize their abilities and talents effectively, in order to achieve its objectives, (Randhawa, 2007, 7). HRM aims at ensuring that an organization hires and retains the most skilled...

Words: 1402 - Pages: 6

Premium Essay

Human Resource Management

...opinions as an advice to follow best procedure Fitright would achieve and maintain a substantial competitive advantage to become a successful organization. About Human Resource Management (HRM) What is HRM? Human Resource Management (HRM) is an activity of the people who work in the organization. It can be performed by the management and link managers within the organization. It is different organizational functions to be used simple and easy way to employee management solution. The aim of the HRM is to develop the people in a competent way through work. What is Strategic Human Resource Management (SHRM)? Strategic Human Resource Management (SHRM) is an organizational functions joining the people about the HRM strategies to the organizational strategies more systematically and specifically with the organization. The SHRM activities help to interact between corporate strategy and SHRM activities. Therefore, SHRM included different HR functions like – plan, policies, practices recruitment, training, benefits, employee relations…etc. with organizational needs for the overall growth and profitability of the business house....

Words: 5192 - Pages: 21

Free Essay

Reward

...| | |BM 0210 | | | |Reward Management | |By Rebecca Ambler | BMO 0210 – CIPD Reward Management This assignment will critically evaluate reward philosophy, strategy and policy in Genix Healthcare Ltd. The Key economic, psychological and motivational theories that influence reward policies and practices will be identified as should the factors that influence employee satisfaction with our rewards and the reward system such as equity, fairness, consistency and transparency. Overview of Company Genix Healthcare is the UK’s fifth largest dental corporate company, founded in 2005 Genix was set up to address the shortage of NHS dentists in the UK by providing easy access to affordable dental care. In 2006, Genix Healthcare bought its first dental clinic in Garforth, Leeds. To support the local community Genix became the main sponsors of Garforth Town Football Club...

Words: 4537 - Pages: 19

Premium Essay

Riordan Problem Solution and Defense

...conclusion, the paper recommends the paramount alternatives to implement in order for Riordan Manufacturing to be the global industry leader in plastics production. Situation Analysis Issue and Opportunity Identification Several challenges Riordan Manufacturing must be overcome in order to accomplish the company's organizational goals. One challenge is overcoming employee job dissatisfaction, which declined as part of Riordan's restructuring process. Another challenge is increasing employee retention, which declined due to less than optimal working conditions and minimal personal opportunities to develop and advance. Finally, Riordan Manufacturing needs to overhaul the current flawed reward system into an effective rewards system that aligns the organization's strategy with compensation and incentive packages. Moreover is employee development and training. Riordan has done a small amount of promoting or developing their employees in past years and a key strategic advantage for organizations is to make available the means for employee growth and development. Hence, training and development not only helps to attract top performers but will also provide incentive for retention (Dreher & Dougherty, 2001). Therefore, in efforts for Riordan to realize and gain strategic advantage in the area of human capital, a superior human resource management system must be in place...

Words: 5754 - Pages: 24

Premium Essay

Gm591 Course Project

...delivery service ever. Domino's Pizza falls under the fast food industry, which has been characterized for high employee turnover. Domino's Pizza is no exception to the high employee turnover of this industry. Domino's Pizza has a trend of young and inexperienced employees that only stay with the company for a short while. With turnover rates high and new inexperienced employees filling job positions it seems that Domino's Pizza is in a vicious cycle of hiring and re-hiring. Employees do not see Domino's as a long term dream job, but a temporary job just to earn money. The costs of the hiring process is taking a continuous toll on this pizzeria company. In terms of my role with this company I have been asked to assume the role of a consultant. A manager has asked me for my expertise in handling the large employee turnover rate. In this industry the employee turnover rate can be as high as 200% to 300%. It can be quite a challenge to bring this rate down. However I am confident that with the right management strategies in place this employee turnover rate can decrease. It is all about getting the right people for the right job by shifting the focus on investing in the people of the organization. This new investment in the people of the organization is the right change in culture that management is looking for to decrease the unwanted and expensive employee...

Words: 3111 - Pages: 13

Premium Essay

Human Resource Management Case Study

...Human Resource Management (HRM) interventions targeted at developing, integrating and supporting the employees in an organization. These interventions operate on the premise that employee development and well-being can lead to increased organizational performance. There are three main HRM interventions: Performance Management, Developing Talent and Managing Workforce Diversity and Well-Being. 1. PERFORMANCE MANAGEMENT “Performance management involves goal setting, performance appraisal, and reward systems that align member work behavior with business strategy, employee involvement , and workplace technology” (Cummings &Worley, 2009). Research has shown that organizations with a fully functional performance management system outlive those...

Words: 2455 - Pages: 10

Premium Essay

Shrm

...Strategic Management of Human Resources Section A: (Take around 15 minutes to answer each question, 1 or max 1.5 pages for each question) 1. What do we mean by the terms ‘Best fit’ and ‘Best practice’ to describe SHRM (Strategic Human Resource Management). Which is better? Use any short case examples to illustrate your discussion? Answer: By Definition ‘SHRMis that approach of HRM that refers that how all the aims and the objectives of the organization can be achieved through the people of the organization itself. It is a very critical approach of HRM. These objectives are realized by the employees of the organization, where each employee is given some objectives to achieve. Through this the employee also showcases his performance and thus grows.’ Two approaches of SHRM are: 1) Best Fit 2) Best Practice Discussing both here below, Best Fit Approach: takes into consideration all the circumstances that the organization is facing and hence create a best fit of strategies to best solve the problems. These circumstances that the approach takes into account could be internal as well as external to the organization. The people working in the organization become the center to the approach and it is these people that help is sort out the circumstances. The strategies thus developed under this approach focuses on the needs of the organization and the people. This approach is said to be important and one of the best practices because it keeps into consideration the...

Words: 9120 - Pages: 37

Premium Essay

Cipd Map

...The CIPD Profession Map Our Professional Standards Contents Introduction 2 The CIPD Profession Map 4–7 The design principles and architecture of the Profession Map 4 Bands and transitions 6 Professional areas 8–46 Professional area definitions 9 1 Insights, strategy and solutions 10 2 Leading HR 14 3 Organisation design 17 4 Organisation development 20 5 Resourcing and talent planning 23 6 Learning and development 26 7 Performance and reward 30 8 Employee engagement 33 9 Employee relations 36 39 10 Service delivery and information Behaviours 42–51 The Profession Map behaviours 43 Curious 44 Decisive thinker 45 Skilled influencer 46 Personally credible 47 Collaborative 48 Driven to deliver 49 Courage to challenge 50 Role model 51 1    Profession Map – Our Professional Standards V2.4 Introduction The CIPD Profession Map sets out standards for HR professionals around the world: the activities, knowledge and behaviours needed for success. Use the standards in the CIPD Profession Map for you and your organisation to: • define great HR • diagnose areas of success and improvement • build HR capability • recognise achievement through professional qualifications and membership. By the profession, for the profession ...

Words: 30185 - Pages: 121

Premium Essay

Appraisal

...“Following the appraisal process individuals may be identified as being eligible for a performance related reward.” Most organisations use appraisal schemes in order to monitor employee performance. Performance appraisal is a formal system of measuring, evaluating, and influencing an employee’s job-related attributes, behaviours and outcomes. The objective is to determine how productive an employee is and/or to determine if an employee’s productivity can be improved. As such, performance appraisals serve an important purpose in managing people and meeting company goals. Performance management must play a key role to any successful business it involves an analysis of: * The role of competencies – a competency is an underlying characteristic of a person which enables them to deliver superior performance in a given job role or situation. * The role of goal setting. * The role of appraisals. * The role of rewards. Pfeffer believes that effective management of people can produce substantially enhanced economic performance. He believes there are 7 practices for successful organisations. * Employment security. * Selective hiring of new people. * Self-managed teams and decentralisation o decision making as the basic principles of organisational design. * Comparatively high compensation (pay and reward) dependent upon organisational performance. * Extensive training. * Reduced status distinctions – dress, language, office arrangement and wage...

Words: 2278 - Pages: 10

Premium Essay

People in Organization

...HR3010 Assignment 1: Literature Review What is the influence of 4 dimensions of Corporate Culture on Organizational Commitment on Organizational Commitment? Table of Content Introduction 3 Training and development 4 Teamwork 5 Employee/Organizational Communication 6 Emphasis on Reward 7 Corporate culture and organizational commitment 8 References 9 Introduction The employee attitude on organizational commitment has changed nowadays; they would no longer want to stay with a particular company for their whole working life. In the past, employees might be happy to remain in the organization where it could provide good job security. However, the competitive pressure from their competitors has made many organizations reluctant to focus on downsizing, restructuring therefore created less job security provided to employees. Many employees considered that their organization has broken the secure organizational bond and unhappiness might bring employees to tend to begin their new job search. With the idea of finding a new job, employees therefore might demotivate with their current job and underperform in the organization. It will become a huge issue for the organization to achieve their objectives as no organizations in fact, can survive in today’s competitive world unless their employees work effectively and are committed to the organization’s goals. Hence, organizations have no choice but have to consider maintaining their employees, especially...

Words: 3562 - Pages: 15

Premium Essay

Hrm Practices

...facultyjournal.com/ ISSN: 2231-0703 A STUDY ON EMPLOYEE SATISFACTION PERSPECTIVES IN THE HOTEL INDUSTRY IN MALAYSIA Anantha Raj A. Arokiasamy, Quest International University Perak (QIUP), Malaysia ABSTRACT Satisfaction is fulfillment of a need or desire and the pleasure obtained by such a fulfillment. Employee satisfaction is a good measure to evaluate personal attitude to the professional activity of an organization. Employee satisfaction is considered to be a critical success factor for organizations. The concept of employee satisfaction has gained a special concern from both academicians and practitioners. The purpose of this study is to examine the relationship between career development, compensation & rewards, job security and working environment with employee satisfaction in the hotel industry in Malaysia. A total of 127 employees’ responses were collected from four three star hotels in Ipoh, Perak. Data were collected over a period of two months using survey questionnaire and multiple regression analysis were used to examine the correlation between independent variables and dependent variable. Since, the sample of this study comprises only the Food & Beverage staffs, it is hoped that a future extended study would include the front and back hotel staff as well. The results indicate that there is a positive relationship between career development, compensation & rewards, job security and working environment and employee satisfaction. The findings would greatly assists...

Words: 5494 - Pages: 22