Compensation and Appraisal Performance - Assignment Example

?Compensation plan and appraisal performance Introduction To improve the performance of theemployees, managers must come up with appropriate compensation and appraisal performance programs. It is worth to note that employees are not only motivated by pay rise but also by provision of flexible benefits that includes training, rewards, promotion, holidays, working in shifts, insurance cover among others. It is also important for managers to emulate a clear job description and specification during recruitment. In this way it will be easy to undertake an evaluation of their employees on an annual, monthly or quarterly basis. Additionally, such evaluation will be paramount in appraising the staff. This paper indicates a job description and specifications of my dream job of owning Quicktrack staffing agency. Job description Title: Director Quicktrack staffing agency Job purpose: To train teenagers and young graduates on how to deal with all the matters of employment as well as providing them with adequate knowledge that will make them competitive in their fields. To plan and undertake direct marketing so as to attract large number of fresh graduates who are focused at improving their skills. Key responsibilities and accountabilities 1. Developing a database both my customers and prospects graduates from various institutions of higher learning. 2. Plan and undertake direct marketing as a way of attracting new customers and retaining the loyalty of the existing customers. 3. Respond and follow up enquires from my customers through the use of telephone, emails as well as personal visit. 4. Maintaining online accounts for my customers and ensuring that I regularly update them on new job vacancies. 5. Undertaking market research, customer’s surveys and competitor analysis. 7. Attending forums and meeting organized by other business owners in order to enhance my management skills and attain a sustainable organizational development. Qualifications Bachelor’s degree in human resources management Diploma in business administration Basic computers skills including Microsoft access, PowerPoint and Microsoft excel among others. Skills Ability to develop strong human resources Ability to make presentations Ability to form and motivate teams Competencies Strong communication skills Enhancing positive relationship between the students and potential employers Compensation and benefits package Human resources are the most important assets in an organisation. In this regard, it is imperative for any company to ensure that it maintains an effective compensation management as a way of retaining and motivating employees. Adequate compensation and flexible benefits are major ways through which a company can ensure low turnover. One of the key advantages of well designed compensation and benefits package is job satisfaction. In addition, it leads to motivation. Based on the diversified needs of the employers and the employees, it is imperative to offer chances of personal development, training as well as promotion. Other benefits include low absenteeism and low turnover. The section below depicts the compensation and benefits scheme that I will adopt as the director of Quicktrack Staffing agency. Compensation and benefits $80,000 monthly salary Annual bonus amounting to $30,000 Life insurance cover Short term and long term disability insurance cover 300,000 retirement plan Health and well-being Monthly medical and dental plans Annual subscription to gym and other related wellness programs Paid off vacations and annual leaves Supplemental life insurance for my dependents Development and Training Part-time management courses fully paid for by the company Annual training by human resources professionals and psychologists Online training of business development skills Even though high pay is a key motivator to the employees and employers, it is essential to provide a compensation that is sustainable and less costly to an organisation. In my compensation and benefits plan, I have allocated my self a monthly salary of $80,000. This is based on the fact that my aim it to retain more funds that will be used in future expansion of the company. As the company continues to expand and increase its customer base, I will review my pay in order to ensure that it is equivalent with the increased responsibilities. Mayer and Gavin, (2005) argues that it is essential for employers to evaluate their employees either in annual or monthly bases. In this way, highly performing workers should be rewarded through bonuses and gifts. As bonuses are mostly in monetary, gifts can be in the form of products or services. By allocating myself a bonus of $30,000, I will significantly motivate myself thus being able to propel my company to greater heights. Through the short-term and long term disability cover, I will ensure my safety thus allowing continuity of the company operations. The $300,000 retirement plan will be vital in ensuring that I become financially independence. This implies that I will not entirely depend on the company income thus allowing the expansion of the company after my retirement. Based on the wide range of responsibilities that I will exposed to, there is need to includes health and well-being benefits as a way of relaxing and reducing stress after work (Mayer and Gavin, 2005). It is worth to note that one of the key cause of reduced productivity and high level of absenteeism is stress. In this regard, I have initiated an annual subscription to gym. Similarly, through the annual leave I will have the opportunity to attend my personal and family matters thus ensuring that despite my diversified tasks as a director, my social life is also considered. To ensure that I remain physically and emotionally strong to undertake the challenging duties within my organisation, I will ensure a monthly medical check up. This will be supplemented by an insurance cover for my dependents. Even though health and well-being benefits may seem to be expensive, they will highly enhance my concentration during my duties thus becoming more productive. One of the major aspects that have contributed to performance of employees in big companies such as Coca-Cola according to Twomey and Harris (2000) is the provision of development and training opportunities. For example, Coca-Cola employees are given an opportunity to attend Coca-Cola University in order to advance their leadership and managerial skills. In this regard, I look forward to undertake part-time management courses in an institution of higher learning either online or through physical classes. In this way, I will acquire extensive skills to face off management challenges within my firm. Similarly, through attending annual seminars and corporate forums, I will create a strong linkage with renowned entrepreneurs and other business owners. This will not only enhance my social skills but also I will acquire leadership knowledge that will guide me in attaining individual and corporate goals. Performance appraisal program Performance appraisal program entails the periodic assessment of employee’s performance and productivity in relation to the set objectives. One of the major benefits of the performance appraisal is that it allows employees to obtain feedback regarding their performance. Similarly, it guides the managers in establishing the motivational strategies that will enhance the performance of the employees. Being the only individual holding the position of the director in Quicktrack Staffing agency, I will utilize two major ways of judgmental performance appraisal. These include self –assessment and 360-Degree Feedback. During my self-assessment, I will evaluate my own behavior and the performance of the job. This will entail establishing corporate objectives and how I will behave to ensure that I attain my objectives. Based on the fact that my target will be fresh graduates who are eager to obtain skills that justify their fees, I am focused at involving them in evaluating my performance. Through the use of 360-Degree Feedback, I will design a questionnaire as indicated below that will be distributed to various graduates after every three months. Criteria for appraisal Tick one Have you attained appropriate skills during the year yes No Was the director competent in his managerial duties yes No Did the director address your problems amicably yes No Has there been close communication between you and the director yes No What was the overall performance of the director Poor Good Excellent Through conducting a quarterly performance appraisal, I will have the opportunity to identify any deviation that I will need to address in order to improve my performance. As indicated by Abu-Doleh and Weir (2007), appraisals that are conducted on a regular basis have more positive implications on the performance of the employees and the organization in general. Based on the fact that I am my own evaluator under the self-assessment method, it will be prudent to be fair in my own judgment to avoid biasness that may result to untrue information. It is on this regard that I will also involve the graduates to give their own feedback through the use of 360-Degree Feedback. Conclusion Based on the above discussion, it is essential to note that pay increment is not the only way to motivate staff and lower the rate of turnover. Through adoption of integrated and flexible benefit plan, workers will be highly motivated an aspect that will lead to a great performance and increased profitability. Some of the major benefits include insurance, medical cover, holidays, shifts, training and promotion among others. Similarly, regular performance appraisal and evaluation of the employees is a vital aspect that managers cannot overlook. Being undertaken by human resources managers and other employees, performance appraisal is paramount in ensuring that employees perform their duties as outlined in their job description and any deviation is addressed in a timely manner. In cases of a single manager or business owner, self-assessment and 360-Degree Feedback are two imperative ways of performance appraisal. References Abu-Doleh, J and Weir, D. (2007). Dimensions of performance appraisal systems in Jordanian private and public organizations. International Journal of Human Resource Management, 15(2), 70-79. Mayer, M and Gavin, B. (2005). Trust in management and performance: Who minds the shop while the employees watch the boss. Academy of Management Journal, 36(4), 74-88. Twomey, D and Harris, D. (2000). From strategy to corporate outcomes: Aligning human resource management systems with entrepreneurial intent. International Journal of Commerce and Management, 10, 43-55. Read More