A total rewards approach allows an organization to have the flexibility to remove itself from the one-size-fits-all mentality and offer employees a mixture of reward packages that meet the employee’s needs. This is extremely important in today’s workforce because of the diversity among groups of employees. This flexibility benefits both the employer and employee because motivating employees through total rewards increases the organizations chances of profits in the bottom line. Another advantage is the ability to recruit and retain employees within the workforce. The primary way to address an issue in recruiting and retaining a quality workforce is to develop a total rewards package that is inviting.
This is because the company will need highly skilled workers to maximise production without a large range to choose from. If there are not enough highly skilled workers it can again lead to a lack of productivity and the company may not be able to reach their long term objectives which will require a highly skilled workforce. By constantly monitoring the workforce plan and updating it the company has a better knowledge of what type of employees they need, this can be key due to the lack of skilled professionals because they will not spend money on highly employees who they do not need. One major internal influence is the fact that Cameco work in
However, the amount of capital can be limited thus using appropriate budgeting concepts will help narrow down the risks. Arguably, some of the most popular methods of capital budgeting are Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Cask Flow (DCF) and payback period. Businesses tend to struggle to minimizing expenses to improve the bottom line because some of these expenses are needed to ensure that certain operational goals are met, i.e., overhead and advertising. Establishing a culture of employee engagement and allowing employees to articulate their ideas can help in reducing these costs. To encourage the employees to come up with innovative ideas, a quarterly price by way of a $25.00 gift card will be given to the employee with the best idea.
If he relocates one of the stores he could also lose customers as well. The internal weakness include not wanting to hire outside of his family and the timing if he relocated one of his stores which he could lose current and potential customers due to the opening of West 9. He is not sure of his ability of running two stores either . External perspectives The characteristics of this industry are that with similar companies that are larger it greatly affects smaller companies with the cheaper prices that these companies can offer to customers. The firm’s strategy for differentiation is to be able to provide exceptional customer service by react quickly to competition
Assignment 2 – Understanding Innovation and Change in an Organisation AC1.1 Explain the benefits of innovation and change for the organisation Change and Innovation are as equally important in creating and sustaining the growth of a business through organisational development. If planned and implemented well both could lead to a total change not just for the profit success of the organisation but can also have a positive impact on employee engagement. Innovation in the workplace fostered by teamwork and employee involvement in decision-making and reengineering business processes can boost morale and award incentives such as bonus payments. The purpose of organisational development is to enable an organization to better respond and adapt to industry/market changes and technological advances. The absence of both innovation and change in an organisations development can be the difference between being a leader in their field of business, failure to keep up with competitors, create stagnation or cause decline in their existing success.
A job description usually just summarizes the tasks that have to be done and this might be very narrow, this will make a potential employee assume that there is not a lot to do in this job and then might not expect the full responsibilities of a job and then might quit for this reason. This will limit the productivity of staff and employees. - As a job changes regularly the job description has to be updated, this means the employer or manager has to spend a lot of time updating the job description instead of working on a profitable task. Recommendations to improve a job
A lack of recognition for good work can dramatically reduce motivation as staff feel undervalued and unappreciated, a person may work hard for an employer who does not appreciate them. Praise and recognition provides the incentive to work hard and achieve goals. Other incentives in a workplace can include the chance to learn and gain qualifications, promotions, and often increased salaries. However, it would be foolish to believe that money is always the
Problems that Goodwill might go through while training those people is finding a company who is willing to hire a disabled person, knowing that the outcome of this person might be less effective and could cost the company some loss in profit. Also, the fact that there is limited amount of job opportunities due to financial crisis makes it hard to put unexperienced individuals in an advanced position to get hired. Moreover, discrimination against the disabled individuals and the low expectations that companies think they will be doing puts them at a low level of getting hired. This will lead Goodwill to invest a lot of money training those people and giving them a better opportunity to get
Another threat of substitute could be companies hiring in house people to save costs, in which case they will have to compete with them in terms of attracting talent as well. Freelancers seem to be another plausible substitute outside the industry. This shows that there’s a high threat for substitutes. Bargaining Power of Buyers: In this industry, some buyers are buying in volumes that are large compared to the vendor. (“Huge tended to
Beginning with the affordability of fresh graduate, employer benefits the cost of fresh graduates than hiring experienced person. Following with students work environment their ability and adaptability. Their perspectives, each of the students have different thoughts and ideas. Fresh graduates have adequate knowledge in today’s technology. By hiring new graduates, employers can save money by spending less on training, gain new and fresh ideas from different fields and have employees that are adaptable at multitasking while being more technologically savvy.