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Performance And Rewards Management

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Question:

Discuss about the Performance and Rewards Management.
 
 

Answer:

Summary of what was done

  • As part of the weeks work, I learnt various issues based on determining the structure of a remuneration and performance system, with regards to person and job consideration. It also focuses on determining the structure of a remuneration and performance system, with regards to external considerations, including legislation. The reflection also explores the benefits, recognition schemes, as well as individual rewards. In my view, the areas identified forms that major part of performance and rewards systems in an organization. Basically, rewards systems comprise of systems such as monetary payments and working conditions that employees, seem to receive as part of their jobs.

New Learning

  • I learnt about the structure of remuneration and performance system that emphasize on person and job considerations. Essentially, organizations usually deploy skilled based pay or competency-based pay. Basically, a skilled based pay refers to employee compensation system whereby workers are rewarded with additional pay in exchange of their skills, competencies, or expertise. It is an acquired and observable skill and expertise that an individual has to be able to perform a particular task. 
  • I learnt that in the skill-based systems, workers will be eligible for additional pay after showing their skills, knowledge, and the competencies, which will be rewarded by the system (Boyett & Boyett 2004, p. 4). Therefore, I agree with the view that designing a skill based pay cannot be achieved by imitating another system. However, much can be learned by exploring what has been achieved by other organizations and a better understanding of the variables and principles that are fundamental in the design of a skill based pay system. The main reason why organizations implement the skill based system is to promote learning.  However, it should be noted that it is not the only approach that is available to compensate workers, but the best approach to promote organizational learning. Therefore, skill based pay differs from other employee pay systems, because it focuses on the skills and differences in a system of rates of pay, especially for all categories of workers. A such, it is person based pay which rewards a person on merit, and the pay progression is directly linked to individual skills and competencies.
  • I leant that to design a skilled based pay, the system should be underpinned for various opportunities that are available to employees for training, which is very important for an organization. Thus, when introducing a skilled based pay, there are several steps that must be followed with several issues to be addressed (Canavan 2008, p. 22). The most important step is to ensure that the skills requirement is available. In addition, resources must also be available for the system to succeed. Further, individual jobs should be categorized in families on the basis of the similarity in the skills needs. In addition, the skills in each family should be able to perform the jobs that should be analyzed. Further, a process should be developed to describe, certify, and value the skills, and price them. The process should be assessed, accredited, and eventually reward workers for their skills.
  • The other fundamental aspect I learnt is what consider when designing a skill based pay system is its implementation. Therefore, when designing a specific implementation plan, it is necessary to involve communication will all stakeholders and focus on the implementation plan. However, the main benefit of the system is that it increases the average hourly rates. On the other hand, the skilled based system results into lower labor costs. Therefore, it is very critical for businesses to consider adopting the skilled based system and whether better results will be more likely.
  • The other approach that is used by organizations to reward employees is the competency based pay. Basically, firms prefer to use the competency based pay approach based on the skills, as well as experiences in the workplace (Adams  2010, p. 17. It is a structure that is deployed to motivate workers to get inspired, and develop on their skills and competencies and also to apply them, based on the job position or title (Homan 2009, p. 290). It is an important pay structure because the motivated get promotions from their current positions. However, it is necessary to note that the employees are not paid based on the virtue of the positions they hold in the organization, but rather because of their competency. Thus, a competency base structure can be developed for any organizational level, or a specific job role or function or for the entire organization. However, when an organization is going to reward workers for a particular competency, then it must have a measure of such employee competencies (Suff  2011, p. 2). Thus, there are several factors that have t be taken into consideration when an organization seeks to fully integrate a competency based pay. It is necessary to have employee performance appraisal process and manager should be trained and be ready to measure the competencies. In addition, the staff should be made aware of the requirements and show them, with regards to their performance appraisals. Notably, competency based systems are determined by performance indicators, and should be quantified through employee interviews or surveys. The system is beneficial because it enables employees to develop their skills on the basis of their experiences and competencies. However, the drawback is that the system is not easy to manage, especially the expectations of the employees.
 

Personal Reflection

  • This is an important area on employee rewards system is remuneration, governance, and the gender executive pay gap in organizations. Thus, the week five discussion focuses on the regulated remuneration cycle, key aspects of the regulatory framework. It also focused on the gender pay gap, relevant legislation to deal with pay inequity, as well as the key findings from the 2016 workplace gender equality agency. Basically, remuneration practice is the actual practice of companies and individual executives in relation to remuneration. It comprise of setting the organizational remuneration policy, writing the remuneration contract, execution of the contract, as well as the final termination of the contract. Basically, remuneration policies are very critical to the delivery of an organization’s business strategy and to motivate and mobilize staff to achieve the valued organizational goals.  Remuneration plays a fundamental role in increasing the demand for skilled labor. Further remuneration policies used by organizations, are perceived to have a sustained competitive advantage as it makes key employees to keep working in their workplaces, hence reducing employment costs (Amabile 2005, p. 128).
  • I understood that a remuneration disclosure is conducted annually through a remuneration report together with adhoc disclosures that are related ro the remuneration such as company loans. On the other hand, engagement remuneration is that which occurs between the company and the shareholders in remuneration. On the other hand, voting on remuneration refers to the annual advisory vote on organization’s remuneration report combined with all kinds of remuneration, as well as related resolutions (Altonji & Rebecca 2014, p. 3147). However, with regards to all aspects of remuneration, it is a fundamental aspect, that is used to define employees’ standards of living. It involves the salaries, benefits, as well as other perks, that are used by organizations to govern the decisions that individuals make (Andrews & George 2009, p. 500). In my view, remuneration is important to employees, since it is considered as one of the significant costs they face. Further, remunerations are a major consideration for employees to run an effective organization.
  • I also learnt that the key aspects of the organization’s remuneration framework. In essence, there are four activities that are involved in the remuneration cycle. These comprise of the remuneration practice, engagement, and voting (Barber & Terrance 2008, p. 267). Apparently, it is necessary to understand that each of these activities is regulated to some extent. In addition, there are specific rules that are used in the regulation of the activities and to facilitate the rules. However, there are certain rules that are mandatory whereas others are considered to be voluntary with different consequences attached to them. In order to engage in the best organizational practices, there are certain regulations that govern corporations, which seeks to regulate key aspects of executive remuneration. As such, the main aim of the regulations is to provide disclosure to the executive compensation through listed firms, which form part of the financial reporting process (Barnard 2010, p. 14). In addition, it is also necessary to note that the legislation may also specify the duties of the executives, which may be owed to them in common law and equity. The other interesting part discussed during the course is leadership in the private sector (Ledford 2008). As a matter of fact, women represent a higher percentage of degree qualified workers.
  • I understood that the current trends show that women represent a very small percentage of the MBA graduated. However, the number of female CEO;s in the private sector is relatively small. As a matter of fact, top women CEO’s is an area that has received very little attention, because the areas has been understudied (Barney 2009, p. 1234).  As a matter of fact, women participation in the senior management positions may have a downside, because they tend to be less effective or simply dislike the competitive environments, such as those that are most likely found in the executive suite of many organizations. Some researchers also believe that diversity may also contribute to the diversity of opinion as a result of political or social pressure (Barney 2006, p. 100). In my view, in a competitive and efficient labor market environment, it is important to ensure that the right individuals always get the right position, which suggests that the participation of women in executive jobs would not have any observable effect. As such, this has been attributed to the gender pay gap, which is usually caused by various factors. For instance, in most organizations, mentoring is considered to more critical for the female progressions compared especially in terms of building leadership and self confidence (Barney & Edward 2005, p. 4). I support the view that women also still require to move more often to obtain promotion status but should have to wait for some considerable duration in order to be promoted. Therefore, in order to deal with the gender gap, it is necessary to focus on gender pay equity, which is a situation where both men and women receive equal pay based on their work. In real terms, the gender pay equity ensure that men and women performing the same tasks are paid equally.
  • In my view, employee benefits focused on understanding the requirements the requirements for a sound plan. In my view employee benefits is becoming more important for organizations, especially with regards to compensation. However, based on many sources reviewed, many organizations differ significantly in what they include in their definition or employee benefits (Rosenbloom 2005, p. 11). For instance, some of the definitions focus on legally required benefits whereas others are voluntary (Mannion, 2004, p. 6). Nonetheless, the variations in the definition do not provide an organization with the best way to define employee benefits. In the lecture discussion, I observed that the underlying nature of employee benefits comprise of employee retention, satisfaction, and wellbeing. In addition, it also focuses on diversity management and legal compliance, as well as employee engagement or commitment (United States & United States 2008, p. 12). In general terms, employee benefits comprise of the monetary rewards, which are not paid directly to the employees, but may also comprise of other non-financial rewards, such as having an office with good furnishings (Beam & MacFadden 2001, p. 7). However, the right combinations of employee benefits can enable a company to achieve its strategic objectives.

Action to be Taken

  • As a result of the lessons leant, I will be able to use my knowledge provides to provide better employee rewards and compensation, covering remuneration and employee benefits. I believe that when organizations put in place the best mechanisms and implement the most sound pay, remuneration, as well as employee benefits, they will be satisfied and in the long run contribute to the success of the organization.

Learning Style

I found that the issues leant in the course and the theories on performance and rewards management are vital to business and will do my best to implement them at the work place. In addition, I wish that the topic of performance and rewards management should be discussed both in class at organizational meeting. In general, this is a very interesting topic.

 

References

Adams K 2010, ‘Re-thinking competency-based pay: ICL’, Competency & Emotional Intelligence Quarterly, Vol. 6, No. 1, pp. 16-19.

Altonji, J G & Rebecca M. B 2014, “Race and Gender in the Labor Market,” in Handbook of Labor Economics, Vol. 3c, Orley Ashenfelter and David Card (Eds), Amsterdam: North Holland,  pp. 3143-3259.

Amabile, T M 2005, “A Model of Creativity and Innovation in Organizations,” in Research in Organizational Behavior, Barry M. Staw and L. L. Cummings (Eds), JAI Press, pp. 123-167.

Andrews, FM & George F F 2009, “Supervisory Practices and Innovation in Scientific Teams,” Personnel Psychology, pp. 497-515.

Barber, B M & Terrance O, 2008“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” Quarterly Journal of Economics, 116 (1), pp. 261- 292.

Barnard, C I 2010, The Functions of the Executive, Harvard University Press, Cambridge.

Barney, J 2009,“Organizational Culture: Can It Be a Source of Sustained Competitive Advantage?,” Academy of Management Review, 11 (3), pp. 656-665. Barney, J 2007 “Strategic Factor Markets: Expectations, Luck, and Business Strategy,” Management Science, 32 (10), pp. 1231-1241.

Barney, J B & Edward J Z 2005 “Competitive Organizational Behavior: Towards an Organizationally-Based Theory of Competitive Advantage,” Strategic Management Journal, 15, pp. 5-9.

Barney, J, 2006, “Firm Resources and Sustained Competitive Advantage,” Journal of Management, 17 (1), pp. 99-120.

Beam, B. T., & MacFadden, J. J 2001, Employee benefits. Chicago, Ill: Real Estate Education Co.

Boyett, J.H., & Boyett, J.T. 2004, The Skills Based Pay Design Manual. Lincoln NE: ASJA Press.

Canavan, J 2008, Overcoming the challenge of aligning skill?based pay levels to the external market. WorldatWork Journal, 17(1), 18?25.

Homan G2009, ‘Skills and competency-based pay’, Strategic Reward Systems, Thorpe and Homan (eds), pp. 287-301

Ledford, G 2008, Factors Affecting the Long?term Success of Skill?based Pay. WorldatWork Journal, 17(1), 6?17.  

Mannion, L. P. 2004, Employee assistance programs: What works and what doesn't. Westport, Conn: Praeger.

Rosenbloom, J. S 2005, The handbook of employee benefits: Design, funding, and administration. New York: McGraw-Hill.

Suff P 2011, ‘The new reward agenda’, IRS Management Review 22, July.

United States. & United States 2008, Occupational Outlook Handbook, 2009. New York: Skyhorse Publishing.

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