The objective of this research is to identify the basic relation between employee reward strategies and employee resourcing and evaluate it in context of the report, ‘For what it’s worth?’ given by by CBI. A rewarding strategy is a framework of payment to employees, keeping in mind the needs of both the organization and the employees. …
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There are two fundamental reward strategies; pay-related reward policy for the private sector and fixed pay structure for the public sector. These two forms have been critically evaluated.
Employee resourcing measures the recruitment, retention and transfer of employees. Its strategic and operational components are Human Resource Planning, Resourcing Plans, Retention Strategy, Flexibility Strategy and Talent Management Strategy. A relation is found between employee reward and resourcing; the higher the reward, the higher the ease of recruitment, retention and transfer of employees.
However, the report by CBI cites pay as one of the least related determinants of resourcing. Instead, it identifies the ability of the management staff and communications pertaining to the value of rewards achieved as the main factors influencing resourcing of human capital. As conclusion, some key recommendations are given that would lead to a more efficient working of the public sector and reduce government deficit.
The world believes in the principle of ‘punishment for failures and rewards for achievements’. With the biggest companies going global, a need has been felt to recruit, retain and transfer human resources of the companies, i.e. employees, to various other sites of business in order to expand the scope of business and achieve the maximum corporate dividends. However, research has found that companies are not able to handle this effectively. As a way out of this problem, companies, now, offer higher monetary rewards to their employees as compensation, benefits, bonuses or incentives. But in order to decide standard policies on granting rewards, reward strategies have to be decided. A detailed description on these lines has been provided in the following paragraphs and this subject has been studied, analyzed and criticized in view of the report “For What it’s Worth?” composed by the CBI. Understanding Organizational Reward Strategy and its Components Meaning of Reward Strategy “Reward Strategy is a declaration of intent which defines what the organization wants to do in the longer term to develop and implement reward policies, practices and processes which will further the achievements of its business goals and meet the needs of its stake-holders” (Armstrong, 2009, p.746). It forms a rough framework for reward policies by setting direction and purposes for them. A reward strategy takes into account the needs of the employees and the organization. It develops the values of an organization and sets the basis on which people are to be valued and thus, rewarded. Components of a Reward Strategy There are various components of Reward Strategy and which are interrelated. The important ones have been stated as follows. Non-Financial Rewards: Rewards are not always monetary. Sometimes, they may satisfy a person’s need for influence and reputation. Non-financial rewards may be in the form of recognition, responsibility, achievement or growth. For example, an employee may be receiving promotion or awards for attaining a high standard in his field of work. Job-Evaluation: It is a process which involves the identification of particular jobs and the corresponding employees in those jobs and a standard scheme of evaluation is developed and finally, a pay structure is decided upon. (Armstrong and Baron, 2002, p.30) Base Pay: It is the fixed income of the
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Thus in autocratic management style the decisions made clearly portray the manager’s personality and opinions. This however may cause employees to greatly rely on their leader thus requiring a lot of supervision to be done. There are two kinds of autocrat leaders; first is the directive autocrat leader who makes decisions in a unilateral manner and supervises the organization’s employees closely.
The compensation includes salary, bonus, shares, company’s stocks, perquisites and other forms of benefits (CIMA, 2010). Executive compensation is also regarded as a total rewards umbrella and also the company’s strategy as a whole (CIMA, 2010).The executive total reward system and model sets a separate framework and context for executive compensation (Conyon, 2006).
Today the managers are more informed and the HR specialists are expected to do some value addition keeping pace with the organizational sustainability and competitive advantage. The line managers on the other hand are expected to manage the human resource as well as the other resources of the organization.
Because of this, it becomes notable that human resource planning becomes closely related with other personnel functions such as selection, training, and development.
Human resource planning has become important primarily because it "helps managers meet organizational subgoals as well as wider objectives such as profitability and the needs of employees in the organization" (Kohl n.d.).
It is the duty of the advertisement department to supply the dummy pages and if they are not given in time, he must contact them and ensure the space available for the news.
The candidate will be given the designation of news editor if he is having enough knowledge and skills regarding the management of the pages.
Employee resourcing is a key part of human resource management which "matches human resources to the strategic and operational needs of the organization" (Armstrong, 2003: 347), and ensures the complete utilization of those resources. Its main focus is on selecting and promoting people who fit the culture and the strategic requirements of the organization.
Labor market changes demand new skillful workforce able to fulfill different functions and duties. "The success of a business ultimately relies on the type of employees who work there, which encourages businesses to attract and retain good employees" (Blackman 2006, p.
The report will review critical issues that affect Employee Resourcing (ER) which include management of change in the environment the businesses operate, retention of skilled workers as well as staff development. This
The call center, at the first place would induce the telephone banking. It was planned that the call center would operate twenty four hours a day and seven days a week and would help the bank to regain the expected share of the market. But the idea of the call
Poor employee resourcing results in unqualified employees who do not have the right knowledge, skills and abilities to perform the job hence high turnover, absenteeism and poor performance. It is therefore crucial for the organization to hire right people for the
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