...Geico total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning. The Facets of the Geico total rewards program that aligns with the five top advantages of a total rewards program that is outlined in chapter 2 of the textbook is time off and leave, Geico’s total rewards program’s package, associate assistance program (AAP), family and life benefits, and health and wellbeing program. Chapter 2 in the WorldatWork Handbook of Compensation, Benefits & Total Rewards has increased flexibility listed as one of the top five advantages of a total rewards approach. Geico’s time off and leave, and family and life programs are aligned with the increased flexibility approach in that they allow their employees paid vacation and holidays, sick and leave time, dependent care FSA, adoption assistance, long-term care insurance plan, and associate assistance program (AAP), which includes three phone and/or in-person counseling sessions at no cost. The family and life benefits include: work-life balance programs, "baby welcome" program; day care and elder care referrals, counseling for stress, anxiety and depression, and financial counseling, aid during crisis situations and legal consultation. Geico realizes that their employees need time off and programs to help make their work-life experience a little easier as in having a balance between the two (WorldatWork, 2007). Geico’s total rewards program...
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...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...
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...neglect the impact their actions or lack of action has on employee satisfaction. The consequences may be seen in products or services that are not up to standards and an increase in turnover and increase in cost for employers. Hence, finding the right balance between employee satisfaction and its enhancement of employee motivation and performance is imperative as it will have positive effects on several aspects of an organization, including lowering turnover rates and increasing productivity and profit. The use of rewards has been found over the years to be one of the management tools in the organization to increase job performance. Besides, it is common to offer employees attractive, lucrative and competitive remuneration packages. For example, an attractive reward packages has been a norm of any employment contract. These have a direct link or inter-related to improving employees’ job competency, retaining high achievers and finally achieving the organizational performances and goals (Mansor, Borhannudin and Mohd Yusuf 2012). Besides,...
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...INDICATORS 7 QUESTION 2 – HOW SHOULD THE SENIOR TEAM IN BBC BROADCASTING & PRESENTATION DEVELOP THEIR THINKING TO SUSTAIN THE MOMENTUM OF TOTAL QUALITY/BUSINESS EXCELLENCE? 8 Conclusion: 13 Bibliography 14 EXECUTIVE SUMMARY The document provided is based on the case study of “BBC Broadcasting & Presentation” and the associated questions pertaining to the paper and reflects an in-depth study of the organisation and integrated application related to “Organisational Quality and Performance Management (M3)” and would include comments or suggestions for / or within the context of the description of the case. It is summarised as follows: Broadcasting & Presentation is the department responsible for the promotion and on-air branding for all the BBC’s channels, which includes commercial channels and public service. Currently there are almost 600 staff employed and 25% of the department’s income derives from new business – launching of new commercial and public service channels. As a result a need arose to understand how the department was delivering the services it provided to its customers. From the case study it is evident that Total Quality Management (TQM) is the way of managing for the future, and is far wider in its application than just assuring product or service quality. It is a way of managing people and business processes to ensure complete customer satisfaction at every stage, internally and...
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...scorecard requires full top management support, for example through general meetings with the CEO of HR-director declaring the importance of the scorecard. Worldwide in big organizations this usually will be done in a quarterly or annual performance review. An IT-operating infrastructure is required for measuring, monitoring and evaluating the different aspects of HR and business measurement. The implementation of an information management system (MIS) will be the basis for such an infrastructure. The involvement of all relevant actors (line management, employees and HR staff) is important to make it work. Involvement includes participation in the design of the scorecard. A clear responsibility structure is necessary with regard to who is doing what, who is in charge of the different aspects of measuring and monitoring/evaluation. For example: line managers might be in charge of monitoring the performance of their staff. Priorities must be set and HR interventions determined (training, performance fees, career development). Build your own HRM scorecard step by step Step 1: Organizations business goals The goal of Spaans in Brazil is to deliver Super Service, eco friendly furniture with renewable natural materials against a good price/quality ratio to the customers. With a strong focus on attention for customers, Spaans wants to build long term relationships. That’s why the company is now focusing on one on one relationship, establishing a direct contact with clients...
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...Business Analysis Part II Megan Exantus MGT/521 September 28, 2011 Laurie Ryan Business Analysis Financial statements are made to show a company’s financial position, performance, and changes that will be made throughout the company that may deter any economic decisions. Financial statements should be understandable, relevant, reliable and comparable. Reported assets, liabilities, equity, income and expenses are directly related to an organization's financial position (Baird, 2007). We will now evaluate the financial health of Bank of America and how it looks compared to previous years and make a prediction on coming years. This should demonstrate the financial strength and weakness of the company. We will also compare Bank of America’s financial statements to JPMorgan & Chase and Wells Fargo to see how each bank compares relatively to the other financially. After review of each of the financial statements, much of which will be gained by looking at the pros and cons of each statement, such as what strategies are used from these statements in moving forward. Not only will we establish a broader range on how these banks really look financially, we will investigate their approaches on a technological level and how they differentiate from another and how they relate. Globalization has taken over a wide range of businesses nationwide, we will take a step closer into seeing how it has affected Bank...
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...Course Title: Human Resource Management Course ID: HRM 604 Program: EMBA Prepared for: Abu Saleh Md. Sohel-Uz-Zaman, Course Instructor, Department Business of Administration, United International University. Names of the Members with IDs |Name |ID | |S. M. Tahmidur Rahman |113122005 | |Md. Fokhrul Islam |113122008 | Topic: Managing HR for Better Performance Letter of Transmittal Date: 06/12/12 Abu Saleh Md. Sohel-Uz-Zaman, Course Instructor, Department of Business Administration, United International University Subject: Submission of term paper. Dear Sir, We have to honor to state that according to the subject of the term paper, here we are trying to find the key factors to improve personnel performance that develop a performance plan that directs the employee's efforts toward achieving specific results, to support organizational growth as well as the employee's professional growth.. We have tried to find out the methods of improving performance. Here we try to match our course...
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...example of a global corporation that enables it to achieve short and long term objectives. The study was undertaken through searching and analyzing the HR policies and practices of Honeywell and discusses the importance of HR in driving organizational success. The main research findings were Honeywell HR practices help in motivate, increase employees' performance, productivity, satisfaction, create a positive environment, adopt to change and ultimately lead to achieving organizational strategic and operational goals. The report findings are significant in that, they show the importance of Honeywell HR practices in guiding the organization's success and work like an index to show whether the organization is in the right direction or not towards achievement of its objectives. Contents ABSTRACT 2 Introduction 4 Honeywell overview 5 Honeywell HRM practices 6 Honeywell HR Functions 7 Management and HR function of Honeywell that support its objectives 7 Honeywell performance management 9 Rewards and Recognition Methods within Honeywell 9 Methods Honeywell uses to improve employee morale and job satisfaction 10 Methods for measuring employee morale and job satisfaction 11 Honeywell challenges 12 Honeywell Major Recommended Strategy 13 The value gained by implementing the strategy 14 Conclusion 15 Reverences 16 Introduction (Human resource is an essential part of successful of an organization, and it is considered...
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...STRATEGIC MANAGEMENT AND COST MANAGEMENT CONCEPTS Introduction The concepts of cost management and strategic management are the foundations for managers. The growing pressures of global competition and technological innovation have made cost management more critical and dynamic than ever before. Now cost management has moved towards a broader strategic focus than that of product costing. This so-called strategic cost management needs to facilitate strategic management in order to allow the firm to retain its competitive advantage. In order to implement this, benchmarking, value chain, balance scorecard and SWOT analysis should be undertaken. A firm should then identify its strategic positioning in the market: how it will sustain a competitive position. Furthermore, the strategic role of cost concepts will also be described in relation to product/service costing, strategic decision-making (cost driver analysis), planning/decision making and control/feedback purposes. Costs are now more complex than ever since large companies like Proctor & Gamble have a large product portfolio, and costs have become a vital element of a firm’s strategy. In order to understand these concepts fully, we will relate them to real businesses; in particular, we will analyze these concepts with relation to the McDonald’s corporation. Strategic Management Strategic management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization...
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...customers. The main focus of the company is on the database management program which will consolidate the information of customers and make a profile of each individual in order to track their preferences. Harrah has to implement additional strategies with the one mentioned above to gain competitive advantage in the industry. The importance of realization of ‘Clients worth’ has been discussed in order to highlight the major role it plays in the success of a business. The overall marketing recipe results in more profitability than the DBM alone, and hence, the company applies marketing strategies keeping in consideration the long term view of business management. In addition to the longevity of the strategies and policies, Harrah’s faces some ethical and privacy issues which are in need to be handled accordingly. What are the objectives of the various database marketing (DBM) programs and are they working? When its rivals entered new showcases with preferences of improvement throughout the era of 1990s, Harrah's topped the business development. Be that as it may, the organization rather decided to make utilization of an existing preference i.e. client steadfastness, rather endeavoring to make new assets. A showcasing database holds data about distinct clients or potential clients that are pertinent to the advertising process. Database marketing is a significant instrument to advance client relationship and increment the unwaveringness. To reinforce the devotion competency, Harrah’s...
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...no. | 1.1 | Distinguish between personnel management and human resource management | 03 | 1.2 | Asses the function of HRM in contributing to organizational purposes | 05 | 1.3 | Evaluate the role and responsibility of line manager in human resource management | 08 | 1.4 | The impact of legal and regulatory framework on HRM | 08 | 2.1 | The reasons for human resource planning in organization | 10 | 2.2 | Stages involved in planning human resource requirements | 11 | 2.3 | The recruitment and selection process of two companies | 12 | 2.4 | Effectiveness of the recruitment and selection process of two organizations | 16 | 3.1 | Link between motivational theory and reward | 18 | 3.2 | Process of job evaluation and other factors determining the pay | 19 | 3.3 | Effectiveness of reward systems in different contexts | 21 | | References | 22 | Task 1: Understand the difference between personnel management and human resource management. 1.1 Distinguish between personnel management and human resource management. Answer: Personnel management and human resource management both are the important term used to manage people in organization. Generally they imply similar meaning of managing people to achieve predetermined objectives. But these two differ from each other sharply. Simply Human Resource Management is the process of managing people in organizations in a structured and thorough manner. In broader sense, human resource management is the process of...
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...High-performance business Create value with technology Avoiding the austerity trap By Bob Suh In today's uncertain business climate, IT investment is often in the budgetary crosshairs. But in fact, now is the ideal time to upgrade existing infrastructure and invest in next-stage technologies that create value. Management decision making can be fairly straightforward when the economy is clearly headed in one direction or the other. When it is growing, business leaders invest to meet demand. When it is shrinking, they cut costs to meet quarterly earnings expectations. But what do executives do when the economy has bottomed out and growth is somewhere on the horizon but not yet robust? When the obvious cuts have been made and pricing power is a distant memory, how do companies continue delivering shareholder value while they wait for vigorous growth to kick in? What will it take to achieve high performance in these uncertain times? Outlook 2004, Number 1 55 And speaking of costs, what role does a capital-intensive function like information technology play in this quest for high performance? Many business leaders are understandably wary of IT investments. Although spending on information technology has increased substantially in the past 10 years, many technology projects have been characterized by sketchy metrics, long cycle times to new products and unpredictable results. No wonder many executives have come to regard IT investments as a necessary evil and information...
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...The traditional, evolved and transformational role of CIOs Mawuena K. Raven University of Maryland University College Abstract There is no doubt that organization since the 1990s are viewing information technology (IT) as an integral part of their strategy for the future. It is not seen only, like in the past, as a simple tool to communicate and decrease production costs, but there is a total recognition on the role it plays and continues to play in business performance and strategic planning. A situation that is necessitating a similar makeover and transformation of IT departments are structured and run. It is how the Chief Information Officer (CIO) came about, as a direct result of this shift. There is not a single and universal way of defining the CIO and his or her job description and responsibilities he or she might have within an organization depend on its structure, and how the organization is trying to achieve throughout the position. Nevertheless, and until recently organization hire CIOs as "simply department managers who ensure that all PC's can be turned on and that the processes work". But, because and like never before, businesses are relying on information technology to gain competitive advantage, the job and responsibilities of the CIO is evolving, making the position that can help transform the entire organization objective by innovating and sustaining its core competencies and knowledge that will...
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...International Human Resource Management: Chapter – 6: COMPENSATION MANAGEMENT Introduction: One of the key components of IHRM is the compensation administration in MNCs. Today, compensation and employee benefits contribute to 40-50% of the total costs. Compensation is strategically reported and monitored at the broad – levels and with the investors to assess the health of the organization. What is compensation management? Effective and efficient process of managing the earnings – financial and non financial rewards of the employees in an organization based on their performance towards organizational goal is called compensation management. International Compensation is an internal rate of return (monetary or non monetary rewards / package) including base salary, benefits, perquisites and long term & short term incentives that valued by employee’s in accordance with their relative contributions to performance towards achieving the desired goal of an organization. It influences: • • • Organizational culture Recruitment and selection of competent employees Motivation and performance Objectives of compensation: Compensation decisions are strategic decisions and play a key role in achieving performance and sustainable competitive advantages for national as well as international firms. Therefore the key objectives are: • • • • • Attract employees who are qualified , experienced and interested in international assignments. Facilitate the movement of expatriate’s from one...
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...Chapter 04 Job Analysis and Rewards Answer Key Changing Nature of Jobs True / False Questions 1. In most modern organizations, jobs are largely well established and change little over time. FALSE 2. Job analysis is the process of studying jobs in order to gather, analyze, synthesize, and report information about job requirements. TRUE 3. Competency based job analysis seeks to identify and describe the specific tasks, KSAOs, and job context for a particular job. FALSE 4. The traditional way of designing a job is to identify and define its elements and tasks precisely and then incorporate them into a job description. TRUE 5. Traditional job design is marked by formal organization charts, clear and precise job descriptions and specifications, and well-defined relationships between jobs. TRUE 6. Changes to jobs have become so radical that the concept of "jobs" is no longer a useful concept in most organizations. FALSE 7. Advances in technology are one of the major reasons for changes in jobs. TRUE 8. A job family is a grouping of positions that are similar in their tasks and task dimensions. FALSE 9. The smallest unit into which work can be divided without analyzing separate motions, movements, and mental processes is called an element. TRUE 10. Many small-business owners, general managers of start-up strategic business units, and top management members perform flexible jobs...
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