Pay and Reward - Tutorial Facilitation - Speech or Presentation Example

Pay and Reward - Tutorial Facilitation Thesis Statement With due consideration to the various factors of employee compensation plans, the paper intends to focus to identify and explain their efficiencies in order to successfully attain the organizational objectives. Moreover, the discussion will also include the negative impacts posed on the organizations in terms of hiring unproductive individuals and their consequences. In addition, the discussion of this report will further intend to identify the major components in order to build a robust talent acquisition engine as well as recognize the effective and competent methods of hiring appropriate candidates for the organization. Six Key Areas of Critical Success Factors for Finding and Hiring Talents Leading to Improved Retention In the context of engaging appropriate individuals as well as retaining those who contribute their utmost efforts towards the organizations, it has been observed that increasing challenges are being witnessed by the modern organizations thereby, making it necessary for them to evaluate the initiatives of talent management. Therefore, it can be considered that the aspects of employee engagement, performance as well as productivity of the organizations are correlated in order to gain profitability as well as attain effective competitive advantage. An effective structure of employee engagement is believed to significantly reduce employee turnover, absenteeism and notably contribute towards increasing the productivity as well as profitability of the organizations. Therefore, the six major key areas of Critical Success Factors (CSFs) in terms of finding and hiring talents are discussed below: Develop an Employment Brand Developing an effective and cohesive employment strategy is considered to be one of the preliminary steps for the organizations through ensuring future growth as well as long-term sustainability within the marketplace. A successful employment brand significantly illustrates the employment experience of the existing employees and trigger desires for newly hired employees within the organizations. Creating an efficient employment brand and achieving superior reputation significantly gives rise to a sophisticated working environment which boosts productivity as well as trims down the attrition rates of the organizations (ICIMS, “6 Key Essentials for Engaging and Retaining Top Talent”). Potential Administrative Issues/Problems With respect to finding and hiring potential employees, it is considered imperative for the organizations to maintain the frame-work, principles as well as certain administrative issues pertaining to the organizations. The organizational principles are supposed to be the core aspects which aid to build an effective and sustainable position within the market. During the process of hiring or recruiting talents, the organizations should consider certain factors including educational background, adequate knowledge and experience as well as behavioral aspects of the candidates. Moreover, the organizations are also known to possess certain principles that are frequently considered to be inflexible in terms of hiring individuals (Kramar, 519). Compensations and Benefits It can be extensively observed that paying suitable and higher wages to the employees or paying additional compensation proves to be highly beneficial in terms of increasing talent engagement which also further helps to reduce the attrition rate of the employees. A successful organization is known to take complete advantage of the compensation plans according to the performance of the workforce in order to promote organizational values as well as recompense the workers for contributing towards superior organizational performance. The notion of compensation related to the performance of the employees is considered to significantly motivate them to focus on the critical success factors relating to the organizations (Kramar, 519). Individual Incentive Plan Providing individual incentives and carrying out recognition activities are also measured to be an effective and important step for the organizations for enhancing the performance level of each individual related to their respective goals. It also provides the benefit to increase the performance of other employees within a similar group or all the associates within the organizations. An effective incentive plan of an organization involves certain activities such as, performance appraisal, reward and recognition among others which can significantly stimulate the employees to put in their ultimate efforts in order to attain the goals. Therefore, individual incentive plans can be considered to be an effective process for the organizations to attain a significant form of competitive advantage within the market place (ICIMS, “6 Key Essentials for Engaging and Retaining Top Talent”). Training New Skills Providing training to the employees in order to impart new skills is regarded as a beneficial step for the organizations to escalate the productivity level as well as compete with the other organizations in the related industry. However, learning new skills often create an impact on the employee’s individual performance or even trim down the degree of productivity (Kramar, 519). Effective line of Communication An effective form of communication with every individual employee can also be considered as an imperative aspect for an organization in terms of hiring individuals. The communication method of the organization should be transparent for each individual in order to reduce conflicts or any other similar issues which might arise in relation to the performance of the employees. Moreover, an effective communication form is also deemed to be effective in order to depict a lucid comprehension of the process as well as the tasks allocated to each individual in the organizations (ICIMS, “6 Key Essentials for Engaging and Retaining Top Talent”). Cost of a Bad Hire According to the various studies of organizational attrition rates, it has been identified that a large proportion of employee turnover occurs owing to an ineffective hiring process of the organizations. The organizations seek to provide a significant amount of compensation to the employees with the expectation of a feasible and successful outcome with regard to the performance of the employees. The cost of unproductive or ineffective workforce can cause the decline of an organization. The organizations invest a large amount of wealth during the enrollment and training processes along with incurring productivity and severance costs in order to develop an energetic workforce for the business process. Therefore, the increasing turnover rate may create an adverse impact on the organizational financial structure due to the continuous process of training and recruiting new employees. Moreover, unproductive hiring processes of the organizations may also lead to put up with other kinds of losses including negative impact on team performance, loss of productivity, time management as well as give rise to certain legal issues against the organizations (Williams & Scott, “Seven "Non-Negotiables" to Prevent a Bad Hire”). In order to reduce the employee turnover rate of an organization, the marketers should highly focus to develop an efficient recruitment processes. Moreover, the organizations should also strive to build trust, loyalty, respect, belief, gratitude, respect as well as commitment in order to ensure satisfaction of the employees regarding their working roles (Williams & Scott, “Seven "Non-Negotiables" to Prevent a Bad Hire”). Components of Building a Disciplined and Robust Talent Acquisition Engine In the context of identifying the major elements of talent acquisition, various strategies can be considered which significantly depict an effective process in order to build a robust and disciplined talent acquisition engine within the organizations. According to the modern business module of the organizations, it can be identified that the strategies including Corporate Social Responsibility (CSR), Workforce Planning, Talent Management, Optimizing as well as Searching adequate and appropriate individuals are made use to enhance the efficiency of building a robust and disciplined engine of talent acquisition (ICIMS, “5 Key Talent Acquisition Strategies for a New Decade”). Importance of Finding the Right Individual Recruiting is one of the fundamental and initial steps for an organization’s hiring process. The major objective is to focus on selecting qualified individuals with adequate skills and experience according to the specifications of the job. It is important to consider certain reasons that the organization needs to possess in terms of recruiting a right candidate. Moreover, it is also important to identify the capability and skills that could be beneficial for the organizations in order to achieve their objectives (Borek, “Monitoring and Surveillance in Call Centres: Some Responses from Australian Workers”). With this concern, the organizations need to possess certain elements in terms of hiring any individual such as, identifying primary goals before hiring, prioritizing of specific roles and responsibilities, screening and interviewing process, conducting candidate assessments and obtaining references. Furthermore, the organizations are also required to identify behavioral and attitude related concerns during the interview and assessment process of hiring any individual (International Civil Service Commission, “A Framework for Human Resources Management”). Talent Attraction and Retention Atomic Structure Attraction as well as retention of superior talent is quite essential and crucial for an organization in order to perform effectively. Moreover, it also helps the organizations to improve the quality as well as provide adequate ability to manage various risks and challenges. According to the consideration of the speaker in terms of transformation of talent and retention atomic structure, the other major components identified are team collaboration and support, effective recognition process from the senior members, maintaining efficient balance among tasks and objectives, transparency of the organizational policies as well as abolishing organizational politics and maintaining a productive working environment (Accounting and Corporate Regulatory Authority, “Talent Attraction and Retention in Larger Accounting Firms”). Works Cited Accounting and Corporate Regulatory Authority. Talent Attraction and Retention in Larger Accounting Firms. 2012. Web. 10 Oct. 2012. Borek, Diane van den. Monitoring and Surveillance in Call Centres: Some Responses from Australian Workers. High Beamn Research. 2002. Web. 10 Oct. 2012. ICIMS. 6 Key Essentials for Engaging and Retaining Top Talent, 2012. Web. 10 Oct. 2012. ICIMS. 5 Key Talent Acquisition Strategies for a New Decade, 2012. Web. 10 Oct. 2012. International Civil Service Commission. A Framework for Human Resources Management. 2001. Web. 10 Oct. 2012. Jonker, Jan and David Foster. Framing the evolution and complexity of a stakeholder perspective of the firm. Stakeholder Excellence, 2001. Web. 10 Oct. 2012. Kramar, Robin. Rewarding People. Australia: McGraw-Hill. n.d. Print. Williams, David. K. and Mary Michelle Scott. Seven "Non-Negotiables" to Prevent a Bad Hire. Harvard Business Review, 2012. Web. 10 Oct. 2012. Read More