This essay By chad has a total of 1465 words and 6 pages.
Good Human Resources
With today\'s workforce becoming increasingly diverse, Human Resource managers are having to stay ahead of the labor force start implementing more ways to maximize the benefits of employees in order to get what they need from it resources. Organizations are relying on their skilled managers to get the people who get the job done, and of course, make the company money. But that is not always the most important aspect of running a business. People are. People have always been central to organizations, but today their strategic importance is growing in knowledge-based business world like never before. An organization\'s success increasingly depends on the knowledge, skills, and abilities of its employees. Without out them they would surely fail. Particularly, how a company is run and how they treat their employees and customers help set the core competencies, which distinguish one organization from its competitors. This paper is intended to give an overall view of how important Human Resources re to a organization.
A organization can achieve a sustained competitive advantage when they have employees that are very valuable and well organized. To do this an organization has to be able to do a good job of managing their human capital which is the knowledge, skills, and capabilities that add value to the organizations. Managers must develop strategies for identifying, recruiting, and hiring the best talent available. Once they get these individuals they must make them valuable assets to the company. They must develop these individuals in ways that are specific to the needs of their individual firms and encourage them to generate new ideas while familiarizing them with the company strategies. They must also be willing to share information, and encourage them to give feedback to new or old ideas.
The basis on which compensation payments are determined, and the way they are administered, can significantly affect employee productivity and the achievement of organizational goals. Establishing compensation programs require both large and small organizations to consider specific goals. Employee retention, compensation distribution and adherence to the budget must be carefully weighted against the overall organizational goals and expectations. Compensation must reward employees for past performance while serving as a motivation tool for future performances. In a competitive market it may be a good idea to pay a little higher than competivors. Internal and external equity of the pay program will affect employees\' concepts of fairness. Organizations must balance each of the concerns while still remaining competitive. For internal equity an organization can use one of the basic job evaluation techniques to determine relative worth of job. The most common are the ranking and classification methods. The job ranking system arranges jobs in numerical order on the basis of the importance of the job\'s duties and responsibilities to the organization. Job classification slots jobs into pre-established grades with higher rated grades requiring more responsibilities, working conditions, and job duties. External equity can be determined by a wage survey. Data obtained from the surveys will facilitate establishing the organization\'s wage policy while ensuring that the employer does not pay more, or less, than needed for jobs in the relevant labor market. Base salary is only one aspect of a retention plan for important employees. Benefits and incentive plans are valuable perks in recruiting and retaining essential employees. Benefits are an established and integral part of the total compensation package. In order to have a sound benefits package there are certain basic considerations. It is essential that a program be based on specific objectives that are compatible with the organizational philosophy and policies as well as affordable to the company. By utilizing a flexible benefits package, employees are able to choose those benefits that are best suited to their individual needs. For instance a real young healthy person may not need a very expensive medical plan if they rarely get sick. Incentive pay plans can be advantageous to both the employer as well as the employee. The success of an incentive pay plan depends on the organizational climate in which it must operate, employee confidence in it, and its suitability to employee and organizational needs. Importantly, employees must view the incentive plan to be equitable and related to their performance. Performance measures should be quantifiable, easily understood, and bear a demonstrated relationship to
Topics Related to By chad
Human resource management, Employment, Industrial and organizational psychology, Performance appraisal, Workplace, Employee retention, Job evaluation, Layoff, Compensation and benefits, Reward management
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