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Resourcing And Rewards Management At Organizations In 2015 Add in library

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Introduction

Human Resource Management forms the backbone of any organization and shapes up the way an organization manages its available resources and guides them towards attaining of a set of organizational goals and objectives. In the past most organizations were utilizing their conventional forms of resourcing and rewards practices which was largely neglected and only operations of the organizations were the key focus. In today’s era, global organizations have learnt the need of making sure that they have effective resourcing and rewards practices which adequately portrays the company as an employee friendly company. Resourcing is defined as the set of practices through which a company creates an opportunity through a need for a particular job role within the organization and substantiates it with a series of activities which attracts and recruits adequate individuals with the desired qualifications and skills. On the other hand Rewards practices are defined as the set of principles which prevails within an organization and facilitates the management to show appreciation for the efforts put in by its employees (CEO 1993).

The present set of competition which company’s face in a global context is pretty high and it is the level of efficiency within the organization and the kind of human resource practices which a company has which defines whether a company is capable of fighting its competitors and emerging as a competent leader. The future i.e. about 10 years from now which would be the year 2015, the competition and efficiency standards would be at a different level altogether. This can be evident when one compares the current scenario with what it was a decade back. Organizations would need to resource the right kind of people who are efficient enough to help the organization grow and move in the direction the management expects it to. The experts believe that in the future there would be a huge shortage of resources. It includes both physical as well as humans as the drivers which form an integral part of any company of any scale. With such shortages, the need for right kind of resourcing and rewards practices to get the right talent and retain the existing talent becomes critical. The evaluation below gives a perspective of the resourcing elements, the current practices, the flaws which need to be dealt with, and the areas company need to keep the right focus when it comes to developing the policies of human resource management (Employment Studies 2009).

 

Resourcing and Rewards Management at organizations in 2015

The Human Resource Management of the next decade and in 2015 would be largely focused and revolve around the following elements. There are 6 different practices which would be evident in organizations in the coming years and would need to be supplemented by the right kind of technology for retaining the right talent.

 

Recruit the right people

In order to retain the effective employees, an organization would need to ensure that it recruits the right people for the right roles. With the right set of candidates and performers it would ensure that they become strong contributors which remain valuable for the organization. Similarly, employees those are good for specific positions in an organization and are known to perform as per expected standards are the ones who would like to stay with the organization for a longer period of time. An organization as a part of its talent acquisition process would need to identify the potential top performers by use of various analyzing skills, experience, fit, and matching it to the talent profiles of the external candidates. This entire process of effective recruiting would need a streamlined process. Using the technology and solutions, companies would need to utilize the automated skills-based matching as well as automated workflow for enabling the recruiters to hire by focusing over evaluation of the short listed candidates (Future of Work 2020).

The 1st step for this would be to drive the quality into the selection and recruiting process. A company would need to define the kind and quality of individual one requires for a specific position within the company. The entire selection process has to be grounded over the foundation of the proper specification for the job requirement. Further the staffing department needs to hire managers for setting out the criteria which would bring success to the dedicated job. The three important criteria which would bring success at doing the above process would include:

  1. Knowledge, skills and the abilities
  2. Attitudes and motivation
  3. Cultural fit in regards to the organization and the customers

The use of above elements when backed by the right set of tools and technologies would aide managers to hire effectively (Site Resources n.d.). The things which have to be kept in mind while making use of the above processes and elements include:

  1. Requirement of being clear on competencies which is required for success. Then the managers would need to base their hiring decisions and further effectively recruit for retaining the candidates.
  2. Managers would also need to have the ability of articulating what the top performers need to do and how they should be doing it. Further they would not only need to understand the skills but also the behaviors which the top performers use for being successful (CIHRM 2006).

 

Have a robust Line Management Capacity

After the process of hiring completes the major responsibility for keeping the right talent is left on the heads of a manager. The manager would be responsible for directing, guiding, as well as evaluating the employees. In order to equip the managers for their jobs, it is important to have the correlating talent management practices which are embedded in the everyday business management practices. Therefore managers would need to gain visibility for the corporate goals and create and alignment with the tasks as well as projects undertaken. This would be facilitated by managing people with the use of easier access to good and timely information, data and facts. It needs to be substantiated by the use of skills and intuition. The future line managers would need to have a single system of record which can be used in a regular course of business operations. For instance, progress of the projects which align with the goals need to be readily tracked along with the quality of the different activities performed. For facilitating the everyday need of talent management and resourcing activities, there has to be proper use of seamless integration of ubiquitous business applications like Microsoft Outlook (NA Business press n.d.).

 

The aspect of usability for managers and employees would be the most important criteria for talent management solutions. It would require more intuitive, easy-to use interface like the Web 2.0 consumer like functionality like amazon, google, ebay, etc. All these applications come with unprecedented opportunity for acceptance as well as self-service among the employees, line managers as well as the executives. The future organizations would need to embed the optimized talent management process by the talent lifecycle requires solutions which needs to be to their core and useable by stakeholders. Usability is said to drive faster adaptation and enable the other value propositions (SHRM n.d.).

The elements which offer the perfect blend for resourcing and hiring the right managers and facilitate the existing ones would include:

  1. Management of people by use of facts and data
  2. Single system used for different aspects of talent management
  3. Offer intuitive as well as useful talent management systems which are designed especially for the line managers.
  4. Include context based analytics.
  5. Prompting everyday interactions with the talent management tasks.
  6. Integrating talent tools with the business tools such as Microsoft Outlook.

 

Get constant feedback over clearer goals

It is important for all the members of a particular workforce to work towards the right goals. The policies and requirement would in a sense increase and the resourcing needs to be substantiated by ensuring that talented employees understand the way they could contribute towards success of their teams, departments, and the organization as a whole. It would also need a clearer direction and knowledge about the interest levels, commitments, engagement levels as well as the retention rates. With a demand to have a highly work environment it would be important to have goals which are well-defined which people aim for achieving. They act as a touchstone for performance planning and facilitates appraisal and rewards. Human Resource Management includes performance management and alignment of goals. The goals would be required to be inextricably linked to the best practices of the performance management process of the company (SHRM n.d.).

 

The future employees would be keener in wanting to know their performance reviews and the process which provides a frequent as well as a fact based feedback. Several surveys have revealed that employees demand a much fairer and performance based rewards system. This trend is set to be there in the next decade especially when the demand and work requirements would be highly defined. Organizations who would not offer a frequent feedback would be surprised when they might receive an unexpected resignation notice from their employees. It thus would be more important to receive feedback and feel valued as a contributor to the progress of a company. It would further facilitate the engagement and retention especially when there is a large chunk of multigenerational workforce. The 4 reasons which would form the basis of boosting the satisfaction levels with performance management processes and boost employees satisfaction as well as engagement are:

  1. Performance management needs to be a process of an ongoing employee evaluation as well as development in a way where employee performance which is based on facts as well as actions gets assessed on a regular basis.
  2. The review process would need to provide a critical feedback in regards to employee work performance as well as attainment of the assigned objectives. Management review process need to be related to the mastery of the core competencies as well as skills which are associated with the respective designation (GOV 2013).
  3. A performance management process should encourage the managers and the employees for talking on a regular basis regarding the goals as well as developmental plans which encompass the social as well as unstructured learning options. Meaningful discussions and clear communications would form the basis of employee engagement and retention.
  4. Managers would need to convey their matters and explain how the goals of the employee aligns with the departments and the goals of the organization. It needs to be substantiated by the use of current data as well as feedback. Further the manager would also need a clear line of sight over the alignment of these goals and business objectives.

 

Empower the employee career management process

There are employees which also includes the top performers who do not contemplate the career planning till they get unsatisfied with their current job positions. This dissatisfaction might lead to voluntary turnover in case employees do not have any kind of access over the ongoing career path inside the organization. As per studies related to drivers of employee engagement and retention, it suggests that the challenging and meaningful work with growing career opportunities is very inspiring. There have been many cases where the employee’s needs and desires are black box for an employer (Shell n.d.).

By the year 2015, the needs and wants would definitely increase with higher level of sophistication. Therefore organizations would need to offer challenging roles which are meaningful in nature for engaging the minds as well as hearts of talents for producing results and deliver creativity by supporting it with innovation. Employees would require opportunities and career growth inside the organization. Hence, a unified talent management solution could provide employees with a self-directed career development solution which is based on the same platform over the performance data and information regarding the internal opportunities. Organizations would be using on-demand software which provides supportive tools on the web browser would empower the employees for taking responsibility over their own career planning and development. Employee would be creating focused and dynamic career plans which would engage and motivate them. The organizations would use easy to use tools which would dynamically push the job opportunities for employees who would be able to pursue the careers inside the organizations rather than outside (SHRM n.d.).

This would require for tapping comprehensive talent management solutions which would help employees in identifying their competency gaps and creating action steps for closing those gaps. Employees would even see their career path which a similar member in the company had followed for getting them to a desired position. Organizations would need to use technology for determining and identifying the specific skills and preferences for their talented employees which includes interest areas as well as willingness for travelling and relocating. This would further need to be substantiated by attempting for meeting these preferences. Organizations would be able to offer an application for actively connecting with the employees through the social networking channels with the other employees in respect to interests and ways to learn new skills (Future of Work 2020).

 

Proactive talent mobility

The coming decade will see a sea change in terms of the policies adopted by companies. One drastic shift would be embracing employee mobility by way of lateral redeployment along with internal promotions. This would play a crucial element of rewards program of the company as well. It would be seen that a large number of organization would start to recognize and start focusing on succession planning well in advance. It would help in providing career progression and reducing the employee turnover. A few Organizations today fill open positions through internal redeployment which helps them in reducing the costs of recruitment and in a turn increases the retention rate and hence the employee satisfaction.

It means that effective succession planning would be a key player in terms of resourcing and demand a much fairer means of such promotions and redeployment. Organization would be inclined towards having some level of performance management automation which would enable past employee performance research in the way of carrying out a selection process. Employees on the other hand would look forward to get rewarded based on their hard work and the contributions they make. This means companies would need to record all the data of their performances and make the important selection decisions based on the objective criteria and standards (Employment Studies 2009).

Internal mobility program would be handy for ensuring top talent is retained within the organization. It is a well-known fact that the top talent of any organization has several choices and is expected to leave the organization more than any other average employee. This is a step which is natural as the talent looks for the better career path alternatives which he has. But when the company would use the internal mobility program, it would make them appear safe and retain the top talent within the organization. Turnover costs would be reduced substantially and would leave any aspect of negative impact on productivity within the organization. In the coming years this would be far more visible practice at most of the big multinationals. Its application may also be seen in medium sector organizations where companies are on the lookout for reducing their costs (CEO 1993)

 

 

Stringent Measuring mechanisms facilitating continuous Improvement

In organizations where analytics is considered to be an essential tool, automated reporting and analysis has always been the fundamental practice for carrying out the core operational departments of the organization. Business intelligence would be one of the critical elements which would be used as a credible source for managing the finances as well as measuring the progress for work within. Companies would be highly equipped with software and systems for tracking information from all the labor pools. By collecting combined data on talent management practices along with talent acquisition activities, performance as well as succession management, compensation levels, workforce alignment with corporate goals, turnover, etc. With a series of multiple learning management applicant tracking, human resource systems, organizations would be more focused to create metric rollups which makes sense (CIHRM 2006).

The talent management systems with analytics dashboard would be utilized by recruiters as well as managers to capture data as well as offer present actionable information for further improvement. With this access to information companies would be able to analyze, and optimize the staffing and the deployment strategies. The workforce analytic solutions would provide an in-depth insight to the complete talent picture and empower people for taking action. Integrated systems would be highly used and mean that decision makers would no longer be forced to review the old reports as the reports would be available to them around the clock. The effectiveness of the resourcing and rewards and management practices would be evaluated with the use of data metrics which would largely combine:

  1. Quality of the hiring
  2. Hiring through source
  3. Bench strengths of the key staffing positions
  4. Voluntary as well as involuntary turnover
  5. Internal Mobility
  6. Promotional levels which includes the leadership developments
  7. Retaining the high performing staffs
  8. Number of employees reaching the performance levels which is aligned with the business strategy (GOV 2013)

 

Conclusion

The above 6 areas would form the backbone of all the resourcing strategies of organizations and help in creating a well-directed rewards and recognition plan. Future organizations would become increasingly dependent on technology and would focus on reducing their costs and expenses. Employee focus and the need for satisfying the employee needs would be more than it has been ever before. A difference which would be evident would be the increased demand of specialization while carrying business activities. For each task and job role companies would be inclined to have a straight forward specification requirement and select the candidates based on certain skills an qualifications. The Rewards and Recognition plans would be largely influenced by the need for inspiring the employees to work far more effectively towards achievement of organizational goals. It would also be designed in a manner which gives the employees a sense of belonging and encourage them to contribute in every possible manner.

 

 

References

CEO 1993, Effective Rewards Systems: Strategy, Diagnosis, Design and Change, accessed on 12th January 2015, https://ceo.usc.edu/pdf/G935225.pdf

Employment Studies 2009, Increasing the effectiveness of reward management, accessed on 12th January 2015,https://www.employment-studies.co.uk/pdflibrary/hrp6.pdf

Future of Work 2020, Managing a Remote Workforce: Proven Practices from Successful Leaders, accessed on 12th January 2015,https://thefutureofwork.net/assets/Managing_a_Remote_Workforce_Proven_Practices_from_Successful_Leaders.pdf

Site Resources, Is a common CSR framework possible?, accessed on 12th January 2015,https://siteresources.worldbank.org/EXTDEVCOMSUSDEVT/Resources/csrframework.pdf

CIHRM 2006, Best practice and key themes in global human resource management: project report, accessed on 12th January 2015,https://www.cihrm.jbs.cam.ac.uk/research/downloads/ghrra_report.pdf

NA Business press, An Equitable Total Rewards Approach to Pay for Performance Management, accessed on 12th January 2015,https://www.na-businesspress.com/JMPP/MujtabaWeb.pdf

SHRM, Rewards Strat Report, accessed on 12th January 2015,https://www.shrm.org/hrdisciplines/benefits/Documents/07RewardsStratReport.pdf

AICPA, Global Trends for 2015, accessed on 12th January 2015,https://www.aicpa.org/Research/CPAHorizons2015/GlobalForces/DownloadableDocuments/GlobalTrends.pdf

GOV 2013, Industrial Strategy: government and industry in partnership, accessed on 12th January 2015,https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/210099/bis-13-955-construction-2015-industrial-strategy.pdf

Shell, The future business environment: trends, trade-offs and choices, accessed on 12th January 2015,https://www.shell.com/content/dam/shell/static/future-energy/downloads/shell-scenarios/shell-global-scenarios2015summary2005.pdf

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