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Introduction
The Psychological Contract is an increasingly relevant aspect of workplace relationships and human behavior. This essay will provide a basic definition of psychological policy, explain and analyze the role of the psychological control in managing human resources by different perspectives from people involved. Moreover, it will point out issues with the Raffles merger, address these issues and detail how it strengthens the contract in the Raffles merger by three inter-related human resource polices. It will also provide the reason as to why these three inter-related polices have been chosen.
Definition of psychological contract
In 2005, Gilbreth state the defection of psychology contract “The Psychology of Management means the effect of the mind that is directing work upon that work which is directed, and the effect of this undirected and directed work upon the mind of the worker. The emphasis in successful management lies on the man, not on the work”. In this contract, it refers to the mutual expectations of employers and employees. It includes the rights, privileges and obligations, specifically concerning mutual expectations of inputs and outcomes within the employment relationship. It includes such notions as employee engagement, beliefs about fairness,emotional intelligence, equity and trust. Although psychological contract is not a tangible contract, it plays the role of tangible contract in the enterprises.
Enterprises need to clearly understand each employee needs and desire for development, and try to satisfy them. Meanwhile, employee dedicated their time and effort to the development of enterprises. Although the development of enterprise and employee is not specified by a contract, both of them work hard t...
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...ion programs, Trustees of Tufts College, Tufts.
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Weline, M. 2007, Managing the Psychological Contract: Using the Personal Deal to Increase Performance, Gower Publishing Ltd, UK.
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ABC Associates is a compensation and human resources consulting firm that offers specialized expertise, data and tools for all aspects of total rewards design and management. It was founded by Sau, Zhan, and Ying in 2010, and located in Richmond Hill, Ontario. We specialize in services such as executive compensation consulting, job evaluation, incentive and sales compensation, pay equity analysis, market reviews, and salary benchmarking and compensation surveys for Canadian and international organizations, private, public sector, and non-profit clients. Our mission is to deliver high value, effective, and innovate solution to our clients, and, based on our expertise, passion, and understanding of our clients’ need, our team will provide the
Thankfully I have worked for more employers who have, for the most part, gotten the psychological contract right. I am an extremely engaged employee. I always say “ I work like I own the place”. Do not misunderstand, I am no Miss Goody Two Shoes but I work very hard to uphold my end of the psychological contract. Therefore, after working overtime for the majority of a fiscal year, taking on special projects (notice the “s” at the end and I was actually appointed by company execs to a couple of projects ) and then consistently demonstrating that my worth,
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Compensation programs exist under the purview of the human resources professional within the multinational organization (MNOs), and the difficulty in creating and maintaining an effective, creative, and competitive compensation program, in the recruitment of high value human capital while keeping the company profitable is a daunting task, and at times may be overwhelming.
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Compensation for today 's average worker has always been a highly sensitive topic for any employer. Determining fair compensation can be a overbearing task as there are many contributing factors that make up the general pay scale. When determining pay a company must always consider the hourly amount, the benefits that may be offered, any incentive that could potentially be incurred and ensuring that their employee have an established work life balance. For an employer to be successful in determining compensation for their associate they must remain grounded around 1 key principle. An employees compensation is determined by expertise, education and the daily duties performed by the employee.
Human resource management plays an important role in the organisation. It not only helps the employer evaluate employee accurately but also contribute to the firm’s development. Hence, the appearance of psychological contract is one of the most effective tools to help the organisation improve their HRM issues. However, it also has some challenges for the manager to overcome. Therefore, the main aim of this essay is to analyse the importance of the psychological contract in many aspects and support more evidences and experiences to support employers’ view in managing people.
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
Suffield, L., & Templer A. (2012). Labour Relations, PH Series in Human Resources Management, 3rd Edition
Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. Assuming the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by my city’s largest employer, Holland Enterprises, this paper presents a revised compensation and benefit strategy that suits the firm. This proposal describes how an effective compensation and benefit system could contribute to organizational effectiveness in the firm, the principle components of the revised compensation and benefit system for the
Job satisfaction includes challenging work, interesting job assignments, equitable rewards, competent supervision, and rewarding careers. The quality of work life and psychological rewards from employment are very important. It is doubtful, however, whether many of us would continue working were it not for the money we earn. This paper establishes the definition of compensation, overview of compensation philosophy, critical components of a compensation strategy, and an example of an effective compensation practice. (www.indiana.edu/~busx420/Book.../chap09.doc)