Employee Incentives Essay

Employee Incentives Essay

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Employee Incentives

With today's workforce becoming increasingly diverse and organisations doing more to maximise the benefits of the differences in employees, Human Resource managers are evolving from the "old school" sideline player to the front-line fighters. Organisations are relying on managers to get the people who get the job done, and of course, make the company money. People have always been central to organisations, but their strategic importance is growing in today's knowledge-based business world like never before. An organisation's success increasingly depends on the knowledge, skills, and abilities of its employees. Particularly as they help establish a set of core competencies which distinguish one organisation from its competitors.

When employees' talents are valuable, rare, difficult to imitate and organise, an organisation can achieve a sustained competitive advantage. In order to "compete through people", an organisation has to be able to do a good job of managing their human capital: the knowledge, skills, and capabilities that add value to the organisations. Managers must develop strategies for identifying, recruiting, and hiring the best talent available then seek to develop these individuals in ways that are specific to the needs of their individual firms, encourage them to generate new ideas while familiarising them with the company strategies, invite information sharing, and rewarding collaboration and team work. The basis, on which payments are determined, can significantly affect employee productivity and the achievement of organisational goals. Establishing benefit programs require both large and small organisations to consider specific goals. Employee retention, compensation distribution and a...

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