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Business & Marketing
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Marketing Research Assignment On Human Resource Management (Research Paper Sample)

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Managing human resources for two Uk companies

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Executive summary
The management is required to implement strategies that will be highly accepted by the employees. Employees are essential in achieving the set long-term performance of the business requiring the development of staff. Total reward systems are used by the management to ensure that there is improved motivation to employees. Arm Holdings and Screwfix are leading companies in the UK implementing total reward systems.
Table of Contents TOC \o "1-3" \h \z \u Executive summary PAGEREF _Toc497003848 \h 2Introduction PAGEREF _Toc497003849 \h 4Total Reward systems PAGEREF _Toc497003850 \h 4Components of Total Reward Systems PAGEREF _Toc497003851 \h 5Benefits PAGEREF _Toc497003852 \h 5Compensation PAGEREF _Toc497003853 \h 6Work Environment PAGEREF _Toc497003854 \h 6Work-Life Balance PAGEREF _Toc497003855 \h 7Talent Development PAGEREF _Toc497003856 \h 7Performance Recognition PAGEREF _Toc497003857 \h 8Effectiveness of using Total Reward systems PAGEREF _Toc497003858 \h 8Employee retention PAGEREF _Toc497003859 \h 9Improved employee engagement PAGEREF _Toc497003860 \h 10Improved performance PAGEREF _Toc497003861 \h 10Quality production PAGEREF _Toc497003862 \h 11Address weaknesses PAGEREF _Toc497003863 \h 12Conclusion PAGEREF _Toc497003864 \h 12List of References PAGEREF _Toc497003865 \h 14
Introduction
An organization is required to implement total reward systems for increased employee performance, employee retention and reduction of controllable costs. The employees’ morale is improved by the systems for a sustainable performance of the business. Arm Holdings and Screwfix are ranked as the top ten companies to work in the UK due to the implementation of effective strategies to handle employees (Yorke, 2017). The human resource management is required to implement plans that will motivate the employee to work towards the achievement of set corporate goals.
Total Reward systems
The human resource management implements total reward system in increasing the productivity of employees. The systems ensure that there is employee empowerment in achieving the set goals of production. Employee and employer relationship increases the motivation of employees for a stable performance of the business. Total reward systems are either in monetary form or non-monetary forms for an increase in the performance of employees (Shields et al. 2015). The management is required to implement proper strategies in recruitment, selection and training of staff in the organization. Attracting talented staff to a business makes it possible to achieve the set long-term goals of production. Talented staff to an organization ensures that an organization achieves a sustainable competitive edge in the market. The primary focus of total rewards systems in business is to ensure increased motivation to employees for quality production to the consumers.
Components of Total Reward Systems
The aspects of total rewards systems are required being implemented by the management for a stable performance of the business. The external business environment is highly diversified requiring the management to implement strategies that will increase the popularity of the brand. Total reward systems are vital in providing a strong brand in the targeted market through standardized production from the employees. Communication strategies implemented by the management are supposed to give the staff will required information about the organization. The corporate goals of a business are achieved through effective communication between the employees and management of an organization. Idea sharing between the stakeholders of an organization makes it possible to develop plans that will increase the performance of the business. According to Dontigney (2017), the major components of total reward systems are benefits, compensation, work environment, work-life balance, talent development and performance recognition.
Benefits
The benefits are both the mandatory and employer options which are aimed at increasing the commitment of employees. Health, saving and retirement programs implemented by organizations are vital in ensuring that the employees are motivated towards the achievement of set corporate goals. The employee future is secured through the benefits implemented by the management requiring the development of plans that are highly effective to handle the issues in the market (Shields et al. 2015). The mandatory benefits are requirements by the government of the regions in providing a smooth flow of operations for the employees mainly through health insurance, paid leaves and retirement benefits. The optional benefits are implemented in increasing the efficiency of the business through increased morale to staff.
Compensation
It is crucial for an employer to offer favorable payment to staff in ensuring that there is an increased living standard. The Maslow's Hierarchy of need is used by the management in providing that there is increased production by an organization through motivation of employees. Employee needs require being handled in the order of necessity for a stable performance of the staff. The compensation plan implemented by an organization requires meeting the Maslow's Hierarchy of need from physiological, safety, belonging, self-esteem and self-actualization needs (Kelleher, 2017). The economic performance of a nation is used in implementing a successful compensation plan that will meet the needs and desire of employees. Satisfaction of employees needs is essential in motivating employees for the achievement of set personal and corporate goals of production.
Work Environment
The work environment is required to meet Alderfer's ERG Theory of Motivation which focuses on existence, relatedness, and growth of an individual (Leadership Central, 2016). Existence is where the management is required to come up with a work place which meets the basic needs of an individual. The food, shelter and water require being focused on the management in increasing the performance of the employees. Relatedness is interactions in the organization which is required to be allowed for a sustainable development of an organization. Social relations in an organization make it possible to develop a positive culture that is highly productive for the achievement of set goals. Growth is personal development at work place through quality training programs by the management. Teamwork and leadership programs are supposed to positively impact the employee to grow towards the achievement of set career goal.
Work-Life Balance
The work-life balance is essential in motivating employees to meet the set target for production. Hertzberg's Factor Theory of Motivation is required to be implemented in ensuring that there is a proper balance of workplace and life of the staff (Malik & Naeem 2013). The two factors of the theory are motivators and hygiene factors implemented in ensuring that there s job satisfaction. The performance of the business is highly dependent on the working conditions and career achievement through work-life balance. An employee is required to have sufficient time to deal with personal issues facing the individuals for minimum disruptions at the workplace. Implementation of paid leaves in an organization provides staff with the required time to deal with personal issues. Job satisfaction is acquired through a continuous retention of highly talented staff in the business through work-life balance in the total reward system.
Talent Development
Talent development is achieved through continuous training of employee to handle complex assignments at a workplace. It is essential for the management to implement talent development strategies to deal with the dynamic external business environment. Alderfer's ERG Theory of Motivation provides the need of growth of an individual for the achievement of potential through training (Leadership Central, 2016). The management of an organization is required to ensure that there are training programs that reduce waste in the organization and maximizes on profitability. The analysis of external environment provides the management with the department which requires training for a stable performance in the market. Talent training content is required to be reviewed to ensure it meets the needs of targeted employees in the organization. The growth of an individual is achieved when one acquires new skills and knowledge used in production for the business.
Performance Recognition
The efforts of employees require being recognized for a continuous development of processes in the business. The Maslow's Hierarchy of need considers self-esteem and self-actualization for a stable performance of the business (Ozguner & Ozguner 2014). Proper evaluation of process makes it possible for the management to develop strategies to improve the organizational culture. A positive organizational culture is vital in providing a stable performance of the business through increased innovation and creativity in business production. The staffs with innovative ideas and methods are required to be recognized through offers or prizes to improve the competitive edge of the business. Creative ideas are vital in handling issues facing the business for the achievement of set production goals. The management is required to implement total reward systems considering the performance recognitions to motivate employees towards a sustainable competitive edge in the market.
Effectiveness of using Total Reward systems
The study will focus on Arm Holdings and Screwfix in evaluating the effectiveness of using total reward system in businesses. Arm Holdings and Screwfix management have implemented the total reward systems in retaining and attracting talented staff to the organizations. Arm Holdings is a softwar...
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