Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Critical study of recruitment process
Performance management theory in human resource management
Hrm 500 performance management
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Recommended: Critical study of recruitment process
2.7 Fictional case study The intricate link between the different phases in the employment process can be demonstrated by means of a fictional case study. Redington RDS is an oil company that has developed a revolutionary new way of refining oil. As such, a number of new positions have opened up in the company. To address this change, the company will first have to conduct a job analysis for each new position. Information from the job analysis will first be used to help carry out job evaluations and then workforce planning. Next, they will use information from the previous three phases to assist with recruitment, selection and finally the training and develop of new employees. Performance management will be both the last and the first step as information from it will be filtered back to previous phases. In conclusion, it is clear from the preceding discussion that all the phases in the employment process form an interconnected web where any changes in one phase will undoubtedly influence other phases. Or to put it more simply, it boils down to a systems approach to looking at the employment process. 3. A systematic approach to human resources needs The main problem that Monomotapa Mining has to deal with at the moment is the lack of a systematic procedure for anticipating and responding to their human resource needs. This is evident for two reasons. Firstly, following the reformulation of its mission, objectives and strategy, changes to its current workforce will need to be made. Secondly, with an expected 30% of the workforce retiring in the next two years plans will need to be in place to replace them with capable people so that the organisation does not add further losses to the previous three years’ losses. To overcome... ... middle of paper ... ...rnal of industrial psychology, 28 (1), 60-66. Skills Development Amendment Act 37 of 2008. Skills Levies Act (Act 9 of 1999). Government Gazette, 406 (19984), Cape Town: Government Printer. South African Board of Personnel Practices. (2014). The South African national human resource standards. Weathington, B.L. (2008). Income level and the value of non-wage employee benefits. Employee Responsibilities and Rights Journal, 20 (4), 291-300. Weathington, B.L., & Tetrick, L.E. (2000). Compensation or right: An analysis of employee “fringe” benefit perception. Employee Responsibilities and Rights Journal, 12 (3), 141-162. Zobal, C. (1998). The “ideal” team compensation system – an overview: Part I. Team Performance Management, 4 (5), 235-249. Zobal, C. (1999). The “ideal” team compensation system – an overview: Part II. Team Performance Management, 5 (1), 23-45.
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Mujtaba, B. G., & Shuaib, S. (2010). An Equitable Total Rewards Approach to Pay for Performance Management. Journal of Management Policy and Practice vol. II (4), 111-121.
Frydman, C., & Saks, R. E. (2010). Executive Compensation: A New View from a Long-Term Perspective, 1936-2005. Review Of Financial Studies, 23(5), 2099-2138.
The author explain that most individuals look forward to a guaranteed paycheck, medical benefits, work compensation, fringe
Deciding which pay form to use when compensating employees is extremely important to a company. Many things are taken into consideration: labor costs, the correlation between performance and pay, customer service, and the ability to attract and retain employees which is extremely important to FastCat’s need for innovation. We believe a single pay structure coincides with our single based plan for the organization. We want to keep things simple and understandable to all areas of the organization. This strategy will allow employees to understand how their performance and the performance of others relate to the success of the company through specific measures. It is also important that the strategies align with the objectives of FastCat. We beli...
In April 2010, KK BB, the CEO of Marshall & Gordon, a leading public relations firm met with the firm’s leadership committee off-site in Miami. This off-site brought together Marshall & Gordon’s executive committee, practice and regional heads, and senior HR officers to discuss on redesigning the firm’s compensation system. A global advisory taskforce, under the direction of an external consulting firm, had spent three months collecting and analyzing data. Marshall & Gordon hired external specialists to design the new performance management program. The specialists proposed that the senior managers and human resource form a global advisory unit together with Marshall & Gordon partner to represent the firm’s five regions of the firm and lead the design process. The advisory unit surveyed all consultants in February in order to understand their way of thinking about the fairness, worth, and effect of the current performance management system. Majority of the interviewees responded to the corporate surveys implying that the subject was topic was especially exciting to them. Interviews gave insights on present and prospective business plans and direction. The survey also showed that specific focus across certain employee populations should be given. Six current hires from key competitors were also interviewed to comprehend competitor pay practices and compensation program structures. Further focus groups discussions and key information interviews enabled the taskforce’s to understand the needs of certain groups within Marshall & Gordon’s worker population. The survey culminated with the taskforce conducting interviews of 20 partners and principals togeth...
Creating and managing effective teams in today’s work environment is much different than it was just a short time ago. With each generation of American workers come new ideas, rules, and methodologies that must be considered when developing an effective team. Some of the newer ideas may have been foreign to managers even ten years ago. An example of this is that many companies today are becoming more socially responsible. A recent article in Incentive states, “Social responsibility, it seems, is the new signing bonus” (Flanagan, p4, 2006). Rarely are managers given a perfect set of employees, a perfect environment, or a team without conflict in order to develop an effective team. These issues make it more important than ever to be able to effectively manage these teams. The simulation for Luxurion was an excellent example of managing a team well, even when the team is not put together perfectly. This paper will examine what team member were chosen, why these choices were made, issues that were worked through during the simulation and the final outcome after completing the simulation.
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
Tomax Corporation has 400 employees and wishes to develop a compensation policy to correspond to its dynamic business strategy. The company wishes to employ a high-quality workforce capable of responding to a competitive business environment. Suggest different compensation objectives to match Tomax’s business goals.
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.
There are two main components to prerequisites that include knowledge of the organizations strategic goals and knowledge of the jobs being evaluated in a performance management system (Aguinis, 2009). First is setting strategic goals, which allow the organization to clearly define their purpose thus establishing similar goals downward until each employee has individual goals that are aligned with the organization (Aguinis, 2009). Second is job analysis where job duties are defined and understood so that criteria can be developed for success at the job level and how it ties back to organizationa...
Pfeffer, J. (1998). Six dangerous myths about pay. Harvard Business Review, 76, 109-119. Print. 8 Feb. 2014.
Remuneration management is defined as the sum received for an employment or service delivered, this includes the money received on a monthly basis as well as benefits given as rewards (investopedia,para.1 ). Individualism need to be taken into account when implementing these remuneration structures or reward schemes, equal pay plays a role in balancing earnings among the diverse workforce (Shen, Chanda, D’Neetto and Monga,2009,p.241). The Woolworth’s Holdings uphold remuneration policies which have the purpose of making sure to attract and hold on to the best talent, that they are congruent with the strategies of the company and are the determinants of performance during the short and long phases. The policy considers the board members and the employees. This policy manages employees of the company by giving...
... the company occurs when there is a position that need to be fill immediately and the employees who have capabilities to get the job may apply for it. All four steps in career management process are important and none of it can be skip.
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay