In order to motivate employees in the workplace, it has been traditionally taken for granted that a system of rewarding employees with monetary benefits will provide the necessary incentive for them to perform according to the standards and goals set by management. It was…
People are complex, and the elements that motivate the human will involve more than the material or financial.
Figure 1 is an author’s conception of the gamut spanned by the human resource reward system in an organization. Rewards may be intrinsic or extrinsic; intrinsic rewards are those values that an employee perceives he attains when he performs a certain job well. The value pursued by the employee is intangible, and the flawless execution of the job is itself its own reward, from which the employee derives immeasurable personal satisfaction. Factors that may enhance intrinsic rewards to the employee include the ability to participate in decision-making, relative freedom and discretion on the job, the assignment of work the employee finds more interesting, and the opportunity for personal growth, among others.
There are likewise rewards that are of an extrinsic nature, that is, the source of the personal satisfaction derived by the employee is not part and parcel of the job itself, but is a result of the workings of the company’s incentive policies and system.
Extrinsic rewards may be classified as either financial or non-financial. Financial rewards may be performance based (e.g. piecework, incentive pay plans, performance bonuses and merit pay plans), implied membership based (e.g.. profit sharing, cost of living increases, time-in-rank increase), and explicit membership based (e.g. protection programs, pay for time not worked, and services and perquisites). Those non-financial rewards include preferred office furnishing, assigned parking spaces, and ability to determine one’s preferred work assignments. Reference to different types of rewards or combinations thereof shall be made in the discussion.
Merit issues span a broad and differentiated set of considerations, but which principally involve the determination of those aspects of ...
Cite this document
(“Managing Human Capital Assignment Essay Example | Topics and Well Written Essays - 3000 words”, n.d.)
Retrieved from https://studentshare.net/miscellaneous/408933-managing-human-capital-assignment
(Managing Human Capital Assignment Essay Example | Topics and Well Written Essays - 3000 Words)
“Managing Human Capital Assignment Essay Example | Topics and Well Written Essays - 3000 Words”, n.d. https://studentshare.net/miscellaneous/408933-managing-human-capital-assignment.
It is seen that the company has been known for its service quality towards customers, however, it has been confronting with major problems in the competitive market. Analysis of the company background reveals that it has been facing with depleting competitive advantage in the market.
In real world, businesses like to keep a combination of both the approaches. They key features of both the approaches are mentioned below in a detail manner. 1. Hard HR Hard HR treats employees as resources of businesses just like building and machinery. In this regard, companies determine how to acquire the most talented candidates out of the available pool of candidates and how much it will cost to acquire such employees.
Formal education and participation in ongoing training factors related to the workplace setting also help enhance human capital that every employee represents. The increase in the economic value of man gave rise to the concept of human capital. Conceptualized by Mark Blaug forty five years ago, this is embedded in the economic theory of human resources in the form of human capital theory (Blaug, 1976:827).
It helps firm in strengthening its performance. Without a strategy, firm has no direction to guide them. Human Capital is referred to as a measure of the economic value of abilities, skills and experience of employees. This concept states that all labor is not equal and the value of each labor can be enhanced by investing in them.
Unlike the traditional concept, compensation and monetary incentives are no more the most important factors to stick on to a job. To maintain continuity in an organization it is very essential that turnover of staff is reduced. Today's world is knowledge-based with dynamic changes taking place by the hour.
n incorporated in the principles of strategic planning, an understanding of the applicability of these processes in organizational management is relatively new. Today, as more companies recognize the benefits that organizational development and the role of human resource
Human resources are considered as the greatest assets of every organization. Therefore, recruitment, selection, training and retaining of efficient work force has a significant role in the success of an organization. Recruitment of efficient employees was always a challenging task for the management.
As a result, management complexity has doubled over the last few years. In the current business environment, leaders/managers struggle to deal with different areas of management, specifically human resources management. Traditionally, managers adopt various
One of the important driver for creating such valuable assets is the performance appraisal process as it is the technique utilised for assessing the employee’s performance and identify the developmental areas for optimising the person’s
15 Pages(3750 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Managing Human Capital Assignment for FREE!