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Human resources management n4 H.Willson Kirsten
Human resource management issues and challenges
Human resource management issues and challenges
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What is the Value of Total Rewards Compensation? Compensation and benefits are sub-categories in human resource management that compensate employees for their organizational outputs. According to my research, “benefits is an important component of the employment relationship, providing employees with financial protection, access to health care and programs to support work/life balance” (Kwon, Hewitt, & Hein, 2013) Therefore, the overall purpose of an compensation program is to enable the organization to attract, motivate, reward, recognize and retain highly talented employees with the skill sets required to fulfill its mission and vision. However, the Human Resource community has expanded the definition of compensation and benefits to broaden …show more content…
The total rewards program might entail career development options (e.g. tuition reimbursement), reduce health insurance premium cost (organization assumes responsibility of 30-50 percent of health insurance cost), or maybe even free parking. In order, to better understand the total rewards framework, I’ll review two distinctly different reward mechanism that is offered by Medical College of Wisconsin (MCW). The total reward program implemented attracts high quality candidates for open positions and retain high quality faculty and staff members—all by creating a value system that promotes growth and development, as well as wellness opportunities. Medical College of Wisconsin Facts “We are a distinguished leader and innovator in the education and development of the next generation of physicians, scientists, pharmacists and health professionals; we discover and translate new knowledge in the biomedical and health sciences; we provide cutting-edge, collaborative patient care of the highest quality; and we improve the health of the communities we serve. Medical College of …show more content…
education and individual and communal well-being). So, MCW provides tuition reimbursement for eligible dependents of faculty members, as well as tuition reimbursement for staff. In addition, MCW promotes and encourages a healthy lifestyle, as well as individual wellness. So, to meet the diverse needs of their employees the organization offer an array of tools and resources to help balance work and home life. In recent months, MCW has implemented a fitness club reimbursement program for employees to utilize fitness centers, gyms, and/or exercise studios. The table below includes the reimbursement terms and the annual cap for both the tuition and gym membership reimbursement. Employee Maximum Plan Reimbursement Terms Reimburse Dollar Amount Faculty Dependent Child 8 full-time semesters or 12 trimesters for dependent child up to age 25. Must attend an accredited school or university Annual cap $9,274 for tuition, fees, and room and board Staff Maximum of 15 credits per calendar Annual cap $2,550 for tuition cost
Each model presents different types of earning incentives for physicians to provide cost effective care which improves clinical outcome.
Compensation is made of a base salary (paid by the hour, work or the year; excluding overtime or bonuses), variable pay (bonuses, profit sharing/stock options which work hand and hand with the performance of the company), and benefits (to include health insurance/savings plans – 401(k), or tuition reimbursement). The traditional way of determining base pay for jobs was to compare jobs in the same industry. Now industry and market, no long work by themselves, the current thinking is more person-based that considers knowledge, skills, and competencies of the work. This, however, is best suited for high-performing environments that remain flexible in their deployment of human capital.
Overall, the score of the article is a 95 out of a 100 because the author, Carol Patton was able to lure me into reading her entire piece. Additionally, after reading the article, I felt that I gained a bit of knowledge on the importance of reward programs and how it should be a “must have” in the work environment.
Such as blood pressure readings. This is significant in that it accounts for accuracy of the service. However, pay-for performance would allow physicians to fully put through their creativity and come upward with fresh thoughts and approaches for solving given issues. Likewise, employees may feel that they are appreciated by the organization (Levaggi & Menoncin, 2014). Though financial incentives alone may not be enough for securing change in physician behavioural, small amount of cash is still more potential to motivate employees (Huston,
This article takes a look at ten physician compensation models including the incentive structure and how they affect quality of care. The article compares these different models from three perspectives: a brief description, the underlying incentive structure, and the usage-related risks. The author states that a compensation model may comprise of multiple models given that healthcare organization may have more than one contract with its payers. While the author provided a complete comparison of each model, he did not state the preferred model for the healthcare industry. He concludes that most physicians and other health care leaders lack control of reimbursement for services from the federal and state government as well as private commercial
This form of reward is in the form of VIP access, giving the employees power, promotions, or offering trips or getaways. These types of rewards give the employers something to look forward to, it also gives them a new exciting opportunity. Privileges and rewarding events fall into the esteem need of Maslow’s Hierarchy of Needs. This form of reward also falls into the Herzberg’s Two-Factor Theory, relating to motivators. The reward acts as a motivator where it gives people reinforcement for a job well done and interesting work or responsibility.
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.
Reward systems in the work place are not a new idea in the workplace, but they are the key to having happy employees and happy employees mean better output. Reward systems are systems used by companies where employees who achieve particular results are paid more or get other advantages. Some employers offer pay as incentives, while others offer benefits, some use a combination of both types. Employees within a company want recognition for the time and effort that they have put into a task required of their job. The use of reward systems not only enhances the company but it gives the employee a feeling of personal connection and investment into the company. Building a reward system can be a great asset to the company, by allowing the employees to feel that they are a part of the company. Reward systems are an important tool and key concept to managing an organization effectively.
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).
Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. Assuming the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by my city’s largest employer, Holland Enterprises, this paper presents a revised compensation and benefit strategy that suits the firm. This proposal describes how an effective compensation and benefit system could contribute to organizational effectiveness in the firm, the principle components of the revised compensation and benefit system for the
Formalized compensation goals serve as guidelines for managers to ensure that wage and benefit policies achieve their intended pur¬pose. The more common goals of compensation policy include to reward employees’ past performance, to remain competitive in the labor market, to maintain salary equity among employees, to motivate employees’ future performance, to maintain the budget, to attract new employees, and to reduce unnecessary turnover. It is important for the organ...
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72
The foundation for effective job performance and compensation system can be traced to effective job analysis process. Fundamentally, a job analysis should consist of a thorough examination of the job 's duties and knowledge, skills, abilities, and qualities that are required in order to be successful in a specific position, upon which appropriate rewards or compensation can be determined. For many perspectives, jobs are usually made up of requirements and rewards, where rewards may be regarded as a major recruitment strategy for motivating potential employees in order to influence them to stay the organization for a longer period as well as enhance their performance. The most common or basic form of rewards which attracts employees is extrinsic
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay