Human Resource Management: Development And Compensation Strategies (Research Paper Sample)

Student’s Name: Instructor: Course: Date: 1 The connection of performance management system to training and development strategies and compensation strategies A performance management system has a role in ensuring that organisational objectives have been met by the employee. For the employee to perform optimally, there is a need for the prerequisite skills and competencies. The human resources department has to avail competent employees through hiring as well as training and development. While on the job the employee may come across some challenges in the present as well as in the future, problems which should be addressed. To equip the employee, the organisation may need to conduct seminars, workshops as well as the use of videos and job aids which will improve on the performance of the employee as they pick up the needed skills. The training and development department while analysing the performance of employees can pick up their performance gaps. Those gaps once identified need to be addressed appropriately ending up in improved performance of the employee (Cascio 2). The performance management system helps the individual employee in setting their goals towards achieving organisational objectives. These are the goals that will be reinforced through training and development as revealed through the organisation appraisal systems. At times due to changing environment of doing business, there may need to shift individual competencies from one field to the next. The problem can best be handled when management has the individual's skills competence. On the other hand, the management will make use of the performance management system to evaluate the performance of their employees’ and compensate them appropriately. Improvements within the organisation to better utilise the information received from the performance management system The data obtained will help in developing training programs, sourcing for training and capacity development consultants where the organisation feels deficient, suggesting training referrals for its employees. 2 Effect of a compensation package on employee motivation and satisfaction Compensation refers to the benefits that an employee gets from the organisation. The benefits can be both financial and non-financial. The economic benefit is the basic salary. Recruitment The performance of an organisation will depend on its workforce. To attract highly qualified personnel who will give the organisation a competitive advantage and improved productivity, the organisation will need to offer a better package to its employees. While some employees may be particular with the basic pay, others may be interested in other benefits provided by the organisation. A flexible working schedule is gaining momentum presently, and the organisation has to be alive to these new developments. It’s, therefore, necessary to have prior information about an employee’s former salary and thus evaluate their preferences (Hameed et al. 4). Motivation The success in returns on investment of any organisation depends on the commitment of its employees to their assignment. An adequately remunerated employee will feel motivated to work more. This is because the employee feels like part of the organisation and as returns go higher for the organisation this is reflected in their compensation. Most organisations have a fixed remuneration and a variable one based on employees performance. At times the variable payment has exceeded the set remuneration as the employee had to devote more energies to the organisation. For example, where the employees are remunerated on the commission basis, or expect some bonus after a certain period, are motivated to work harder. Retention Practice makes perfect. If an organisation has an employee for a reasonable period, who have undergone the training and development programs of the organisation, the productivity and efficiency of such an employee tend to be high. Losing such an employee will be very costly for the organisation as this will mean fresh recruitment and training. Therefore better compensation indicates that the retention rate is high (Hameed et al. 6). Other factors that will result in retained workforce include internal promotions where employees are given higher responsibilities and allowed to practice their skills which they have gathered over time. Other non-financial services are critical to an employee. Such services include health insurance and retirement packages. When an employee has such benefits, then the disposable income to invest in other things is higher. Otherwise, some of the revenue would be used in meeting health costs. For example, most employees prefer working for the government whose terms are permanent and pensionable so that after retirement, they can enjoy the pension. 3 Legally required benefits and why are they required by law Legally needed benefits are statutory benefits to the employee that the employer is expected to contribute toward. These benefits include- social security, workers’ compensation, family and medical leave, unemployment insurance, COBRA benefits. These benefits are required by the law as they safeguard the interests of the employee. The workers compensation supports employees who may have either fallen ill or got injured in the workplace, the unemployment insurance helps employees to lead healthy lives after losing their jobs unintentionally, social security benefits helps the employee to continue receiving some money after quitting employment due to retirement, family and medical leaves allows an employee some time off from job to meet other very critical assignments without having to lose their jobs, for employees who are subject to the COBRA Act, they can benefit from an insurance coverage for up to 18 months at the employer’s group rate (Keefe 2). Of all these benefits it is possible to do without the unemployment insurance as employment is pegged to the availability of funds. For example at the inception of a project or new recruitment of an employee, the organisation should make it clear that the employment is for a specific duration based on the availability of funds as per the contractual agreement. Towards the expiry of the contract, the organisation should remind the employee that the employment is coming to an end and such an employee will not find it offensive when told to clear from the organisation. The additional benefit which can be legalised Life insurance is a benefit that needs to be authorised. If the breadwinner has passed on, then the cover can take care of certain obligations such as a meeting of funeral and burial costs, providing an income to cover everyday living expenses, to include any outstanding debts such as mortgage, car loan and credit cards (Keefe 25). 4 Christian perspectives and their influence on employee performance of duties Religion may have a bearing on employee performance of duties. These include: - when a Christian is called upon to work on an assignment on their day of worship, they may be reluctant, a Christian on an advertisement assignment may be unwilling to advertise some specific products, for example, condoms, in the contemporary world where jobs and promotions are scarce, for a Christian who needs a promotion but the boss has to get some sexual favors, though skilled and equal to the task may have to abandon such a development (Mostafa et al. 750). Legal and ethical responsibilities of a HR representative in ensuring that all employees’ views and beliefs are being considered. An organization exists for its people and by its people. Therefore it is imperative to have an understanding of how the organization affects its people. To do this the HR representative will guide in carrying out an audit of the organization’s practices...