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The Importance of Human Resource Management Department in Business Organizations - Assignment Example

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The goal of this assignment is to emphasize the value of HRM in the performance of organizations. The assignment presents an abstract proposal to the CEO that would suggest how to create compensation benefits with a view to maximizing strategic impact on the organization…
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The Importance of Human Resource Management Department in Business Organizations
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Download file to see previous pages Internal and external factors influence the HR function. The internal factors range from the organizational culture, which consists of the core values, beliefs, and assumptions shared by the members, the climate, which implies the atmosphere. External factors include economic factors like labor market conditions, demographic trends, work-force diversity, technology, globalization, and the changing trends in work. The HR function must be able to develop strategic insights. It should assist the organization to more effectively source, evaluate, and motivate employees in the turbulent work environment. To recruit, motivate, and retain employees, at each stage we should consider compensation benefits. The total compensation benefits would include all forms of cash compensations, shift differentials, overtime, bonuses, commission, health benefits, paid leave, retirement, and life insurance.
As far as the salary is concerned, we must follow the system of Internal Salary Alignment, which is fairness criterion and takes into account the proximity of one employee’s salary to the salary of others with comparable training, education, experience, knowledge, performance, skills, and abilities. The knowledge, skills, abilities, and competencies also help to evaluate compensation. Performance includes previous or current work accomplishments and outcomes.
At the time of promotion, we must ensure that when the employee is promoted in a higher pay band, we may consider up to a 15% increase from the current salary. At the same time, care should be taken so that the new salary does not exceed the maximum of the new assigned salary range.
To integrate recruitment with training-and-development plans, internal forecasts, and external trend analyses are essential to reduce the time needed to staff our organization. The Internet has become the most effective way to broadly disseminate information about the availability of jobs and people (Knowledge@Wharton, 2001).   ...Download file to see next pagesRead More
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