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Performance management system - strengths and weaknesses
Performance management system - strengths and weaknesses
Effective Performance Management System
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The next element of the package is work-life balance. The company wants to ensure that they have programs in place to offer their employees a healthy balance between their life at work and at home. It is easy for employees to get overwhelmed with work, especially when they are just beginning their career, or beginning a family. Its important for us as a company to implement programs that help our employees manage the day-to-day issues of balancing life and work. Hilton Insurance Associates offers its employees flexible work schedules, wellness programs, several leave time options and dependent care options. Performance and recognition are also an important part of the total rewards program, to ensure that employees are recognized for their …show more content…
In the US, paid time off is a benefit given to employees that is earned from their employer, increasing with tenure. In some countries such as Germany and Spain, paid time off is a government mandate. The government mandates that employers offer employees 34 days of paid time off each year, regardless of their tenure with the company. When it comes to paid maternity/paternity leave, the US does not require it, although it is mandatory in other countries. Our employees in Europe are given 14 weeks of paid leave when they have a child as mandated by the …show more content…
Flexibility is an important element when it comes to offering employees total rewards because each individual will have different perspectives on the value of their benefits. In some of the countries that we operate in, private insurance is not required, therefore those individuals may not value medical insurance as much as someone in the US would. In order to attract and retain top talent globally, we also strive to be innovative in our benefit offerings. For those employees who do utilize our health insurance benefits, we extend coverage to their dependents, including domestic partners and elderly parents. Our benefit programs allow all employees the opportunity to maintain a healthy, balanced lifestyle while achieving success at
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
Response: Recognition is a big factors that helps with employee satisfaction and motivation. When an employee is excelling in their work and completing all goals and objectives, there hard work is recognized by means of gifts, announcements, and even the prime parking space at the organization.
The cost and administrative burden of providing health care benefits to employees has grown rapidly in the last several years, and organizations have opted to cheaper means of doing this by resorting to CDHPs programs that are little bit cheaper when using deductible health insurance plans. This has led to the hope of healthier generation in the near future as the cost of health services would be manageable (Buntin, Damberg, Haviland & Kapur, 2006).
If you and your significant other had a child, would you want to be there to not only support your partner, but to see your child’s first milestones in real life? Of course you would! The problem is most parents miss crucial parts of their child’s life because of the lack of paid maternity and paternity leave in the United States. New families, across the nation, should be allowed a minimum six months of paid maternity leave.
Kaufman, Lyonette, and Crompton (2010) explain that in Britain, family leave is short and offers low income replacement; while in the United States, family leave applies to some fathers and is unpaid (p. 322). After researching, Kaufman, Lyonette, and Crompton (2010) find “British fathers benefit from a policy that provided one week paid leave in the recent past and currently offers two weeks (partially) paid leave. American fathers know less about family leave policy, and even for those who are aware of FMLA, they are aware that it is unpaid” (p. 336). Research also showed that British fathers took one week of paid leave. American fathers had to deal with unpaid leave and used vacation days to take time
Figure 1, shows the top countries in the world for maternity leave, with all offering over 50 weeks, and Serbia and Denmark at 100% of salary. In other countries both the amount of time and percentage of salary differs, but as Amanda Peterson Beadle points out in her article for the ThinkProgress website, ‘Out of 178 nations, the U.S. is one of three that does not offer paid maternity leave benefits, let alone paid leave for fathers’. (6)
America is the one and only developed country that does not offer any paid maternity leave. Maternity leave is a period of absence from work granted to a mother before and after the birth of her child. In America this means twelve weeks of unpaid absence that guarantees her job when she returns. We are so far behind everyone that out of all of the countries around the world seven out of 196 including America do not have mandatory paid maternity leave. (Colorado public radio news) That is a sad figure, to think that we place having a family so high but don’t give the mothers the protection and security they deserve.
Trends in time off with pay can vary from public (i.e. not for profit) and private (i.e. for profit) sector organizations. Usually public sector employees are governed by benefits that separate vacation, sick, personal days, jury duty, funeral leave etcetera. Private sector employers primarily utilize Paid Time Off (PTO) that lump all of the instances of needing time off in a time bank that each employee is responsible for maintaining. Time off with pay is a topic that is regularly evaluated throughout organizations today. In this paper I will be discussing the paid time off benefits that are offered to public employees.
Performance related pay is a financial reward given to employees whose work is considered to have reached a required standard or is above average. “PRP criteria can relate to the individual employee, to work groups or to the organization as a whole” (Armstrong, 2002). It is fair to provide people with financial rewards as a means of paying them according to their contribution (Armstrong 1993:86). The primary purpose of performance related pay in any organization is to recruit, retain and motivate the workforce. It also helps in focusing employees’ minds on particular goals (Protsik, 1966); communicate to employees an organization’s core values, and change the culture of that organization (Kessler and Purcell, 1991).
Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.
Reward and recognition has to be promoted for small and large achievements. An effective reward’s program keeps employees engaged, dedicated, and committed to the organization.
Employee compensation and reward systems have undergone a couple of paradigm shifts since inception. Reward systems were traditionally compensation based and focused on the individual or the position (Beam 1995). After a recession in the early 1980's, employers turned to performance based models in an attempt to save money while still rewarding top performers (Applebaum & Shapiro, 1992). Today, the most successful organizations are using a total reward model, a hybrid of the performance based model combined with strategic human resource management planning to create reward systems that both benefit the employee and help organizations realize their operational goals (Chen & Hsieh, 2006).
Maternity leave is a time when a woman leaves before her pregnancy and can stay gone from a company anywhere from 4-6 weeks, after the birth of her baby. The promise of holding your job is guaranteed, but on this leave you collect no income. The issues widely debated is whether men should have the option whether to take maternity leave and if maternity leave should be paid. Bonding is crucial to early childhood development for both parents. Introducing a baby into a family’s life, can affect a family financially and physically, due to lack of time with your child.
The organization is able to manage a high coverage of risks at relative low costs owing to the availability of highly skilled personnel in the company’s team of employees. This benefit also brings about another advantage of easing the financial burden of the organization (Johnson, 2016). Besides, effective employee benefit system offered by the organization could improve the general productivity. This benefit is attributed to the fact that employees tent to be more effective when they are given assurance of job security. In addition, workers become more productive when they and their families are given the desired security by the employer. The other benefit to the organization if it employs an effective compensation and benefits system entail benefits from premiums (Wayne, Shore, M., Bommer, & Tetrick, 2002). These premiums are typically tax deductibles as corporate expense. As such, a company that has an effective compensation and benefits system is likely save extra money for other
Nowadays, the numbers of students who are always looking for a part time job while they are attending college is increasing every day. According to an article was published in 1998 on The Futurist, the number of students who have a part-time job increased from 5% of students in the 1950s to almost 70% of the students in some communities (“Jobs hurt school performance” n. page). Because of a bunch of fee and cost that students have to handle, working during college seems to be a necessity than an option. The part-time jobs provide not only paychecks but also experience, skills for the students. It is very helpful for the students after they graduate college and look for a real job. Although there are some people who argue that having a job during