Creating Your Dream Job - Term Paper Example

? Creating a Dream Job of the of the Introduction Every individual dreams of getting a job that they havealways wished for. In a similar manner, I have been given the opportunity to work on my favorite job designation. This is an extraordinary opportunity for ambitious and highly driven finance individuals with extensive knowledge on business development and experience related to the stock market of United States of America. I have to manage all the financial matters and be aware of the changes occurring in the stock market which might affect the organization as well. I would be provided with the opportunity of developing the portfolio of my responsibilities and aligning it with the needs and requirements of the business from the long term perspectives. Primary objectives to be fulfilled are as follows: Developing and executing financial strategies that would enable the organization to establish a foothold in the finance sector. Developing and executing strategies for business development. Establishing a strategic approach for the organization. Compensation and Benefits plan for the desired job Current Basic Pay $ 36500 Incentive Compensation $ 4000 Advance benefit dollars for the year 2013 $ 5500 Annual contribution for various other benefits $ 5500 Total Compensation and Benefits for 2013 $ 51500 This is the compensation and benefit structure of the desired job designation in the organization. Various other benefits are RISP (i.e. Retirement Incentive Savings Plan), STD (i.e. Short Term Disability), State Disability Insurance (SDI), Unemployment Insurance & Workers Compensation and Educational Reimbursement. The compensation package is the sum total of both direct and indirect benefits which the employees receive from an organization. The example of benefits generally includes salary, bonus, allowance, insurance, commission and pension plans. The compensation package provides ideas to the employees related to the entire payment structure (Rao, 2007). It does not deal with only hourly wages or salaries. The compensation and benefits plan presented to the employees include the basic salary, an idea about the bonus structure and various other benefits that an organization would provide to the employees. A thorough research has been done before preparing the compensation and benefits plan. The structure has been followed on the industry basis. Rationale behind choosing the Compensation and Benefits Package The employers offer comprehensive employee benefit package for attracting and retaining the employees. Every organization offers wide compensation and benefits package to the employees. Within the functioning of human resource, determination of whether the compensation and benefits strategy is aligned with the objectives, goals and strategies of the organization is an important factor (Leonard, 1994). The efficiency in these types of programs is always assessed by the effect it has on organizational performance as well as the limit till which it supports the potential talent strategy. Along with high efficiency, the compensation and benefit programs should have always increased the perceived value for all the employees of the organization. It enhances the individual performance which automatically increases the performance level of the organization. Thus, compensation and benefits package motivate the employees in a number of ways. The aforementioned compensation and benefits package includes incentives and a number of added benefits in order to provide a high perceived value to all the employees. Performance Appraisal Plan One of the best methods of performance evaluation and performance appraisal is 360 degree feedback. It is also termed as the multi-source feedback, multi-rater feedback or the multi-source assessment. It is actually the feedback that is obtained from the immediate working circle of the employees. 360 degree feedback generally includes collecting direct feedback from the subordinates, supervisors and peers of the employees along with self evaluation (Sandler & Keefe, 2003). Sometimes, it also includes collection of feedback from the external sources like, suppliers, customers and other stakeholders of the organization. The performance appraisal in this method can also be done by collecting upward feedback. In such cases, the managers are provided feedback by means of their direct reports or by means of traditional performance appraisal techniques, where all the employees’ performance is reviewed by the managers. The results obtained from this performance evaluation method are utilized by the individual who receives the feedbacks for planning and mapping specific routes in their development. In some cases, these results are used by the organizations for making administrative decisions associated with the promotion or payments. Designing the Performance Appraisal Plan It is very important for every organization to design an appropriate performance appraisal program that would help in determining the satisfaction levels of the managers related to the current performances of the employees within the organization (Harvard Business School Press, 2009). The programs must also develop the criteria which would help in determining the success in the execution of the planned program. The performance appraisal programs of the organization are evaluated from two different perspectives: The things being done in correct manner (if all the rules and processes are being followed) Correct things being done (the impact of the programs) Compliance The performance evaluators would determine whether the performance of all the employees within the organization is in compliance with the present regulatory system. Some of the questions asked on this ground include: Are the employee performance plans being done in time? Are appraisals being done on time? Are the progress reviews being conducted in an appropriate manner? Effect This portion notifies the second question: ‘Are appraisals being done on time?’ Here, the evaluators would be assessing the impact of the appraisal program on the performance of the organization. It would include questions on the following areas: Are all the objectives in the appraisal program being met in an effective manner? This portion would focus on the fact whether the goals and objectives of the programs are being met by the performance appraisal programs. Examples of the aforementioned goals and objectives include improvement of the organizational performance, encouragement of teamwork and improvement of communication in between the supervisors and the employees (Arthur, 2006). The performance appraisal program must have the ability of evaluating the performance of the employees from all the aforementioned perspectives. The evaluation must question as well as answer to all these above mentioned expectations. In case of zero predetermined goals, the questions should be based on the expectations of the decision makers or the designers of the evaluation program (Henderson, 1984). The requirements for formulating the evaluation questions in the performance management and performance evaluation include: 1) Communication of the organizational goals to the employees in an appropriate manner. 2) Identification of the team accountability for the accomplishment of the organizational goals. 3) Assessment of the individual, group and finally, the overall organizational performance. 4) Utilization of effective measures of performance evaluation and assessment which would involve identifying and rewarding of accomplishments. 5) Utilization of the results of the performance appraisal for making efficient personnel actions. The success level of the executed performance appraisal program would be made on the following basis: Are the managers and the employees satisfied with the accuracy and utility of this performance appraisal program? The perception of the managers as well as the employees related to the effectiveness and success of the performance appraisal program is required to be taken into consideration. The employees also need to be aware that they receive enough feedback on the performance and the standards based on which that they perform are fair and justified. Although the designing of the appraisal program might seem to have all the correct components, yet the perception of the users of these appraisal programs is highly important (Daley, 1992). Are the advantages of the performance appraisal programs outweighing the costs? The total cost would include the cost of planning or creating the program and that of utilizing it. The total costs are compared with the benefits. If the benefits outweigh the total cost, then it means that the performance appraisal program is successful. This would include high satisfaction rate in terms of satisfaction of the managers as well as the employees. Has the performance of the employees, unit and the organization improved as expected? One of the main reasons behind the performance appraisal programs is to increase the organizational effectiveness for the accomplishment of the organizational goals and objectives. The organization should establish strategic plans and assess the performance of the employees against the preset goals that is required to be achieved by the implementation of the strategic plans. It is not possible to attribute the outcome of the organizational performance entirely to the employee appraisal program as the employee performances form only a part of the overall organizational outcome. Thus, it becomes much easier to relate the efficacy of the performance appraisal program with the employee and the team performance, rather than the entire organizational performance. Has the behavior of the employees changed as desired? The appraisal program is used as a tool for supporting the organizational initiatives like, improvement of customer service, establishment of effective teamwork and focus on results. These initiatives demand a change within the employee attitudes and the overall organizational culture in order to achieve success. Determining any behavioral changes within the employees might be a signal that the performance appraisal program had an impact. Rationale behind choosing the performance appraisal program The chosen performance appraisal program would help in assessing the employee performance for further judgments about the employees. It is an interactive procedure which would also help in recognizing the flaws (if any) so that it can be corrected. It would enhance the motivation among the employees and establish self esteem within them. The performance appraisal program has been designed, after a thorough research of the performance evaluation techniques used on the industry basis. It has been designed after considering the fact that the rewards are distributed in fair manner (Dooren, Bouckaert & Halligan, 2010). It would encourage the employees in improving their present skills to perform even better. With the help of the performance appraisal program, the areas where the employees require training are identified. This also strengthens the relation between the supervisor and the employees. The performance appraisal technique would also help in forming a transparent view to the rewarding system of the organization. Conclusion The compensation and benefits program would help in providing motivation to the employees and encouraging them for a better performance. The performance appraisal program would help in assessing the performance of the employees in an effective manner, so that the rewarding is fair. The presently designed performance appraisal program would help in identifying the areas where the employees require training. It would encourage the employees in improving their present skills to enhance their performance. Thus, implementation of the compensation and benefits plan and the performance appraisal program would help in improving the individual performances along with the performance of the unit, thereby increasing the overall performance of the organization. References Arthur, D. (2006). Performance appraisals: Strategies for success. New York: AMACOM Div American Mgmt Assn. Daley, D. M. (1992). Performance appraisal in the public sector: Techniques and applications. New York: ABC-CLIO. Dooren, W., Bouckaert, G., & Halligan, J. (2010). Performance management in the public sector. Oxon: Routledge. Harvard Business School Press. (2009). Performance appraisal: Expert solutions to everyday challenges. New York: Harvard Business Press. Henderson, R. I. (1984). Performance appraisal. New Jersey: Reston Pub. Co. Leonard, B. (1994). CEO compensation packages tied to performance.HR Magazines, 39(4), 1-51. Rao. (2007). Human resource management. New Delhi: Excel Books India. Sandler, C., & Keefe, J. (2003). Performance appraisal phrase book: the best words, phrases, and techniques for performance reviews. Canada: Adams Media. Read More