When you think about HRM what is the first thing that comes to your mind. Do you believe that HRM focus on compensation and benefits, safety and health or recruitment inside of a company? In reality all of these components and more are needed to contain a excellent HRM. An effective human resource management process sets the foundation for excellence. By focusing attention on setting understandable performance expectation, it will help the employees know what is expected of them to be successful on the job.
Abstract This paper explores the components of a total reward system. We cover the historical aspect of total rewards from its earliest years to present day. We define total rewards and explain the five elements; compensation, benefits, work-life, performance and recognition and development and career opportunities. We discuss the perceived advantages and problems with the total reward scheme. Keywords: Components of total rewards, advantages and problems with total rewards Historical Snapshot In the earliest years that the fields of compensation and benefits were recognized as professions, practice was based largely on formulas that served the entire employee population in an organization.
Make this comparison in light of the organization in which you currently work or recently worked. (b) From a management perspective, defend what you would judge to be the most desirable arrangement for your organization. Be sure to include other factors around the wage issue that might impact your decision. (Points :
Outline why legislation relating to employment exists . providing the rules and regulations that must be followed protects the rights of both the employer and the employee. Identify sources and types of information and advice available in relation to employment responsibilities and rights .Contracts, Policy documents, Terms and conditions, Job description, Contracts. [CT257.2] Understand agreed ways of working that protect own relationship with employer Describe the terms and conditions of own contract of employment . Anything that was agreed and written in your contract of employment such as confidentiality, Reliability and Flexibility , work place rules and much more, you agree to these on the signing of your contract so you and your employer have a legal binging contract that u must adhere to and also staff should have a staff handbook which is accessible at all times for you to refere back to if there are any questions about your contract.
Human Resource Management Week 1 Assignment 1. Why do you think is it important for HR to be a strategic partner to the business? HR is an important strategic partner to any business, because it identifies the needs and future needs of the organizations that they are representing. HR is a direct connection to the employee, management and the organization ultimate goals. These ultimate goals are met by the basic functions of HR which are planning, organizing, leading, and controlling.
Internal and External Equity Comparison Internal and External Equity Comparison Total compensation is be defined as the rewards, which employees receive for their labor. A well designed compensation package will attract skilled employees, reduce turnover, and increase employee productivity. Two factors that affect a compensation plan is internal and external equity. “Internal alignment, often called internal equity, refers to the pay relationships among different jobs/skills/competencies within a single organization. The relationship forms a pay structure that should support the organization strategy, support the workflow, be fair to employees, and motivate behavior toward organization objectives” (Milkovich & Newman, 2009, para.
3CJA- Contributing to the Process of Job Analysis 1.1, 1.2, 2.1 Explain the Principles and Purpose of Job Analysis Job analysis is an important function of HR, which is related with many activities of HR Management. It can help a company to run their staffing activities more efficiently and effectively. It can contribute to cutting costs and time saving. Job analysis can be defined as “A systematic exploration, study and recording the responsibilities, duties, skills, accountabilities, work environment and ability requirements of a specific job.” It can support recruitment plans, position posting and performance development. When a company creates a new job they must come up with a job analysis of the role so HR knows what kind of job applicant they need to recruit.
Management of human resources is very important of an organisation, the management should therefore find the right approach to their employees to be able to plan and manage them in a professional manner. Human resources management is important for an organisation because if employees perform efficiently it increases the production and/or customers services in an organisation. A business can manage its human resources through methods such as: motivation, training, appraisal and personal development planning. A very important aspect in HR management is employing staff with the right skills and qualification required for a particular job role and training those staff who don’t have the right required skills to carry out a particular task. Management of human resources is essential as it commits employees into achieving organisation goals and objectives.
Role of Stakeholder Paper The purpose of this paper is to identify the role of the stakeholders in an organization and identify the specific roles of the stakeholders in implementing a quality management process. The start of the paper will identify the description of a stakeholder and its specific roles and in addition will enlighten how important stakeholders are to the growth of a company. Subsequently, two organizations will be provided as examples to support the response of the importance of the stakeholders. The Stakeholder and Roles of the Stakeholders The definition of “stakeholder” identifies as any person or persons with an interest in the company. Any person or persons who can contribute to the company’s growth and success or who benefits from the company’s success.