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: International Human Resource Management MBA7008- MC/RE - Assignment 02.
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RUNNING HEAD LAW AND INTERNATIONAL LAW
International Human Resource Management MBA7008- MC/RE - Assignment 02
Name of the writer
Name of the institution
Reward Management Practices
Introduction
Organisational environments are characterised by designing employment systems and increasing shortages of skilled and professional labours. In that particular aspect, it is the responsibility of the human resource management system to develop a significant recruitment plan to attract skilled labours. Organisations are adopting various recruitment practices to attract, retain, and motivate employees to work in a performance-based environment. In the modern world, recruitment practices of human resource are based on reward system as it drives employees morale. It is essential to consider the importance of strategic management of human capital assets for an organisation. Strategic management of human capital assets is highly important for an organisation due to the increased proportion of total costs of doing business. Reward practices of HR demonstrate that the organisation greatly emphasises on valuing employees. An organisation can easily increase its productivity by incentives and reward management. Here, the focus is to develop reward practices for the organisation to attract, retain, and motivate employees to work in flexible working arrangements.
Discussion
In the modern world, organisations are focusing on reward management to ensure that employees are motivated towards the companys goals and objectives. Reward management practices allow human resource to reward employees for their accomplishments. It is the responsibility of employees to follow the rules and regulations that are in place by the organisation. The organisation needs to clearly communicate with its employees regarding the rewards that will be offered for high performance (Armstrong and Murlis, 2007, pp.21). It is obvious that organisation establish reward management to retain and motivate employees. However, it is important to consider the fact that reward management can also be used to attract professional employees with proficient skills. The organisation needs to understand that retaining and attracting professional and skilled employees is highly beneficial to excel in a particular market. Effective reward structure helps HR to find and attract valuable talent. The overall engagement and productivity of employees improve through effective HR recruitment structure. In a fast-moving economy, organisation should need to stock best talent by utilising various HR practices. The organisation can easily find best talent who can contribute their efforts to the success of the business. Reward practices should be used by the organisation to reinforce organisation values to ensure profitability in a given market. It is important for the organisation to focus on the behaviour of its new and old employees. Focusing on the behaviour of employees can be beneficial for employers to achieve significant results regarding merely meeting them. Attracting and retaining high potential staff is highly important for the organisation to compete with other organisation in the market.
Hiring talented individuals is critical for the organisation to ensure that the objectives of the business are effectively fulfilled. However, the organisation should first recruit skilled employees, which can be a challenging task. It is the responsibility of HR to recruit valuable and talented labour to fill certain types of jobs. For this particular purpose, there is a need to establish a detailed recruitment process. Recruitment efforts of an organisation have the potential to attract professional and potential talent (Armstrong and Murlis, 2007, pp.17). However, it requires critical decision-making skills regarding the management of recruitment process. If a company is utilising rewards management practices, then it should properly convey that message to potential talented individuals.
The effectiveness of reward practices can be observed in the form of different managerial prospects. The suitability of the reward model can successfully determine through the assessment of different and vital practical aspects. It is vital for the management of the organisation to develop a suitable recruitment plan that successfully aligns with the prospect of reward practices. The importance of suitable reward structure at the stage of recruitment can never be ignored because it is the first and crucial step for the organisation to attain and retain valuable workers. There is a need for adopting suitable recruiting strategies to attract skilful workers according to the actual needs of organizational performance. The rewards practices of the company can be used as successful instruments to attract skilled and competent employees to achieve the ultimate objectives of the company. It is noteworthy to indicate that the strategy of recruiting suitable staff members comprised of the systematic process that requires proper adoption of different relevant aspects. These aspects can be identified as follows
Identifying who should be recruited
For the identification of a candidate to be employed the first and foremost step should be the establishment of objectives. The objectives should include number and date of positions to be filled, number and type of applications, job performance goals and expected hire retention rates. One of the key decisions is the formation of standards for selection or recruitment of candidates. This may include educational upbringing, skills and previous knowledge and experience of candidates. An HR professional should consider their managers about the skills that should be targeted before hiring a recruit. The functional managers should also be considered before the acquisition of a recruit because they have the insight knowledge of the work, the candidates will be assigned in the future (Armstrong and Stephens, 2005, pp.43). Their input is also necessary for determining the skills set of the recruits. This will not only help target specific individuals but will also help to improve relationships with functional managers.
HR should gather data on the list of universities that usually produces most hires. Along with that, the HR should look into metrics like performance reviews and also new hires that have stayed longer with previous organizations. A computerized employee tracking system makes it easier to evaluate the matrices gathered for recruitment purposes. However, a smaller organization can also assess the sources that produce better quality and number of applicants. The sources may include newspapers, job fairs or other online jobs accessing websites. The HR management should also organize talent hunt programs in university campuses, such competitions enable the candidates to recognize the brand value of recruiting firm. Such competitions recently have become one of the major sources to find individual professional talents.
The HR should not only focus on key factors such as experience, skills and educational backgrounds. They should also consider what types of candidates are expected to be fascinated by a particular job offers. They should consider the values and ethics of participants that would fit into their culture. Two other interesting facts to consider are position insight and self-insight. The first one is understanding of candidates about the position in question, that what is being asked of him. The other factor is that he should know about his/her talents and interests. Another recruitment strategy is to target seniors with more experience in the market. Hiring them could benefit from low recruitment and training cost while higher rates of retention. At the same time offering more knowledge and expertise. Former employees should also be the priority while recruiting for a position, as it gives extra benefits of generally requiring less time to settle. They also need less training, are less likely to leave and it also sends a message to current employees that this is a healthy work environment and people want to work here.
Another factor that needs attention is considering the geographical location of candidates regarding the position being offered. If a job is being offered in a specific location the recruitment department should target the locals as they would find the job more attractive and easily accessible. Another geographical factor that can be considered while targeted recruitment is the unemployment rate. The human resource department should focus on those areas where the unemployment rate is higher, that will help them in finding candidates having more eagerness in them. They are also easy to negotiate and work with.
Reaching targeted individuals
Employers nowadays have access to an extant of different methods for publicizing job openings. In these different methods, employee referrals are regarded as the most common and best-used methods. Using current employees as information for job candidates is effective, due to four key reasons. Current employees value their reputation, so they will only refer those candidates who can fit the job perfectly. This information provided by current employee acts as pre-screening. Current employees are most likely to deliver accurate information about the nature of the job so it will be easy for the applicants to judge themselves for the job (Armstrong and Murlis, 2007, pp.36). Also, they are expected to help the person they referred, once he or she gets the job. This will also make the integration of new employee much easier. Referrals are also an emphatic way to bring job openings to the consideration of people who are not actively looking for a job but have desirable skills and work ethic.
Employers are also using their web sites as a method for recruiting. A web site is a low-cost way to convey extensive information about a recruitment opportunity. However, there should be an assurance that information is reaching out to the desired audience. On the website, the viewers attention can be grabbed with effective use of colour and sophisticated design. The website should be easy to navigate and should be user-friendly. The website should contain information that is important to candidates, such as duties and location of the job. The options for submission of resume and acceptance should be there. For further conveyance, there should be video guidance that can show the setup around the work facility.
Many recruiters depend profoundly on job boards but most can be categorized in terms of geographic focus that whether the job is local or international, whether based its an industrial job or an office job. Some can also be characterized regarding the salary being offered. Each type has advantages and disadvantages. General issue job boards are that they tend to generate too many possible job applicants. In contrast, if someone uses a local job board, candidates outside the specific area are likely to be eliminated, reducing the pool of applications to be screened. Although it has yet to become a trend yet, social interacting sites have begun to attract attention as channel recruitment. Typically, social networking involves one of two strategies. In the first strategy, an employer places an advertisement on a site for the audience to be contacted. The second approach is more targeted. Some social networking sites have features that allow an employer to find individuals who have listed qualifications, work experience, skills or a geographic location.
College recruitment is another way of selecting candidates and creating an encouraging campus presence. In selecting campuses at which to recruit, the recruiters should first determine whether the campus offers relevant majors. Even if those majors are offered, do they offer it to a sufficient number of students to make a campus visit worthwhile They should also consider student quality and range of knowledge. Some other aspects worth considering are the number of new hires every college have resulted in past years and also how these individuals performed. By cautiously analysing past recruitment outcomes, the recruitment team may determine that some specific colleges have a much higher ceiling in knowledge and skills than others. A less impressive manager may discover that there is more wisdom in recruiting at public universities, as their students are not quite as selective in choosing employers as some private universities.
Determining the best timing for recruitment
Both academic researchers and practitioners suggest that the timing of recruiting employees is very important. Usually, employers that conduct interviews earlier in the college recruit better-skilled candidates as compared to those of late interviews. The reason for this is simple, that students with better knowledge and skills sets are already taken by others recruiters. So, one can easily recruit better quality recruits if they conduct interviews early. Similarly, employers should keep contacts with universities placement offices and keep updating themselves about different job fairs and project displaying events. Good timing is not only important at the beginning but also during the entire engagement process. Delays in responding to requests for data from recruits, setting up late visits and job offers can have unfavourable effects. Such delays can have a very huge impact on the recruitment of most coveted applicants. Some delays are inevitable, but ideally, the recruitment team should stay in touch with applicants and inform them about the process.
Similarly, the recruitment manager should also consider the time to fill which is considered as the total number of days an open job remains vacant and the time required to fill that position. Time to fill provides a clear image of the talent procurement strategy. Another factor that should be kept in mind is the goal to hire (Shields et al., 2015, pp.13). It is a metric that provides the total number of recruits to be hired within a given time frame to reach a recruitment goal. Recruitment is a difficult task which revolves around many factors such as the location of a job, cost of labour and also the right timing of recruitment. However, a metric that gives senior management an idea about the performance of the recruitment team is Time to Hire. It is the time period during which a candidate passes through a recruitment process since the time of their application.
Employers should also take time and do not hurry things just for the sake of time-saving. The recruiters should make their time worthwhile. The delays in the general process as a whole should be avoided. The candidates should be hired while keeping in mind the period of training and integration. For example, a construction company has received a tender which has to be started in six months. So, if a recruit is required for that process he/she should be hired immediately within a month as then, later on, there will be no time left for his training period. Similarly, the time period between January to April is the busiest time for different accounting companies. So, there may not be a lot of positions available for accounting graduates that are looking for a job. So, these type of firms concentrates on recruitment throughout the rest of the year. In general winter and spring is the considered best time for recruitment because that is usually when a companys new fiscal year starts and new college students complete their education respectively and are available in the market for recruitment.
Designing a Recruitment Message
Delivery of the attractive hiring message by the organisation is one critical step to achieve the actual objectives of the recruitment process. It is essential for the recruitment department to convey a clear message of hiring in the form of job advertisement for the target staff members. Concise and explicit message about the actual requirements and responsibilities of the specific job position eventually guides a potential human resource to consider themselves for the job. Designing of recruitment message requires to clearly provide all the important information to the potential applicants to ensure the proper level of recruitment ethics. The reward structure offering by the management should also be clearly communicated in the form of recruitment message to make job position clear for the job candidates. This specific domain is also critical to develop desired confidence and trust level between the recruiting staff and the applicants.
Planning an Organisational Site Visit
Planning an organization site visit is another vital option for the recruitment department to build a strong connection between the organization and the potential staff members. This practical option can be helpful for job applicants to understand the overall functioning of the organisation. It is one recommended practical approach for the human resource department to make the organisational visit possible for the short-listed applicants or new staff members. Desired performance level can never be expected from the new workers unless they have complete knowledge about their work tasks and responsibilities. It is necessary for them to properly understand how the organisation work and what can be their role in the company as a professional worker. The option of the site visit is also vital to develop better communication channels between all the relevant stakeholders. When it comes to the adoption of this specific strategy then it is critical for the decision-makers to ensure appropriate feasibility level. Another major advantage of this approach is that it helps new workers or potential employees to understand the reward structure applies in the company.
Evaluating Past Recruitment Efforts
The critical and detailed evaluation of the former recruitment policies is essential to determine the effectiveness of the current approach. This form of consideration is vital to explore the potential advantages and disadvantages of the past recruitment system applied in the company. This form of examination eventually helps to propose new recruitment procedure according to the advanced requirements of the recruitment procedure. There are many relevant aspects concerning the assessment of former recruitment efforts. Attainment of feedback from job applicant is one suitable practical measure to assess the facet of former recruitment procedure. This specific approach is vital to identify the potential strengths and weakness of the recruitment process of the company. In other words, it can be used by the management as the guiding principles to redevelop the paradigm of recruitment. The detailed examination of the past recruitment efforts of the company reveals that there is need for adding more alignment between recruitment process and the reward structure. This form of exploration ultimately helps to develop new recruitment plan by clearly expressing different reward options offering by the company for the potential workers. Active communication with newly hired workers is also essential to identify their opinions about the reward system of the company. This particular form of feedback is essential to identify the specific areas of reward system that requires necessary improvement on an immediate basis.
Management of the Entire Recruitment Operation
The comprehensive approach of recruitment operation comprised of different associated aspects. It is one core duty of the recruiting department to ensure the proper management of all the relevant aspects to attain the success in case of overall recruitment plan of the company. Mismanagement of the recruitment process can lead to the recruitment of incompetent workers for the organisation. It is important for the recruitment department of the company to understand the importance of the overall recruitment procedure. It is the first stage to achieve the actual desired organisational objectives through the high-performance level of the workers. Attainment and retention of high-quality performers is no easy task for the business organisation as it requires adoption of different motivational strategies. The approach of proper and suitable reward system by the company can be helpful to attain the great form of workers loyalty and their job satisfaction. The core objectives of employees acquisition and retention are only possible through the proper management of the recruitment process at every stage.
If an organisation intends to utilise rewards management practices in an effective manner, then it should need to recognise the importance of employees. Regardless of recruiting new employees, it is beneficial for employers to recognise existing employees on the basis of their performance and accomplishment in the organisation. Employee rewards and recognition practices are highly necessary for an organisation as it helps to minimise turnover. Reward practices motivate employees to work harder in order to maximise profitability. It is important to consider the fact that reward practices help in enhancing productivity of employees. Rewarding employees is a kind of appreciation that encourages employees to work hard (Gngr, 2011, pp.17). Therefore, it will be beneficial for the organisation to apply the strategy of recognition. Recognition of employees motivates them to enhance their productivity for the collective benefit of business. It is the core responsibility of HR to provide precise awareness regarding their rewarding programs for employees. If employees understand the importance of rewarding program, then they are more likely to show their full effort to complete a particular objective. Management should need to consider the incorporation of rewarding practise if they want to retain their skilled employees. The entire purpose of rewarding individuals in the workplace is to make them satisfied with the policies of management. If hard working employees are recognised through incentives, then there is an increased chance that they will improve their creativity and productivity. Management should also consider the fact that recognition and rewarding practices will increase satisfaction and trust between employees and management. Such positive relationship is highly necessary for an organisation to excel in a given market.
Conclusion
In a nutshell, reward practices are highly efficient to attract, retain, and motive skilled employees. Rewarding practices allow an organisation to recognise the potential and accomplishments of employees in an effective manner. The organisation can retain their skilled employees through valuable rewarding practices, which can ultimately increase their productivity as well. Attracting skilled and professional employees is highly critical for the organisation, so it is essential to improve reward practices to attract new and skilled employees. The organisation should need to evaluate its existing recruitment and rewarding practices to make improvement in their new strategies.
References
Armstrong, M. and Murlis, H., 2007.Reward management A handbook of remuneration strategy and practice. Kogan Page Publishers.
Armstrong, M. and Stephens, T., 2005.A handbook of employee reward management and practice. Kogan Page Publishers.
Gngr, P. (2011). The relationship between reward management system and employee performance with the mediating role of motivation A quantitative study on global banks.Procedia-Social and Behavioral Sciences,24, 1510-1520.
Shields, J., Brown, M., Kaine, S., Dolle-Samuel, C., North-Samardzic, A., McLean, P., Plimmer, G. (2015).Managing employee performance reward Concepts, practices, strategies. Cambridge University Press.
Law and International Law PAGE MERGEFORMAT 14
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