Introduction Of Jkl Corporation 's Finance Department Essay

Introduction Of Jkl Corporation 's Finance Department Essay

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HRIR 306 – Assignment # 1

Introduction

JKL Corporation’s finance department’s recent complaint has come to light due to several inadequicies of current management, performance, competitiveness and internal equity perceptions. This report will address the current discrepencies enabling underperformance and suggest an alternate pay policy mix to address the present employee complaint and improvements for the future.

JKL Corporation aims to keep labour costs as low as possible. Attracting and retaining quality staff while presenting below market pay rates must be accompanied with non-monetary benefits such as work/life balance and flexible arrangements. The current desire for flexible work arrangements such as compressed working weeks is seen as an additional benefit to base pay and motivates staff while continuing to keep labour costs minimal. Bronwyn can be offered the benefit of a compressed working week enabling work/life balance for more time with her family while remaining on the current pay rate and increasing efficiency during working hours.

Underperformance has currently been facilitated by incompetent communication by management. Hiring a more competent manager or extensive training for the current manager and education of the organisational flow on prosperity of effective management is a necessity. The benefits of 360 degree appraisals would be a more accurate and less biased performance review as well as a tool to define individual performance related incentives.

The implementation of individual incentives will eliminate underperforming staff, increase motivation and create more competitive pay packages in line with competitors salaries. While $3000 additional to base pay for an underperforming complacent employe...


... middle of paper ...


...angements.

JKL Corporation must first either invest in extensive training for management or hire a more competent manager to encourage and motivate higher performance. Aligning with organisational strategies of low labour costs non-monetary benefits can be offered to increase the pay package presented by JKL as to attract and retain high performing staff. Individual incentives coupled with 360 degree appraisals will reward individuals who perform well and make the job less desirable to underperforming employees.

These alterations will ensure that the future redundancy of any roles within the finance department will not be met with any compliance disputes. External competitiveness is achieved through non-monetary benefits remaining align with low labour costs and motivation of increased performance is achieved through individual incentives and 360 appraisals.




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