best-practice HRM

Organizations are relying on their skilled managers to get the people who get the job done, and of course, make the company more profitable. But that is not always the most important aspect of running a business. People are. People have always been central to organizations, but today their strategic importance is growing in knowledge-based business world like never before. An organization's success increasingly depends on the knowledge, skills, and abilities of its employees. Without them they would surely fail. Particularly, how a company is run, and how they treat their employees and customers help set the core competencies, which distinguish one organization from its competitors.

An organization has to be able to do a good job of managing their human capital, which is the knowledge, skills, and capabilities that add value to the organizations. Managers must develop strategies for identifying, recruiting, and hiring the best talent available. Once they get these individuals they must ma

Source: Marchington & Wilkinson 2000, ‘Core Personnel & Development’

Looking at the table on the previous page it is clear to see that there are four common areas that are agreed upon by all the researchers, they are;

 Performance-related Reward;

Importantly, employees must view the incentive plan to be equitable and related to their performance. Performance measures should be quantifiable, easily understood, and bear a demonstrated relationship to organizational performance. Performance appraisal programs serve many purposes, but in general those purposes can be clustered into two categories: administrative and developmental. The administrative purposes include decisions about who will be promoted, transferred, or be made redundant. They can also include

For internal equity an organization can use one of the basic job evaluation techniques to determine relative worth of job. The most common are the ranking and classification methods. The job ranking system arranges jobs in numerical order on the basis of the importance of the job's duties and responsibilities to the organization. Job classification slots jobs into pre-established grades with higher rated grades requiring more responsibilities, working conditions, and job duties. External equity can be determined by a wage survey. Data obtained from the surveys will facilitate establishing the organization's wage policy while ensuring that the employer does not pay more, or less, than needed for jobs in the relevant labour market. Base salary is only one aspect of a retention plan for important employees. Benefits and incentive plans are valuable perks in recruiting and retaining essential employees. Benefits are an established and integral part of the total compensation package. In order to have a sound benefits package there are certain basic considerations. It is essential that a program be based on specific objectives that are compatible with the organizational philosophy and policies as well as affordable to the company. By utilizing a flexible benefits package, employees are able to choose those benefits that are best suited to their individual needs. Incentive pay plans can be advantageous to both the employer as well as the employee. The success of an incentive pay plan depends on the organizational climate in which it must operate, employee confidence in it, and its suitability to employee and organizational needs.

Some topics in this essay:
Human Resource, Hamel Prahalad, Personnel Development, People People, Hendry Pettigrew, Excellence Trust, Development’ Looking, Resource Management, Reward Employees, EI Includes,  ,   , human resource, reward employees, flexible benefits, external equity, benefits package, reliable valid, ‘best practice’, performance performance, competitive advantage, reward employees past, human resource management,   employee, pay plans advantageous,