Monday, March 4, 2019

Is the Most Important Asset of an Organization

Question valet preference (employees) is the most important summation of an institution. Introduction Traditionally, mankind resource focused mainly on administrative chromosome mappings and process personnel management. However, due to technology advancement, administrative tasks have reduced. The portion of human resource has shifted and seems to be taking up more office in company strategic prep atomic number 18dness and information. This theory has been supported in the feed of Noe et al (2010, p. 719) Durai (2010, p. 109) stated, Employees ar the precious asset of an arranging.In beguile of this statement, human resource planning plays an important role to optimize the utilization of its asset in term of cost and productiveness. Involvement with companys strategic planning get out allow human resource de disruptment to have a broader view of employees readiness requirement and deployment. Ineffective planning entrust cause a hindrance to employee satisfactor y and transcription success. In this paper, we go forth study how the theory of hire management, job rotation, recognition and teaching will motivate employees.Correspondence to these theories, organization will chance on in productivity and profit formerly the employees are appeased with the working environment. Employee engagement with the organization Employees giving and efforts have tangible effects on an organizations productivity and stability. And much(prenominal) efforts are often been neglected and fail to satisfy employees take. When employees efforts are not recognized, there will be a lack of commitment to the organization. Thus, employees will not be incite and will be less(prenominal) creative. potency of Compensation ManagementIn order to facilitate the happen uponment of an organizations goals and key values, honorarium management plays an important role in human resource management function. Employees should be managed properly and motivated by provid ing the crush hire system base on the job through with(p) and its result. A good recompense system will attract and retain clever and productive employees. (Pattanayak B, p. 284) According to Armstrong (2002, p. 8), the compensation system consists of a total net of direct fiscal rewards (fixed wage and variable bear) and employee benefits (annual leave and sick leave).And, non-financial rewards such(prenominal) is job recognition, opportunities for career advancement and personal growth are in any case part of the compensation system. Diagram 2 shows the list of financial and non-financial rewards that an organization can apply under the compensation system. pic Noe et al. (2010, p. 547) mentioned that employees emotion and function towards the organization is mainly influence by the compensation payout. Difference in psyche personal characteristic will draw people to different compensation systems.A great solution to compensate employees in the organization is to adapt c abal course rather that one program over another. List of compensation programs are merit pay, incentive pay, profit sharing, ownership, gain sharing, and skill-based pay. Merit pay is one of the best rewarding compensation programs. Employees are measured and payout yearly based on the individuals performance appraisal rated by employees supervisor. Many companies in Singapore are adapting this compensation program for their permanent staffs. Employees will be more motivated when their performances are recognized and their basic pay is increased.Another exercising of compensation program is incentive pay. Incentive pay is usually seen in organization with sales team that brings in revenue and profit that will gain market share for the company. Employees with higher performance will gain in such compensation program as they measured based on the amount of products or services sold and the payout is not part on the employees basic pay. Payment will be pull in on a weekly or month ly basis depending on the organizations policy. Once an individual is motivated by such monetary rewards, he will sell more products and services for the rganization. However, if the compensation program is not well planned, it will have a contradict effect to the organization to support its business objectives. As mentioned in the oblige by Daly D (2009), proficient-based pay is the remuneration to payout employees with a go skilled noesis that related to the job. Employees who have attained new skill and knowledge will be compensated more comparing to their co-colleagues. Taking an subject of a technician in a manufacturing organization, he will be rewarded once he has completed the machine repair and maintenance program.In order for him to poke out to be compensated with repair basic pay, he has to continue to resurrect his skillsets. Once the employees market value has increased, he will be motivated to contribute more to the organization and reform productivity. Effe ctiveness of telephone circuit rotary motion & Recognition Apart from monetary rewards, job rotation has a function to motivate employees to enhance their skill knowledge and contribute more to the organization. Job rotation is systematic procedure whereby individual employee is shifted from current position or department to another in a given period of time.Employees will be multi skilled and able to support the organization when skillsets are required. When a job is less lifeless or monotonous, employees will perform better and improve productivity. Hence, employees will gain a promotion and increase their income. (Noe et al, p. 430) Effectiveness of Recognition Recognize and reward are exactly what the employees in the organization looking forward for a better growth in their career. The honorable motivation will influence the employees behavior and in return employees will achieve the organizations goals and objective and strive for higher productivity.Once the employees are satisfied and feel rewarded, it is unlikely for them to leave the organization. Employees will dedicated their skill and time for the organization. Therefore, the management should always be enthusiastically recognizing the intelligent and unflagging individuals to create a healthier working environment for the employees to come to work happily every day. Effectiveness of Training and Development Engaging employees with education and development are the two fundamental components in an organization.Both training and development do co-exist, as training will provide the skillsets and knowledge for the employees needs in the job. Whereas, development is a process to prepare employees in gaining new skills and knowledge for forthcoming demand in the current job or a job that do not exist. When employees obtained new skills and knowledge, it will improve the quality of the work. Organization will take the opportunities to attract and retain talented employees to gain profits and pro ductivity. This theory is support by Noe et al. (2010, p. 87) ConclusionEmployees are heretofore an integral part of a company, being important assets. They must be constantly motivated and rewarded financial or non-financial on effort done on the job. Thus, human resource management has to balance the needs and achieve the goals and objective of both employees and the organization. Once the employees gained the recognition from the organization, they will produce better results and profits. Reference Armstrong M, 2002 Employees Rewards, London CIPD Publishing. Durai P, 2010 Human preference Management, New Delhi Dorling Kindersley (India) Pvt Ltd.Noe, Hollenbeck, Gerhart, Wright, 2010 Human Resource Management Gaining A Competitive Advantage, 7th Edition New York, McGraw-Hill. Pattanayak B, 2006 Human Resource Management, 3rd Edition New Delhi, Prentice Hall of India privy Limited. Daly D, 2009. Employee Relations, Motivation, Performance Management, DeGarmo Group. Available htt p//www. degarmogroup. com/index. php/2009/03/the-effectiveness-of-skill-based-pay-systems/ 1 Dec 2010 Own Referencing Employee reward Michael Armstrong CIPD Publishing, 2002 573 pages http//books. google. com/books? d=keiVwGxm3i0C&pg=PA363&dq=financial+and+non+financial+rewards&hl=en&ei=lELSTtXwHYLorQeht-XnDA&sa=X&oi=book_result&ct=result&resnum=1&ved=0CDcQ6AEwAAv=snippet&q=total%20remuneration&f= trumped-up(prenominal) Durai P, Human Resource Management, Pearson Education India Page109 http//books. google. com. sg/books? id=cRAvCCsN2e0C&pg=PA109&dq=what+the+point+on+human+resource+is+an+asset+to+ agreement&hl=en&ei=58zRTti1K9HnrAeGjOnGDA&sa=X&oi=book_result&ct=result&resnum=3&ved=0CEIQ6AEwAgv=onepage&q=what%20the%20point%20on%20human%20resource%20is%20an%20asset%20to%20organisation&f=false pic Ronel Kleynhans, Human Resource Management 2006 Page 6 Pearson South Africa, 1 Mar, 2006 Business & Economics 310 pages http//books. google. com. sg/books? id=8_acBYy_77oC&pg=PA6&dq=HRM+-+ employee+is+an+asset&hl=en&ei=bbHRTsf8LYHTrQf1pakw&sa=X&oi=book_result&ct=result&resnum=4&ved=0CEAQ6AEwAwv=onepage&q=HRM%20-%20employee%20is%20an%20asset&f=false Human Resource Management 3Rd Ed. Biswajeet Pattanayak PHI Learning Pvt. Ltd. , 1 Mar, 2005 504 pages http//books. google. com/books? id=dF7G0yZ51GgC&dq=compensation+management&a mpsource=gbs_navlinks_s picUltimate Small Business marketing Guide James Stephenson, Courtney Thurman Entrepreneur Press, 4 Jan, 2007 Business & Economics 478 pages http//books. google. com/books? id=algx60Sbqo0C&dq=training+program+to+motivate&source=gbs_navlinks_s Industrial/Organizational Psychology An utilise Approach Michael G. Aamodt Striking a balance between research, theory, and application, the sixth strain of INDUSTRIAL/ORGANIZATIONAL PSYCHOLOGY AN APPLIED APPROACH http//books. google. com/books? id=TgE7zklRjHgC&dq=training+program+to+motivate&source=gbs_navlinks_s David Daly http//www. egarmogroup. com/index. php/2009/03/the-effec tiveness-of-skill-based-pay-systems/ Encyclopaedic Dictionary of Organization Behaviour Rahul Arora 2000 573 pages encompassing viewSarup & Sons, 1 Jan, 2000 573 pages Recognition & Reward Program Best Practices By Derek Irvine, Globoforce April 15, 2011 http//www. hrmtoday. com/talent/human-resources-management/recognition-reward-program-best-practices/ Make Their Day Employee Recognition That Works Proven Ways to throw out Morale, Productivity, and Profits Cindy Ventrice ReadHowYouWant. com, 6 Aug, 2010 Business & Economics 336 pages

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.