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HR (Evaluation and Effectiveness of remuneration practices in a chosen organisation) - Essay Example

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As of 2004, Australia was reported as the second largest OECD energy exporter next to Norway (Energy Information Administration: Official Energy Statistics from the U.S. Government, 2009). As…
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HR (Evaluation and Effectiveness of remuneration practices in a chosen organisation)
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Download file to see previous pages Since then, the company’s energy business was publicly introduced as the Origin Energy. Serving more than 3 million customers in Australia and the Pacific today, the company employs almost 4,000 employees throughout Australia, New Zealand, and the Pacific Region (Origin, 2009b).
Due to the tight competition in the energy sector, the practice of pirating an employee from one business organization to another becomes difficult to control. By offering Origin’s competitive employees a higher salary and more attractive benefit packages, companies that produce and sell energy products could easily hire and convince these talented people to shift their loyalty and services to them.
Given that Origin Energy is serving more than 3 million valued clients in Australia alone, the HR manager at Origin Energy is being challenged to offer competitive remuneration packages to its competitive employees in order to ensure that its competitive employees would remain loyal to the company. In line with this, the effectiveness of remuneration practices at Origin Energy will be thoroughly examined followed by providing recommended solution on how the HR manager will be able to lessen the turnover rate of its employees.
The main purpose of remuneration practices at Origin Energy is not only limited in compensating employees in exchange for the services they have rendered to the company but also attract more competitive individuals to join the team for a long period of time. In line with motivating competitive people to actively participate in managing the daily operations of the company, remunerating practices offered by the company aims to retain the best employees who have the necessary skills needed by the business (Origin, 2009d).
Remuneration packages offered to Origin’s executive and non-executive directors as well as its employees varies from one ...Download file to see next pagesRead More
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