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Strategic human resource management - Essay Example

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Strategic Human Resource Management Contents Introduction 3 Performance-related pay systems 5 Conclusions 11 Reference 13 Bibliography 14 Discuss the proposition that the disadvantages of performance-related pay systems outweigh its advantages. Introduction Globalisation of business has led to increase need to identify as well as analyse ways through which business organisation operates effectively in the present and also in the future…
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Strategic human resource management
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Download file to see previous pages The business organisation tends to exits in a competitive environment and often faces issues like scare resources which needs to be managed effectively and thus gives the organization a competitive advantage. Thus applying the definition of strategic human resources, it can be said that it is a long term focus, provides a linkage in between the human resources and strategy process, enhances effective performance and finally foster excellence corporate skills (Deb, 2006, p. 45-48). The main purpose of HR strategies is to articulate the intention of organisation related policies and practises and as per the dictum of Fomburn (1984) the business and the manager needs to perform well in the current environment in order to succeed in the future business environment. Strategic human resource management has various sectors such as recruitment and selection, training and development, performance management and others. However this paper will talk widely about performance management and performance related pay (PRP). ...
Reward is a key practise in the framework of performance management strategy. Reward systems are of two types, one is monetary component of reward management which tends to fulfil the needs of employees such as hygiene factors, security and physiological needs and second factor is recognition and job satisfaction (Kandula, 2006, p. 59). The logic behind implementing the performance pay by organisation is as follows, PRP focuses on the effort where the organisation actually requires it PRP supports the culture of performance oriented The PRP scheme emphasis the performance of individual PRP aims to strengthen the process of performance planning PRP rewards the right employee and hence motivates to work more (Salaman, Storey & Billsberry, 2005, p.178). Therefore PRP is an essential and important tool use by organisation to enhance the performance of both the employees and the organisation as a whole. The next section deals entirely with performance related pay and aim to answer to the proposition whether the disadvantage of performance related pay outshines the advantage of PRP schemes. Performance-related pay systems The various forms of paid employment which also includes remuneration on base pay tend to have performance expectation or standard attached to it. According to Behrend, every form of employment which is paid involves effort bargain and also pay bargain. Performance standards are highly implicit and thus are open to contestation and misunderstanding of psychological contract. Strategic decisions which take place at the board level encompass performance related pay mainly for senior managers and directors. The PRP is often regarded as motivational tool for the top level management to achieve the target which ...Download file to see next pagesRead More
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