I learned a lot of valuable lessons during this business course. Training and development can be used as a strategic tool to improve the value of the human capital of a firm. I learned that employees are motivated by financial and non-financial rewards. An example of a non-financial reward is receiving a “congratulations” from the boss on a job well done. A third concept I learned in class is there many employment laws that protect the rights of workers. There are laws that protect employees against racial discrimination and sexual harassment. A fourth concept I learned in classroom is job analysis. Job analysis can be defined as set of procedures used to collect and classify information about tasks the organization needs to complete (Schermerhorn & Hunt & Osborn, 2003).
A training and development program that the company offers to some of its employees is the management training program. The management and training program is available to talented employees that have shown leadership abilities and who have at least a bachelor degree. The program does not necessarily imply the person is to be promoted to a managerial position. There is financial incentive that pays the employees a cash reward after completion of the program.
Compensation systems are important because they represent a mechanism that is in place to reward the employees for their efforts. An effective compensation plan will have many elements. The hourly pay is just one of these elements. There are many fringe benefits that can be offered to motivate employees. Some of the different elements of a complete compensation plan include maternity leave, paternity leave, extended vacations, sick days, medical plan, car allowance, flexible time, gymnasium privileges, college tuition assistance, and child day care allowance. Another ways to improve a compensation plan is by offering profit sharing, year-end bonuses,