Human Resource Management is a fundamental part of a company designed to maximize employees’ performance in service of the organization’s strategic goals and objectives. One of the ways to create company’s competitive advantage is to boost productivity of the employees. Employee’s productivity depends on how satisfied they are with the task that they have been assigned to do. In the past several decades developed nations such as Canada has developed a unique way to increase employees’ morale and productivity, in addition to job enrichment. This method is called total rewards program. Total rewards program includes not only monetary rewards such as compensation but also non-monetary rewards such as performance recognition and work/life balance …show more content…
Working remotely has gained popularity in the financial industry, particularly among banks and financial groups (Rodier, 2013). However, not every organization has a sufficient budget to implement a telecommuting program. The purchasing and maintenance costs of appropriate hardware (laptops, tablets, mobile phones), security software and other infrastructure for employees to conduct work activities from remote locations can be significant, and must be measured against rent savings and increased productivity to determine if they are worth the effort. Also, to prevent feelings that they are being treated unfairly, employees not eligible for the program should be provided additional incentives or benefits (greater subsidization of public transit; company coverage of personal activities). As well, leakage of confidential company information could be an issue. “Taking shortcuts” around security electronic security procedures would jeopardize information confidentiality. Even if full attentiveness to security procedures is given, human error cannot be ruled out. Risk of exposing confidential information then, must be accepted as a factor that is always present, and as such, requires constant monitoring to be kept under
In a business or a workplace, it is essential for the organization, which consists of the employers, the managers, and their employees, to work towards reward programs within the human resources in order to create a healthy and cordial work environment and most importantly, to efficiently achieve business’ goals. In Carol Patton’s (2013) article, Rewarding Best Behaviors, she explains the importance of several companies that are beginning to recognize their employees, not just for the end-results, but for reflecting good behaviors towards the business’ values, such as demonstrating creativity on certain projects, problem solving towards certain issues, and also collaborating with fellow co-workers. Patton stresses that these reward programs could help suffice the overall being of a company as long as the rewarded behaviors correlate with the corporate strategy. Patton expresses that some things human resources must comprehend include “how its company creates success, what drives its business strategy and what behaviors are needed from employees to achieve that success” (Patton, 2013 para. 15). Moreover, the employee would be reflected as a role model for others and perhaps influence them to demonstrate comparable behaviors.
Reward and recognition has to be promoted for small and large achievements. An effective reward’s program keeps employees engaged, dedicated, and committed to the organization.
Security helps the organization meet its business objectives or mission by protecting its physical and financial resources, reputation, legal position, employees, and other tangible and intangible assets through the selection and application of appropriate safeguards. Businesses should establish roles and responsibilities of all personnel and staff members. However, a Chief Information Officer should be appointed to direct an organization’s day to day management of information assets. Supporting roles are performed by the service providers and include systems operations, whose personnel design and operate the computer systems. Each team member must be held accountable in ensuring all of the rules and policies are being followed, as well as, understanding their roles, responsibilities and functions. Organizations information processing systems are vulnerable to many threats that can inflict various types of damage that can result in significant losses (Harris, 2014). Losses can come from actions from trusted employees that defraud the system, outside hackers, or from careless data entry. The major threat to information protection is error and omissions that data entry personnel, users, system operators and programmers make. To better protect business information resources, organizations should conduct a risk analysis to see what
There is constant concern about different kinds of devices and tools because of their vulnerability: laptops; personal computers in the home; libraries and public workstations; USB Flash Drives and email, to name a few. These items are easily accessible for those attempting to breach security.... ... middle of paper ... ...
The foundation for effective job performance and compensation system can be traced to effective job analysis process. Fundamentally, a job analysis should consist of a thorough examination of the job 's duties and knowledge, skills, abilities, and qualities that are required in order to be successful in a specific position, upon which appropriate rewards or compensation can be determined. For many perspectives, jobs are usually made up of requirements and rewards, where rewards may be regarded as a major recruitment strategy for motivating potential employees in order to influence them to stay the organization for a longer period as well as enhance their performance. The most common or basic form of rewards which attracts employees is extrinsic
Incentive reward engagement offers a win-win situation for the employees and the company. Kelleher believes that incentive is a form of recognition and builds engagement through company’s and employee’s obligations towards a common goal (2014). The company has a “Growth Incentive Scheme” for the production workers. Special monetary incentives are provided should the workers achieve the monthly output target. Through the rewards, employees feel motivated towards their work and thus, contribute towards the company’s
Discuss the key elements of integrating innovation into a traditional total rewards program. The traditional reward program provides compensation and incentives for certain level of professions. The key elements of integrating invocation into a total rewards program will help attract employees and retain successful employees. Organizations who brainstorm and implement benefits feels as though they will fulfill their employee values and know what’s needed.
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.
Telecommuting may be the movement of the future, which will allow more people to work away from the office. Many people see telecommuting as a way to be close to home or allow them to be connected to their organization while working abroad. While telecommuting might work for some people, telecommuting is not for everyone. There are many disadvantages; as well advantages to telecommuting which most people do not take into account. When considering telecommuting, the advantages fall for both employer and employee. The same can be said about the disadvantages of telecommuting.
The workplace today goes beyond just the walls and ceilings that surround an office environment or office building. According to the International Telework Association and Council, 44.4 million Americans worked from home at least part of the time in 2004, up 7.5% from just on year earlier (Earthweb, 2005). Though it may be very convenient to work from home, the choice can bring its own set of problems. There are financial reasons, efficiencies, and even managing time are just a few to name that bring about many challenges and issues that any remote employee would face in that type of work environment.
Studies show that the cost of setting up a potential telecommuting situation for an employee or employees is dependent upon the existing technology level of the employer and potential telecommuting employee(s), the type of security network required to safeguard the data transmitted between them and the size of the operation. If an employer has a preexisting computer infrastructure including base units and server capabilities it can decrease the startup costs of a telecommuting operation. For small businesses the investment could be as little...
...n organisations of lack of job satisfaction and productivity amongst unmotivated employees, and related the problem to the risk of turnover. Conflict, absenteeism and stress were identified as major causes of loss of job satisfaction and productivity, potentially increasing the the loss of staff. The solution proposed was to implement additional training and performance pay. It was argued that training in the workplace improves an employee’s sense of worth and self-esteem, by increasing their skills and thus contribution to work efforts. This raises productivity, and in addition improves job satisfaction. Performance pay was advocated as a means of developing the organisation to support motivated and capable employees. Self-disciplined workers would receive recognition for output, improving job satisfaction; as well as financial incentive, keeping productivity high.
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
In large organisation, competition is not only in the market for goods and services but also for the quality of employees. As such, a large organization can only become attractive to the most skilled and high quality workers if it has an effective compensation and benefit plan. The key purpose of an effective compensation and benefit system is to provide employees with the right rewards for their work and right behavior in the workplace. Typically, organizational success is determined by the quality of employees an organization has. In turn, the organization can only attract such quality workers and maintain them through effective compensation and benefit
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