Managers, HR directors, and executives should all lead by example. Employees may begin to mistrust management if they believe the office rules only apply to a small few — or only when it is convenient for leadership. A smidgeon of mistrust among team members is a slippery slope that can lead to a toxic work environment. Employees can become disengaged and seek new employment as a result of a toxic work atmosphere and culture. A real-life example: Centerfield, a marketing and sales technology company headquartered in Los Angeles, ensures that its leadership team is held to the same standards as the rest of the company. Centerfield's Director of Human Resources, Gena Romano, says, \"We have a rigorous, three-month leadership training programme that focuses on how managers can be good leaders, build a supportive atmosphere for input, and have specific targets for monitoring.\" “Managers are partnered as accountability buddies and are responsible for keeping each other on track in order to create a relaxed and responsive feedback environment.” REVAMP YOUR OFFICE SPACE The atmosphere in which your workers work has a huge effect on their motivation. You've probably noticed that cubicles are becoming increasingly rare in today's world, owing to their isolating existence. Employee silos make it difficult for them to communicate and collaborate, two crucial aspects of business success. Reorganize your workspace to facilitate more cross-communication among employees. They'll develop a sense of camaraderie and belonging by developing close relationships with their colleagues, which is critical for cultivating an active workforce. OneSpan is an actual example. The office space at OneSpan, a fintech company headquartered in Chicago, is a clear reflection of the company's values. Tracy McCarthy, Chief Human Resources Officer, says, \"We appreciate teamwork because it is essential to creative thinking and success.\" “Most of our offices are built with an open floor plan to allow people to work with one another, but we also have private spaces for when people need to focus on a project or task or have a meeting.” McCarthy says, \"We've noticed that this layout improves efficiency and coordination in a variety of ways.\" “While it was a shift for our team, they have welcomed it and are discovering that they are able to communicate with others in more genuine ways as a result.” DON’T FORGET TO ASSESS Although these are tried-and-true employee engagement techniques, there's no guarantee they'll work in your workplace. You have a unique employee base, which comes with its own set of challenges and requirements. Take stock of where you are as a business before implementing a new plan by assessing employee engagement. 147 CU IDOL SELF LEARNING MATERIAL (SLM)
An employee engagement survey is one of the most successful — and quick — ways to evaluate engagement. The advantage of surveys is that they can be circulated easily to all workers, allowing you to get a more detailed image of your whole team's involvement. You may also change the questions to make shorter tests that can be done more regularly. As your business expands and your company culture changes, these tools will help you keep track of employee engagement. More in-depth surveys can be saved for quarterly or annual evaluations. What's the point? You can't initiate an employee engagement plan without first polling your employees and reviewing recent data, so make sure to assess engagement before you begin. STEPS DEVELOPING AN EMPLOYEE ENGAGEMENT STRATEGY Now that you know what's working and what needs to be improved in your business, it's time to create an employee engagement plan and put it into action. Before you do, take a look at our performance tips. BE REALISTIC You won't hit it out of the park right away, and you'll almost definitely miss the mark on a few tactics along the way. The most important thing to remember is to set realistic expectations for your team and to outline specific goals where possible. If employee turnover has been an issue, for example, you could set a goal to reduce it by 15% in a year. BE CLEAR ABOUT RESPONSIBILITIES You won't get very far in improving employee engagement if you don't specifically delegate assignments to the right people and monitor their progress. To effectively launch your strategy, you must include the key people from the start. Delegates from Human Resources, middle managers, executives, and long-term workers should all be included. Make sure you know who is responsible for what before you start. Form an employee involvement committee with the same key players in charge of executing and implementing the strategy's initiatives. BE FLEXIBLE If you can't find the perfect strategy right away, don't close yourself off to new ideas. Make sure you're consistently evaluating employee engagement and reviewing the data to decide what works best for your individual workforce. Accept advice with open arms and be able to alter your strategy if necessary. It's a big win to decide to strengthen the company's employee engagement policy. 8.7 SUMMARY • Auditing is the method of comparing existing expertise to the company's current, future, and strategic needs. 148 CU IDOL SELF LEARNING MATERIAL (SLM)
• Talent relationship management refers to the process of attracting, networking with, and onboarding potential hires, as well as building and enhancing relationships with them. • A total compensation strategy is a business strategy that offers monetary, non-monetary, and developmental rewards to workers who meet particular business objectives. • Career management is the method of integrating formal preparation with active management of one's own professional career. 8.8 KEYWORDS Talent Audit: Audit is about checking the current skills set against the current, future and strategic requirement of the business. Total rewards: strategy is a system implemented by a business that provides monetary, beneficial and developmental rewards to employees HRM – Human Resource Management TA- Talent Acquisition 8.9 LEARNING ACITIVITY 1. Visit the BPO organization and find out the procedures includes in Talent Audit. ___________________________________________________________________________ ____________________________________________________________________ 2. Study briefly by visiting the Manufacturing company and take a data on Total Reward strategy which they follow. __________________________________________________________________________ _____________________________________________________________________ 8.10 UNIT END QUESTIONS A. Descriptive Questions 149 Short Questions 1. Define Talent Relationship management? 2. Explain performance Management? 3. Define Total Rewards? Long Questions 1. What is the uses of Career Management? 2. Define Employee Engagement? CU IDOL SELF LEARNING MATERIAL (SLM)
B. Multiple Choice Questions: 1. A major internal factor that can determine the success of the recruiting programme is whether or not the company engages in ______. a. HRP b. Selection c. Induction d. None 2. _________ refers to the process of identifying and attracting job seekers so as to build a pool of qualified job applicants. a. Selection b. Training c. Recruitments d. Induction 3. Rearrange the following steps of recruitment. I. Searching II. Evaluation and control III. Planning IV. Screening V. Strategy development a. III, II, I, V, IV b. III, V, I, IV, II c. IV, V, III, I, II d. II, I, IV, V, III 4. ___________ express the relationship of applicant inputs to outputs at various decision points. a. Number of contacts 150 CU IDOL SELF LEARNING MATERIAL (SLM)
b. Yield Ratios c. Type of contacts d. Technological sophistication 5. Which of the following are the decisions to be made while devising the strategies to hire? a. Geographic distribution of labour markets comprising job seekers b. Make or buy employees c. Sequencing the activities in the recruitment process d. All of the above 6. What is being described here? A firm which books advertising space, draws up recruitment advertisements, places them in newspapers / journals and evaluates the results. a. an employment agency b. a recruitment advertising agency c. an executive search consultancy d. a selection consultancy 7. What are the external environmental factors affecting recruitment? Select all that apply. a. Economy. b. Social change. d. Labour market. d. All of the above 8. A prerequisite for a successful and efficient recruitment programme is to have a(n) a. corporate policy b. HR policy c. recruitment policy d. health and safety policy 151 CU IDOL SELF LEARNING MATERIAL (SLM)
9. Which of the following is the most serious problem that might arise due to excessive reliance on internal recruitment? a. reduced job performance b. high labour turnover c. lack of motivation d. internal resistance 10. Selection is usually considered as a _____ process a. Positive b. Negative c. Neutral d. None 11. The process of eliminating unsuitable candidates is called as a. Selection b. Recruitment c. Interview d. Induction 12. Which of the following helps the managers with the information required to make good human resources decisions? a. Selection b. Industrial Relations c. Recruitment d. Performance appraisal 13. The process of selection of employees is usually influenced by 152 a. Rules and regulations b. Strategies and objectives c. Principles and programmes CU IDOL SELF LEARNING MATERIAL (SLM)
d. None Answers 1) a 2) c 3) b 4) b 5) d 6) b 7) d 8) b 9) d 10) b 11) a 12) d 13) b 8.11 REFERENCES Text Books: Dessler Gary A Framework for Human Resource Management, Pearson Dessler Gary, VarkkeyBiju Fundamentals of Human Resource Management, Pearson Reference Books: Lance A Berger, Dorothy R Berger Talent Management Hand Book Mc.Graw Hill Armstrong, Michael A Handbook of Human Resource Management Practice Kogan Page Publication Lytle, T. (2013, May). College career centers create a vital link, HR Magazine, 34-41. Ferguson, M. (2015, August 26). Recruiting by numbers: Is big data analytics in recruiting a really big deal or not big deal? Workforce. Retrieved from http://www.workforce.com/ articles/21550-recruiting-bynumbers. Campbell, R. (2014, August 19). Why I do all my recruiting through LinkedIn. The New York Times. Retrieved from http://boss.blogs.nytimes. com/2014/08/19/why-i-doall-of- my-recruiting-throughlinkedin/?_r=0 153 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT - 9: COMPENSATION AND REWARD STRATEGIES FOR EFFECTIVE TALENT MANAGEMENT Structure 9.0 LearningObjectives 9.1 Introduction 9.2 Principle of Compensation plans 9.3 Defining the Elements of Total Rewards 9.4 Integrated Rewards 9.5 Summary 9.6 Keywords 9.7 Learning activity 9.8 Unit End Questions 9.9 References 9.0LEARNING OBJECTIVES After studying this unit, you will be able to: Describe Compensation plans Define the elements of Total Rewards Describe about Integrated Rewards 9.1 INTRODUCTION Management uses compensation as a method to create healthier workplaces. Compensation plans should be customised to suit the needs of the organisation, its priorities, and its capital. Compensation strategies can be used to: • Recruit and keep high-performing workers. • Raise employee satisfaction. • incentive and appreciation schemes to motivate employees to perform at their best. • Achieve both internal and external equity • Reduce turnover and increase employee satisfaction 154 CU IDOL SELF LEARNING MATERIAL (SLM)
• Adopt straightforward payment practises as a standard. Why it is must to have compensation strategy in your organization? Helps to increase the motivation of employees Employees who are fairly paid believe that they contribute value to the business. Employees feel confident about coming to work when they are respected. Employee morale has increased as a result, and people are motivated to come to work and perform well. Furthermore, workers would be highly motivated to achieve better results if they know they will receive a bonus or benefits. Bonus and performance bonus programmes have become vital to the success of an organisation. Compensation is directly proportional to employee morale and work satisfaction. Often, a balance (equity) must be struck between the monetary value that the employer is willing to pay and the employee's sense of value and appreciation. Employers can choose to freeze or reduce wages in order to save money, even if it means sacrificing employee satisfaction and morale. An employer seeking to reduce employee turnover, on the other hand, can aim to raise wages and wage levels. Compensation may also be used as a motivator for high-performing employees. Bonuses, benefits, stock, share-sharing, and gain-sharing are examples of such plans. Keep a competitive edge for recruitment Candidates are still trying to put themselves in the best financial position possible. Many that are worth a certain salary figure are always conscious of their worth and would look for a job that pays accordingly. Investigate the compensation and remuneration packages offered by the competitors. To attract the best applicants for your company, make sure you deliver a comparable package to your top hires. Hiring the ideal candidate the first time saves money on hiring and allows company owners to focus on other activities. The most important aim shared by most employers is the recruitment and retention of skilled workers. To some extent, market conditions outside the recruiter's control determine the availability and cost of qualified candidates for open positions. While an employer can set new hire pay levels and encourage those salary ranges, it does so in the context of other employers seeking to hire from the same pool of candidates. Legal Compliance Many aspects of a worker's wages and hours are regulated by state and federal employment legislation, including the minimum wage and the amount of hours they can work per week before earning overtime pay. To avoid litigation and actions from state or federal governments, businesses must compensate employees according to compensation laws. Some laws vary depending on the state and the type of employee. For example, a salaried employee is not subject to the same laws as an hourly employee. 155 CU IDOL SELF LEARNING MATERIAL (SLM)
Employee Loyalty When employees are well compensated and satisfied, they are more likely to remain with the company. Appropriate pay is one of the reasons why workers stick with their employers. Reliability ensures that business owners don't have to waste time, money, or resources on recruiting new employees. Employers who foster a team that knows what to do benefit from employee satisfaction and low separation rates. The team is also enthused to be a part of the group, and they complete the task flawlessly. Increased Productivity Employees that are happy are the most active. Employee appreciation increases motivation and reliability, which leads to improved compensation performance. Workers are not only more driven to do a good job, but they also remain longer with the business, learning more and becoming more professional. All of this leads to higher efficiency. Points to be considered while planning compensation strategy When developing an organization's overall compensation plan, which includes compensation design, rules, and behaviour, it's critical that HR professionals comprehend and provide what's also essential to the company and its objectives. When developing a compensation strategy that is also well-matched to the employee demographic and financial bridles, a variety of factors must be well-considered. The subsequent should be comprised when planning a compensation strategy: • A range of fundamentals that will illustrate the overall compensation plan available to workers. • Within the sector, fair and reasonable compensation/payments. •Unbiased compensation is required. When it comes to time of work, title, qualifications and capabilities needed to complete the job in an efficient manner, there must always be a reasonable increase in pay. • A well-known criterion that leads to an increase in wages. • A well-designed method or programme for calculating and controlling payroll expenses. • A method for determining whether the establishment's compensation policy has been effective by determining whether the compensation has resulted in favourable retention figures, employee productivity, and motivation. 9.2 PRINCIPLES OF COMPENSATION PLANS A compensation package that fails to inspire distributors is just as likely as any other factor to cause a business to stagnate. Although there are several factors that influence the success or failure of direct sale businesses, one of the most important is the compensation package. 156 CU IDOL SELF LEARNING MATERIAL (SLM)
Many people ask us what is the best benefit package available. Unfortunately, there is no solution to this issue, but there are certain tried-and-true success concepts that can be found in almost any successful strategy. What makes a perfect incentive plan? This article will assist you in assessing the true success factors of a compensation package. These Golden Rules should always be followed: Often have monetary incentives for anticipated behaviour. Don't spend bonus money on habits that aren't helpful to you or the distributor. Examine each form of compensation to ensure that it can provide the anticipated return on investment. Make use of the partnership theory. The majority of people hire people they already meet. They wish to collaborate with them. Make sure your approach capitalises on these ties. When a new recruit is taught or mentored by someone other than the sponsor, bad recruiting and relationships are the result. It's just as necessary to be recognised as it is to be compensated. “Distributors will work for money but they’ll kill for a cause.” - Jim Adams The five objectives of a successful compensation plan 1. Sell Product to end consumers • Bringing goods from garages to buyers includes retailing them to end users. People stop purchasing goods that they don't (or can't) sell, so corporate failure is unavoidable. • Have a motivating retail/wholesale benefit – at least a 25% discount from retail or a 33% markup from wholesale. People are motivated to retail goods because of the retail benefit. Other motives, on the other hand, are typically artificial and will not last. • Have a reasonable selling price; otherwise, it would be difficult to sell to end users. Don't sell goods with a wholesale price that is already the market retail value, then add an even higher artificial retail price. Field leaders, training, and marketing materials must all place a strong focus on retailing. • Selling goods with the expectation of potential incentives would never result in product movement to retail customers. If distributors sell goods with the hope that the customer will receive future commissions when they sell the product to others, you'll end up with a \"time bomb\" dissatisfied distributors with a lot of inventory to sell in their garage. Companies who do this are almost always doomed to fail. The commodity is moved from the distributor to the end consumer in volumes that are justified by natural use. 2. Build organizations (recruit) Done by placing incentives on group volume building. Recruits must easily see that it is easier to have others do the selling to build their business in addition to their own selling. 157 CU IDOL SELF LEARNING MATERIAL (SLM)
Particularly for the new recruit, the strategy should include recognition and reward. The majority of hires drop out within the first 60 days because they lose trust in their ability to succeed in the long run. Early rewards maintain their interest and enthusiasm. Lack of rewards for new recruit’s results in sales leaders promoting ‘buy in’ organization building. They pitch people that a ‘buy in’ is an investment in their future. The new recruit has greater ‘equity’ (inventory) to keep them in longer but quickly become disillusioned. They are quick to complain to regulatory officers that ‘they were taken’. Regulators are always on the watch for ‘investment schemes’ of this nature. Rewarding people early is done by building a series of goals and rewards. As they reach each goal, they are recognized and compensated. It builds their confidence that they can achieve their future dreams. • This technique establishes the fundamental skills needed to progress to the role of manager. Ineffective field managers are created as a result of a lack of early rewards, as they lack the opportunity to market and hire based on product viability. 3. Build Managers (people who train others to sell and recruit) • If the ‘Build Organization' phase is missed, the field force will be overwhelmed by incompetent managers who do nothing to earn their salaries. • Managers are formed by studying the basics of distributor success: product retailing and hiring. They become managers after learning these skills and teaching others (those they recruit) to do the same. Duplication is a valuable method for effective administrators. • Team practises such as Group Volume and Recruiting are rewarded with incentives. In most cases, group volume rewards reward both selling and hiring. 4. Build Sales Leaders (people who train others to manage) • There must be incentives in place to inspire and reward managers who develop other managers. Avoid disincentives that penalise a manager when a new manager is hired; otherwise, managers will work hard to keep their own star performers from achieving their full potential out of fear of losing substantial future compensation. • Provide incentives for managers to train their managers to develop several ‘generations' of downline managers, so they may want to train their managers to develop other managers as well. • Don't make being a sales leader too easy. Distributors who do not know how to cultivate or train other managers to be successful should not be allowed to lead sales teams. If they do, the field organisation would be flimsy and ineffective. 158 CU IDOL SELF LEARNING MATERIAL (SLM)
• Keep in mind that it takes time, resources, and commitment to develop good sales leaders. Invest in their preparation to help them become successful sales executives, managers, and product sellers and recruiters. • Reward the top-performing salespeople with bonuses. If the strategy is easily \"maxed out,\" top performers will ask \"what's next,\" and you will be unable to provide a response. 5. Retention • Attract workers by assisting them in earning a substantial monetary compensation for their time. You're up against a lot of other possibilities and distractions for their time and attention. • Make it worthwhile for them right away. As a distributor works the market, they are accumulating a \"equity investment\" in their downline. They'll keep working the business if their downline keeps working the business. This is why it's important to place a balanced focus on product retailing and hiring. Distributors who establish a downline are much more likely to stay involved than those who do not. • If your commodity is consumable, use a \"Auto Ship\" software to attract repeat business from both retail and wholesale customers (to distributors). • Urge others to engage in contests and competitions. Avoid 'top ten' competitions in which everyone loses but the top ten performers. • Other tenets of an effective compensation policy • Reasonable compensation percentages: Most compensation programmes today pay field distributors between 30% and 50% of their earnings. If an organisation implements a package that pays just 25% or less, it will be difficult to hire and maintain distributors unless other factors compensate for this competitive weakness. These factors may include consumer acceptance of the product (telephone service or other popular consumables), as well as intangible rewards that motivate distributors. In my view, the real percentage pay out should be between 35 and 42 percent. With high profit margins, higher percentages are probable. To avoid disappointing distributors who demand more, the theoretical pay out (the percentage the plan would pay if all commissions were paid out in any case) should not be more than 8% higher than the real pay out. • Don't tinker with the payout package too often: Those who do so risk alienating distributors who would rather join other, more stable opportunities. Even positive progress can be distressing. Changes to the scheme should be avoided at all costs. 9.3 DEFINING THE ELEMENTS OF TOTAL REWARDS A total compensation scheme incorporates all of an employer's efforts in attracting, inspiring, and retaining workers. A total rewards scheme, according to the Grameen Foundation, 159 CU IDOL SELF LEARNING MATERIAL (SLM)
consists of five components: compensation, benefits, professional growth, appreciation, and work-life balance. Compensation and Benefits The different ways an employee receives money from the employer are referred to as benefits. It usually includes a starting salary or hourly wage, as well as profit sharing and bonuses. Both required plans and employer-provided alternatives are referred to as benefits. Worker's compensation and Social Security are obligatory services, while paid sick time and pension plans are voluntary for employers. Professional Development and Recognition Tuition reimbursement, mentoring, and established advancement tracks are examples of professional development opportunities. A company could, for example, pay for anyone in a department to have access to a relevant online course. A formal recognition programme, such as an employee of the month or year programme, can range from an individual acknowledgment of good work to a formal recognition programme, such as an employee of the month or year programme. Incentives, such as a plaque or a prize, are often included in formal systems. Work-Life Balance Allowing workers to fulfil their personal responsibilities or goals is referred to as work-life balance. Some employers, for example, encourage workers to come in early or leave late in order to get their children on the bus or to attend their children's activities. Employers can also create volunteer programmes, provide childcare subsidies, or provide stress-reduction services. 9.4INTEGRATED REWARD The Benefits of Creating a Total Rewards Total Rewards, as defined by WorldatWork, is “all of the tools available to the employer that may be used to attract, motivate and retain employees. Total rewards include everything the employee perceives to be of value resulting from the employment relationship.” Formalizing your philosophy does the following: • Recruits, motivates, and keeps workers by providing clarity about how the organisation handles compensation • Offers guidance and a framework of accountability that drives continuity across the organisation so employees recognise fairness and the business mitigates legacies • Enables the company to strike a balance between market competition and cost management. 160 CU IDOL SELF LEARNING MATERIAL (SLM)
Developing a Complete Compensation philosophy is crucial to ensuring that you have a mechanism to help you drive human resource decisions and convey those decisions to workers as an enterprise. When it comes to building confidence in your staff, your honesty can go a long way. You will have a much easier time recruiting, engaging, and maintaining your employees if they understand your ideology and believe they are being paid equally. SET REWARD PROGRAMS BACK TO THE FUTURE Getting started on a next-generation approach to total rewards begins with a fundamental shift in philosophy: Treat your workforce programs as a portfolio of integrated investments with different yet complementary purposes and desired outcomes — rather than as a set of disparate plans that don’t relate to one another. Making this change lays the groundwork for three crucial moves toward achieving the cost and talent goals: • Calculate and size the overall workforce investment accurately to ensure it aligns with both financial realities and company needs. • Increase the value of your investment by allocating the desired overall investment across your portfolio in ways that encourage the right employee behaviours. • Build a structure that can respond to changes in your market strategy and workforce composition over time, across continents, and across employee groups. CREATE A FRAMEWORK TO DEVELOP YOUR TOTAL REWARDS STRATEGY Towers are a form of structure that can be Total rewards are front and centre in Watson's system for designing a total rewards plan, as the most concrete aspect of the wider job contract. It also divides the entire spectrum of employment services into three main groups, which represent how workers usually interpret their benefits. • Workers are required to participate in foundational activities as a condition of employment. • Performance-based services are available for outstanding performance in order to promote a high-performance community. • Job and environmental services that complement the EVP and assist workers in handling their jobs and navigating their workplace effectively. CORE PRINCIPLES OF REWARD PROGRAM DESIGN AND DELIVERY Most critically, the total rewards framework is grounded in three core principles of sound design and delivery that hold true regardless of whether your organization manages its programs holistically or continues to operate in discrete functional areas. These include: 161 CU IDOL SELF LEARNING MATERIAL (SLM)
• Match your overall compensation plan with your company's corporate strategy and employee priorities. Effective workforce initiatives are an extension of the corporate plan, promoting key strategies and goals and clearly communicating the degree and type of commitment the company expects from its employees. • Allocate your overall spend among the services that matter to employees and provide the best return on investment in terms of cost and risk. Despite the massive amount of money spent on incentive programmes — upwards of $2 billion to $3 billion for a typical multinational company with 20,000 workers — many companies don't regularly track returns or recognise the relationship between programme costs and the importance employees place on them. • Create, communicate, execute, and administer incentives that facilitate the particular employee behaviours necessary to achieve your business goals. Employee technical skills and expertise can be a key factor in driving consumer loyalty at one company, leading to a focus on deep technical training and growth, among other things. Rapid turnaround, agile problem solving, or obsessive attention to store cleanliness and point-of-service assistance may be much more significant influences on customer behaviour at another company, resulting in a somewhat different combination of employee behaviour and attitude shaping initiatives. Choosing the right balance is a result of not only cost versus benefit, but also of the culture and work atmosphere that your organisation is fostering and preserving in order to achieve strategic objectives. 9.5 SUMMARY • Management uses compensation as a method to build healthier workplaces. • Compensation applies to the different ways in which a business pays its workers. • There must be incentives in place to inspire and reward managers who develop other managers. Avoid disincentives that penalise a manager when a new manager is hired; otherwise, managers will work hard to keep their own star performers from achieving their full potential out of fear of losing substantial future compensation. 9.6 KEYWORDS Retention: Retain people by helping them receive significant reward for their time. Compensation: Compensation is a tool used by management to create happier workplaces. Incentives:Incentives must exist to motivate and reward managers who build other managers. 162 CU IDOL SELF LEARNING MATERIAL (SLM)
9.7 LEARNING ACITIVITY 1. Create a Data by visiting the IT Company and take a list on compensation plan used to retain the employee. ___________________________________________________________________________ ____________________________________________________________________ 2. Case Studies in the Recruitment Process – An Assessment method for Gathering Data on an Employee. ___________________________________________________________________________ ____________________________________________________________________ 9.8 UNIT END QUESTIONS A. Descriptive questions Short Questions 1. Define Compensation plan 2. Steps includes in Compensation plan 3. What is Total Rewards Long Questions 1. Uses of Total Rewards 2. Key features of Total rewards 3. Advantages and Disadvantages of Total Rewards B. Multiple choice Questions 1-Compensation can be _____ benefits. a. Monetary b. Non-monetary c. both ‘a’ and ‘b’ d. None of these 2-Wages represents _____ rates of pay. 163 a. Hourly CU IDOL SELF LEARNING MATERIAL (SLM)
b. Daily c. Weekly d. Monthly 3-_______ are also called ‘payments by results’. a. allowances b. claims c. incentives d. fringe benefits 4-Incentives depends upon a. productivity b. sales c. profits d. All of these 5-The following is paid only at the time of employees exit after serving more than five years a. Perquisites b. Claims c. Gratuity d. Allowances 6-The following is a perquisites. a. Club membership b. Provident fund c. Medical allowance d. Group insurance 7-‘A behaviour which has rewarding experience is likely to be repeated’ is postulated by 164 CU IDOL SELF LEARNING MATERIAL (SLM)
a. Reinforcement and expectancy theory b. Equity theory c. Agency theory d. None of these 8-‘A fair day work for fair day pay’ denotes a sense of _______ felt by employees. a. Responsibility b. Equity c. Happiness d. Respect 9-The remuneration system needs to meet the following type(s) of equity a. Internal b. External c. Individual d. All of these 10-Which of the following factor influence(s) employee compensation? a. Labour market b. Cost of living c. Labour unions d. All of these Answers 1) c 2) a 3) c 4) d 5) c 6) a 7) a 8) b 9) d 10) d 9.9 REFERENCES Text Books: Dessler Gary A Framework for Human Resource Management, Pearson Dessler Gary, VarkkeyBiju Fundamentals of Human Resource Management, Pearson Reference Books: 165 CU IDOL SELF LEARNING MATERIAL (SLM)
Lance A Berger, Dorothy R Berger Talent Management Hand Book Mc.Graw Hill Armstrong, Michael A Handbook of Human Resource Management Practice Kogan Page Publication 166 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT – 10: EMPLOYEE RETENTION Structure 10.0 LearningObjectives 10.1 Introduction 10.2 Comprehensive approach to Retaining Employees 10.3 Managing Voluntary Turnover 10.4 Summary 10.5 Keywords 10.6 Learning Activity 10.7 Unit End Questions 10.8 References 10.0LEARNING OBJECTIVES After studying this unit, you will be able to: Describe approach to Retain employees Identify the reason to deal with job withdrawal Benefits of Total rewards Process of Talent Management 10.1 INTRODUCTION What is an Organization? Organization is a system in which people come together and work together to accomplish a common goal. Employees are people who work together in a business to earn a living and make a profit. Employees are an organization's lifeblood, contributing greatly to its smooth operation and profitability. An organisation cannot succeed if its workers are unconcerned about the organization's success and are more concerned about their own personal interests. What is Employee Retention? Employee retention refers to the policies and procedures that allow workers to remain with a company for a longer period of time. Every business spends time and money grooming new hires, educating them to be corporate ready and getting them up to speed with the rest of the 167 CU IDOL SELF LEARNING MATERIAL (SLM)
team. When workers leave their jobs after completing their training, the business is absolutely at a loss. Employee retention refers to the different steps taken to ensure that an individual remains with a company for as long as possible. Why do Employees Leave? According to research, the majority of workers quit a company due to dissatisfaction and frequent conflict with their bosses or other team members. In certain situations, a low wage, a lack of promotion opportunities, and a lack of motivation drive an employee to pursue new jobs. Management must make every effort to keep all workers who are critical to the system and are considered to be productive contributors. It is the duty of line managers and management to ensure that workers are happy with their positions and responsibilities and that their jobs provide them with new challenges and opportunities to learn every day. Let's look at an example to better grasp the idea of employee retention: Misha was a talented employee who always gave it her all and completed all of her assignments on time. Her work was flawless and consistently creative and thought- provoking. She never interfered with other people's jobs and discouraged needless speculation and rumours. She stopped loitering in the office, was committed to her work, and her performance was consistently excellent. Misha's immediate boss, Greg, was never fond of her and saw her as his greatest challenge at work. He didn't leave any stone unturned in his attempt to humiliate and demotivate Misha. Misha eventually grew tired of Greg and wanted to move on. Situation 1: HR made no attempt to keep Misha on board and approved her resignation. Situation 2 - HR jumped in right away and addressed the numerous problems that had caused Misha to suggest a move. They did everything they could to persuade Misha, including hiring a new manager to make things easier for her. Situation 1 would almost certainly leave the company in a bind. It's not easy to find someone who blends in with the system and knows what they're doing. Hiring, training, and preparing an employee to work in a company all cost a lot of money, so genuine attempts must be made to keep the employee. Every issue has a solution, and management must look into the specific reasons for an employee's dissatisfaction. Employees who remain with a company for a longer period of time get to know it better and grow a sense of loyalty to it. Employees who have been with the company for a longer period of time are more familiar with the company's procedures, protocols, and rules and regulations, and can therefore participate more easily than those who come and go. 10.2 COMPREHENSIVE EMPLOYEE RETENTION STRATEGY 168 CU IDOL SELF LEARNING MATERIAL (SLM)
Employee retention is an important part of a company's overall human resource management plan. Here are five elements you can use to help your organisation develop a robust staff retention plan. According to the Society for Human Resource Management, strong recruiting trends are forcing companies to put a greater emphasis on employee retention (SHRM). A company's talent management and human resource management strategies can benefit from an employee retention strategy. It can be difficult to decide the appropriate course of action as companies begin to address employee retention in a systematic manner. Here are five elements you can use to help your organisation develop a robust staff retention plan. Better Recruiting From the Beginning A successful retention plan begins with the recruiting process. Although it's crucial to recruit the best person for the job, businesses with high retention rates often prioritise a long-term fit during the interview phase. What are the candidate's long-term career goals, and can your organisation accommodate those goals? Is an applicant culturally compatible with your company's goals, values, and work style? Is the candidate's track record of achievement reliable, or does he or she regularly change jobs? Companies may have more leverage over employee retention if they aim for a good fit from the outset. Training Your Managers to Foster Retention One of the most critical aspects of your company's employee retention plan might be your managers. Staff don't quit companies; they leave bosses, as the saying goes. Educating the managers about their role in employee retention will go a long way toward enhancing employee relations. Make sure the managers understand why employee retention is so critical. Training managers in basic skills that encourage constructive relationships and a healthy work environment should be prioritised. Talent is more likely to remain when leaders set a constructive tone. Measure and Support Engagement Another important aspect of a long-term retention plan is employee engagement. Employers may promote employee engagement in a number of ways, including showing that they appreciate their work and ensuring that they recognise and contribute to the company's purpose. It might also be appropriate to invest in team-building and good relationships within the organisation in order to keep the employees connected and engaged. Show Recognition in Multiple Ways Employee contributions can be recognised and valued in a variety of ways, the most traditional of which are wages, benefits, and bonuses. Employee appreciation systems that include awards, VIP parking spots, small presents, and other public acknowledgements of a job well done, on the other hand, can have a positive impact on employee retention. 169 CU IDOL SELF LEARNING MATERIAL (SLM)
Frame the Long-Term Career Trajectory Employees are more likely to stick with a company if they believe they have the opportunity to advance their careers. Assist applicants in understanding the potential of each position. Take the time to learn about the employees' aspirations and explore various methods for achieving them, such as giving them more responsibilities or helping them pay for their schooling. An effective human resource management approach relies heavily on employee retention. Even in today's tight labour market, businesses will see employee retention rates increase by concentrating on elements such as growth opportunities, recruiting the right employees, educating the managers, and engaging in employee engagement. 10.3 MANAGING VOLUNTARY TURNOVER Employees who want to leave their jobs voluntarily are referred to as voluntary turnover. Employees can leave their positions for a variety of reasons. They may be unhappy with their current work or salary, searching for a new job, or having rejected another bid. Although involuntary turnover typically occurs as a result of poor results, voluntary turnover often occurs as a result of qualified workers leaving their roles. As a result, the costs of training and hiring a new employee can make voluntary turnover very costly for a company. One approach to reduce voluntary turnover is to devote time and resources during the selection process to determining an applicant's \"work fit\" or suitability for a specific position. Employers should strive to predict whether or not their potential workers will be happy and fulfilled with their employment. Companies may, for example, give work applicants pre- employment personality tests to see if their personality characteristics are consistent with the demands of the role. Certain personality traits are better suited to certain types of work. Applicants that are more extroverted, for example, can be disappointed with a position that requires little personal contact. When it comes to recruiting, considering \"job fit\" will help a company minimise total voluntary turnover. Human resources teams put in a lot of time and effort to find the best choice for an open position. The hope is that once this role is filled, the new employee will prove to be a hard worker who will remain with the organisation. When an unsatisfied employee moves on, work openings open up again all too often. While this can be a frustrating series of events, there are steps you can take to minimise voluntary turnover. 1. Create an atmosphere that promotes cooperation and trust. Offer the workers new responsibilities or more control over their current responsibilities. This shows that you have faith in your workers and believe they are capable of completing the task. Tell them what you expect of them and when you expect them to complete the task. Send them feedback once the assignment is done. 170 CU IDOL SELF LEARNING MATERIAL (SLM)
2. Set a target for workers and praise them when they achieve it. This can be accomplished by assisting the staff in developing a career plan. In one year, two years, and five years, ask them where they want to be professionally. Then, to help your workers meet these professional levels, assist them in setting targets. When objectives are met, let your workers know you've noticed. To add motivation, set up a small reward system. This makes the workers feel more invested in and satisfied with their careers, reducing their likelihood of leaving. 3. Invest in your employees' preparation. Provide them with the professional training and tools they need to be effective. Make the investment if you need an outside training course or new office equipment to improve productivity. This behaviour by the organisation sends a message to the workers that they are respected. People are more likely to stay when they feel respected. 4. Maintain a competitive advantage over your rivals. An opportunity for a better job can lead to voluntary turnover. Examine your compensation package, including your company's 401k, life care, and sick time. Reduce turnover by making it comparable to or better than similar businesses. Take a look at how much you're paying your workers as well. Check to see if your starting wages are competitive, and if your promotions and raises are comparable to or greater than those of your rivals. 5. Make sure your workers are not overworked or stressed. Instead of recruiting new workers to share the burden, businesses often give current employees too much stress or pressure. This effort to save money can inadvertently backfire, resulting in employee dissatisfaction. When you're dissatisfied with your current work, you'll start searching for a new one. Maintain a demanding but attainable workload and deadlines for the workers. 10.4 SUMMARY • According to studies, the majority of employees quit a corporation due to dissatisfaction and frequent confrontation with their supervisors or colleagues. In certain situations, a low wage, a lack of promotion opportunities, and a lack of motivation drive an employee to pursue new jobs. • Management must make every effort to keep workers who are critical to the system and are considered to be productive contributors. • A company's talent management and human resource management strategies can benefit from an employee retention strategy. • It can be difficult to decide the appropriate course of action as companies begin to address employee retention in a systematic manner. 10.5 KEYWORDS 171 CU IDOL SELF LEARNING MATERIAL (SLM)
Organization: A set up where individuals come together and work in unison to achieve a common goal Voluntary Turn over: Voluntary turnover is a type of turnover that occurs when employees willingly choose to leave their positions. TAM- Talent Acquisition and Management L&D – Learning and Development JD – Job Description 10.6 LEARNING ACITIVITY 1. Visit the organization and gather the data on voluntary turnover. __________________________________________________________________________ _____________________________________________________________________ 2. Visit the organization and gather the information on the retention strategies used. __________________________________________________________________________ _____________________________________________________________________ 10.7 UNIT END QUESTIONS A. Descriptive Questions Short Questions 1. Explain Retaining strategy? 2. Explain briefly on Comprehensive approach to Retaining Employee 3. Define Turnover? Long Questions 1. Steps involves in Voluntary Turn over? 2. Advantages and Disadvantages of Retaining process? B. Multiple Choice Question 1. ESOP stands for_____________ . a. Employee Stock Ownership Plans b. Employees Share Ownership Plans c. Employer Stock Ownership Plans d. Employer Share Ownership Plans 172 CU IDOL SELF LEARNING MATERIAL (SLM)
2. Compensation based on some established formula designed around a company’s profitability is known as____________ . a. profit sharing plan b. gain sharing c. bonuses d. piece-rate pay plan 3. Reinforcement Theory has an impressive record of predicting______________ . a. dependent variables b. performance variables c. absenteeism d. None of these 4. A participative process that uses entire capacity of employees and is designed to encourage increased commitment to the organisation’s success, is known as ______________ . a. Works council b. Employee participation c. Employee involvement d. Participative management 5. Who proposed “Theory X and Theory Y”? a. Frederick Herzberg b. David McClelland c. Douglas McGregor d. Abraham Maslow 6. Works council and board representative are forms of______________ . 173 a. employee Participation b. employee involvement c. quality circle CU IDOL SELF LEARNING MATERIAL (SLM)
d. participative management 7. Company-established benefits plans in which employees acquire stock as part of their benefits is known as,____________. a. fringe benefit b. bonus c. flexible benefit d. ESOP 8. Which of the following tasks represents a leadership responsibility? a. Budgeting b. Aligning people c. Organising d. None of these 9. Emotional Intelligence____________. a. is genetic b. can be learned c. cannot be improved d. None of these 10. Recognising and rewarding success form part of the ______________ process of motivating and inspiring. a. Leadership b. Management c. Negotiation d. Motivation Answers 1) a 2) a 3) c 4) c 5) c 6) b 7) d 8) b 9) a 10) a 174 CU IDOL SELF LEARNING MATERIAL (SLM)
10.8REFERENCES Text Books: Dessler Gary A Framework for Human Resource Management, Pearson Dessler Gary, VarkkeyBiju Fundamentals of Human Resource Management, Pearson Reference Books: Lance A Berger, Dorothy R Berger Talent Management Hand Book Mc.Graw Hill Armstrong, Michael A Handbook of Human Resource Management Practice Kogan Page Publication Anderson, A. R. (2013, August 16). 5 unique recruiting ideas that paid off big time. Forbes. Retrieved from http:// www.forbes.com/sites/ amyanderson/2013/08/16/5- unique-recruiting-ideas-thatpaid-off-big-time McGregor, J. (2015, September 22). PwC to help employees pay back their student loans. The Washington Post. Retrieved from https://www.washingtonpost. com/news/on-leadership/ wp/2015/09/22/pwc-to-helpemployees-pay-back- theirstudent-loans/ Lewis, K. R. (2015, June 23). Everything you need to know about your Millennial co- workers. Fortune. Retrieved from http:// fortune.com/2015/06/23/ know-your- millennial-coworkers 175 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT –11: EMPLOYEE RETENTION Structure 11.0 Learning Objectives 11.1 Introduction 11.2 Dealing with Job Withdrawal 11.3 Defining the Elements of Total Rewards 11.4 Designing Integrated Rewards 11.5 Summary 11.6 Keywords 11.7 Learning Activity 11.8 Unit End Questions 11.9 References 11.0 LEARNING OBJECTIVES After studying this unit, you will be able to: Describe Job Withdrawals Describe the challenges in Withdrawal Define Total Rewards Define Integrated Rewards 11.1 INTRODUCTION Employee retention refers to the policies and procedures that allow employees to stay with an organisation for a longer time. Every organisation invests time and money in grooming new employees, training them to be corporate ready, and acclimating them to the rest of the team. As employees quit their jobs after completing their training, the organisation experiences a total loss. Employee retention refers to the various measures taken to ensure that an individual stays with an organisation for the longest time possible. According to studies, the majority of employees leave their jobs because of discontent and constant confrontation with their employers or coworkers. A low pay, a lack of advancement opportunities, and a lack of motivation can all cause an employee to seek new employment. Management must make every effort to maintain all staff who are important to the system and considered positive contributors. 176 CU IDOL SELF LEARNING MATERIAL (SLM)
Line managers and management have a responsibility to ensure that employees are satisfied with their roles and duties, and that their tasks provide them with new challenges and learning opportunities on a daily basis. 11.2 DEALING WITH JOB WITHDRAWAL Understanding some of the myths surrounding employee satisfaction is the first step in implementing a retention strategy. The evolution of work withdrawal theory, founded by Dan Farrell and James Petersen, is one of the most fundamental theories. According to this theory, people create a series of behaviours in order to escape their current job situation. Changes in behaviour, physical withdrawal, and psychological withdrawal are examples of these behaviours. An employee in the behaviour improvement field will try to change the situation that is causing the frustration first. If an employee is dissatisfied with the management style, he or she may request a transfer to another department. The employee does one of the following during the physical withdrawal phase: • Quits his job • Makes a transition within the company • Begins to be absent or late. An employee can suffer psychological withdrawal if he or she is unable to leave the workplace. They may become disengaged and will show less job engagement and loyalty to the organisation, which can result in substantial costs for the company, such as unhappycustomers. 177 CU IDOL SELF LEARNING MATERIAL (SLM)
Withdrawal Behaviours Overview Organizations aim to produce productive and happy employees, but for a variety of reasons, employees become disengaged from their employment. The most common type of work disengagement is withdrawal activity, which occurs in the workplace as work absenteeism, employee turnover, lateness/tardiness, and burnout. - of these styles poses a distinct challenge to comprehend and interact with in order to maintain compatibility with both the employee and the employer. Withdrawal behaviour, unlike many of the topics covered in the Job Attitudes and Motivation Wiki, is concerned with the outcome of changes to one's working environment or motivation (the independent variable) (The Pennsylvania State University, Lesson 13, 2011). Withdrawal Behaviours Withdrawal behaviours occur when a person becomes physically and/or mentally disengaged from an institution. Absenteeism, tardiness/lateness, and turnover are only a few examples of physical withdrawal behaviours. There are also psychologically induced withdrawal behaviours. Examples include ineffective compliance, inadequate commitment on the job, and a lack of creativity. Psychological detachment is marked by laziness or a lack of focused thought on the work (Pinder, 2008). Physical Withdrawal Behaviours Lateness: An employee's excessive tardiness may be a physical indication that he or she has lost interest in the business. Despite the limitations of the study, it appears that tardiness is a strong indicator of the more serious forms of withdrawal. This is especially true if the individual is often late, as it indicates a lack of motivation to arrive at work on time (The Pennsylvania State University, Lesson 13, 2011). • Absenteeism: Absenteeism occurs when an employee fails to show up for work for an extended period of time or for an unusual number of days without justification. Medical appointments and pre-approved holidays are examples of excused absences (Cohen & Golan, 2007, The Pennsylvania State University, Lesson 13, 2011). •Turnover is when an employee leaves an organisation, and it often happens as a result of both tardiness and absenteeism (Rosse, 1988). Unlike absenteeism, which is viewed as predominantly negative from an organisational viewpoint, turnover is viewed as having both positive and negative effects on a corporation (The Pennsylvania State University, 2011). Long-term workers who have lost interest and motivation in the business could be replaced by new employees who are more inspired and willing to help the company succeed. Psychological Withdrawal Behaviours 178 CU IDOL SELF LEARNING MATERIAL (SLM)
• Presenteeism: Presenteeism occurs when an employee shows up for work but only works in a limited capacity. This may be due to a physical ailment, such as a cold, or emotional or psychological stress. Withdrawal steps are being taken against presenteeism caused by psychological factors. An employee can sit at their desk and look into space instead of completing work tasks, or they can spend more time leisurely surfing the internet. The productivity loss caused by presenteeism is more difficult to detect and quantify than the productivity loss caused by absenteeism (Trotter, et al., 2009). When emotional or other stressors become too much to manage, burnout occurs. When an employee's mental and physical energy for the job has been depleted, burnout occurs. Burnout is defined as a chronic reaction to recurrent emotional and interpersonal stressors on the job, and is defined by the three dimensions of emotional fatigue, cynicism, and inefficacy (Maslach, Shaufeli, & Leiter, 2001). Assessing any of these physical and psychological withdrawal behaviours benefits both the company and its employees. Businesses benefit from the predictive modelling capabilities that arise from tracking these behaviours. Disengagement and withdrawal behaviours can be reduced by incorporating tactics, procedures, task systems, and workplace cultures. Employees gain professional experience by realising that seemingly innocuous actions or behaviours may have a detrimental impact on organisations and personal career advancement. 11.3 ELEMENTS OF TOTAL REWARDS Components of the overall reward the benefit of the complete incentive strategy is that councils can add to their current offers at any time and include whatever they think would better support the community they want to build. Every council is different, which is why following a model that worked for one company - even though it was a massive success - could not work for yours. List of the various components, which form part of the total reward offering. 1. Pay 2. Local Government Pension Scheme 3. Non-Cash rewards & recognition 4. Employee benefits (Flexible and Voluntary benefits) 5. Buying and Selling Annual Leave 6. Total remuneration statements (TRS) Each component or element of a component may be added one at a time, in a step-by-step approach, or all at once as a comprehensive package. It is up to the council to determine what is best for them. 179 CU IDOL SELF LEARNING MATERIAL (SLM)
Pay Pay structure is a strong communicator of a council's principles to both workers and the general public, and it should be related to business goals. The value of equal and nondiscriminatory compensation must be stressed in a council's incentive policy. Of course, it must represent the external market for recruiting and retention purposes, and one would recognise ties between success and compensation, but fairness is just as critical as employee engagement. Return on investment, cost management, risk, and engagement have emerged as the key issues driving reward reform in the aftermath of the financial crisis, according to Hay research. Their research looked into how companies, from the top down, rely on reward programmers to achieve the results they need. Employers are relying more on intangible incentives (such as motivational leadership, challenging jobs, and career development) to improve loyalty, as the option of paying more for retention or success is often no longer available. In light of the challenges ahead, councils will want to reconsider their strategic approach to pay and reward. The National Joint Council for Local Government Services national agreement (also known as the Green Book) provides a basis for councils to establish their own pay and advancement strategies based on their strategic goals. It allows individual councils, for example, a lot of leeway when it comes to pay rates, so they can be customised to the local labour market. Furthermore, nothing in the Green Book prevents the implementation of performance-based compensation, nor does it prevent councils from withholding increments if this is objectively justified. Of course, councils considering such choices would need to enlist the help of local Trade Unionists. If you believe that your pay structure is still acceptable and important after updating your reward strategy, it could simply be a matter of interacting and reinforcing what you already have in place in a different way. Local Government Pension Scheme The local government pension plan is a very important part of the job package because it is provided to workers by councils who contribute a substantial portion of the cost of delivering the excellent set of benefits. The value of public sector pensions is currently under a lot of scrutiny, and further restructuring of the existing system is unavoidable. In an ideal world, the total payout strategy will allow an employer to not only emphasise the importance of the pension plan, but also to trade off other elements of the compensation package. In their overall remuneration statements, many private-sector employers indicate the employer's percentage contribution to the pension fund. The LGPS, on the other hand, is a final salary (Defined Benefit) rather than a money buy (Defined Contribution) pension plan. In contrast to a Defined Contribution plan, where the sum of the employer's pension contributions from year to year has no material impact on the level of the employee's pension, showing the employer's percentage contribution to a Defined Benefit scheme could offer workers potentially misleading details. Local governments contribute to the pension fund operated by the pension fund managing authority in their region. In England and Wales, there are 89 funds. An actuary sets the employer's pension contribution rate for the next three years of a 180 CU IDOL SELF LEARNING MATERIAL (SLM)
valuation every three years. Depending on the fund's funding level at the time of the valuation, the employer's contribution rate will increase or decrease. If the fund's assets have risen in relation to its liabilities, the employer's contribution rate may be reduced; if the fund's assets have decreased in relation to its liabilities, the employer's contribution rate can be raised. The risk of including the employer contribution rate on the overall remuneration statement is that the employee will believe that if the employer contribution rate rises, they will receive a larger pension, and if it falls, they will receive a smaller pension. Neither is valid, since the size of the employer's contribution has no effect on the employee's benefits. The sum to which the employee is entitled is calculated by the scheme rules and is not contingent on the amount of contributions paid. When an employee is considering applying for a position with another jurisdiction, including the employer contribution on the overall remuneration statement can be deceptive. Consider the following scenario: Authority A contributes 11% of their overall remuneration to their pension fund, as seen on their total remuneration statement. Authority B contributes 23% of their overall remuneration to their pension fund, as seen on their total remuneration statement. If Mrs. C were to consider switching from Authority A to Authority B, and all pay and benefits were the same except for the pension payments, she would conclude that Authority B's job package is superior, and she should switch. Mrs. C, on the other hand, will earn the same pension regardless of how much each authority contributed to her pension plan. LGE met with a number of pension fund administrators to find out what they thought would be the most reliable and practical way for officials to convey the importance of the pension portion of the overall reward package to workers. Authorities should contain details from their pension fund administering authority's Annual Benefit Statements, according to the consensus. Every other sort of example, it was thought, would have to be prefaced with so many caveats that the details would be made useless. Non-cash rewards and recognition The incentive must be meaningful and inspiring to the recipient in order to be most successful in motivating employees. Thank you letters and employee of the month awards are examples of non-cash incentives that can be effective strategies for rewarding workers at a low cost. Different types of incentives may be used to recognise a variety of positive habits shown by workers, such as high attendance, meeting long-term goals, or coming up with new ways to increase the organization's performance. When determining what to reward and how to reward workers, it's important to make sure that all employees are included in the benefits. A bottle of wine, for example, may not be suitable in councils with a high percentage of Muslim workers. Offering an evening meal out might not be ideal for parents who are also responsible for their children. Councils must ensure that all benefits are handled in a nondiscriminatory manner, with no goals or interventions favouring certain employee classes. “People refer to something that is inexpensive or free, and that something is known as recognition.” Ed Lawler (Ed Lawler, 1993). 181 CU IDOL SELF LEARNING MATERIAL (SLM)
Employee benefits (Flexible and Voluntary benefits) There are a number of flexible and optional benefits that can be provided for by either the employer or the employee. Flexible Benefits is a term used by many businesses to describe their benefit packages, which can include: Private Medical Insurance Dental Insurance Travel Insurance Give as you earn Leisure and retail vouchers Cash-back schemes Child care vouchers Buying and selling leave The key reasons for implementing an employee benefits programme have remained the same: attracting and retaining employees, understanding the varied needs of the workforce, saving money through a wage sacrifice scheme, and increasing employee recognition of the benefits offered, all of which contribute to increased employee engagement. Employee benefit programmes can also help employers deal with the effects of even more complicated shifts, such as low pay awards. To achieve the greatest success, employee benefits should be branded in such a way that they are an extension of the organization's values. Councils should determine their principles and ensure that the benefits package represents certain values. Employee benefits enable councils to provide their workers with a range of reward opportunities from which they can choose to suit their individual needs. Setting up voluntary benefits programmes can be affordable for councils while still being appealing to staff because of the savings they can create on goods, facilities, and recreational activities. To be considered a competitive advantage, they must be negotiated and provide greater savings than those available on the High Street. This will save you money on taxes and National Insurance. The savings on National Insurance premiums that would have been charged on the sum sacrificed otherwise could also enable councils to cover the expense of hiring a contractor to manage and communicate the employee benefits scheme. Councils may either recruit a third-party contractor to put together a package or arrange ad-hoc discounts with nearby stores or facilities for their workers. Buying and Selling Annual leave Employees who have the opportunity to purchase and sell annual leave will help them achieve a healthier balance between their work and personal lives, which councils are committed to helping them achieve. It is important that all benefits provided are equitable and 182 CU IDOL SELF LEARNING MATERIAL (SLM)
transparent. This is appropriate if councils can objectively and fairly explain that access for certain employee classes is not feasible due to service delivery needs or the essence of their employment contract. Due to the terms of their contract, jobs, and the effect it will have on service delivery, teachers, for example, are unable to purchase and sell annual leave. However, in order for this scheme to be successful, the working climate between the employee and the line manager must be one of confidence. When demanding additional annual leave, employees and line managers must behave professionally and fairly. A discussion of the effect on service delivery as well as employee expectations should be conducted. Line managers should be familiar with the scheme and ensure that it is implemented equally and transparently through their staff and the company. Furthermore, the company can save money on tax and National Insurance payments for those workers. Annual Leave for Sale Employees who sell annual leave must be told that their gross salary will rise, which will increase the amount of tax and National Insurance premiums they must pay. Furthermore, the employer would be forced to pay higher tax and National Insurance premiums. Employees who work for the LGPS Buying and selling annual leave has little effect on an employee's pensionable pay, because the pension payments he or she makes are dependent on the annual salary charged for the job before the annual leave was bought or sold. Total remuneration statements (TRS) Traditional benefits such as wages, pension savings, and private medical insurance plans are detailed in total remuneration statements. They are customised statements that allow employers to make their investment in their workers more noticeable. Without making any improvements to the current employment package, councils can simply decide to create complete remuneration statements. The cost of delivering total remuneration statements is determined by the size of an entity, the number of sets of terms and conditions, the distribution type (paper or on-line), and the usability and consistency of data. In terms of the overall total compensation strategy, a total remuneration assertion may be a reasonable starting point. There would be a one-time implementation expense as well as an ongoing cost per employee associated with delivering complete remuneration statements, all of which must be taken into account. 11.4 DESIGNING INTEGRATED REWARDS Steps towards implementing an Integrated reward approach in your business. 1. Understand the current business and reward environment If you want to balance the needs and wants of all stakeholders, you must first consider the current market and incentive climate. To identify a reward philosophy that you can stick to and that balances most needs and desires, you must first consider what is achievable in terms of affordability, competition, and the current reward situation. Authenticity is crucial in 183 CU IDOL SELF LEARNING MATERIAL (SLM)
identifying and sticking to this incentive principle, as it must be able to attract, inspire, and maintain key employees over time. 2. Define the market and your comparative point Understand and describe the sector from which you hire your workers and where you lose them. Secure market data in this industry so you can establish a benchmark by which to improve pay practises and remuneration processes within which to manage pay appropriately. Your reward philosophy will inform and direct the development of these remuneration systems, as well as business-wide decisions on effective variable pay programmes. 3. Understand your culture and employees To see what's going and what isn't, get to know the company's culture and its workers. However, if you conduct a climate or engagement survey, it's critical that you act on the results and make visible changes so that employees gain confidence in the data collection process and participate freely in it in the future. Your workers must recognise that they will not be fired for voicing their true feelings and opinions. Surveys are a perfect way to figure out what you need to hold, what you need to fix – all while keeping true to your overall incentive philosophy – and what you should commit to. 4. Define and create an employee value proposition It's not enough to take a systematic and all-encompassing approach to incentives. Your workers must be aware of the overall rewards plan and what it means. It's important to understand what the company has to give its workers in terms of value. Perhaps more critical is 'packaging' and explaining this to the staff. The employee value proposition (EVP) is what initially draws workers to work for a company, and a successful EVP is often the reason why employees remain with the company and what keeps them engaged. An EVP should cover all aspects of benefit that the organisation can provide to the employee, including intangibles. It is also known as \"the mission and characteristics associated with working at an organisation that distinguish the work experience from that of other organisations.\" A well-crafted EVP often communicates to the public what's relevant at the company and what workers get in exchange for their efforts. A total reward statement is an immensely valuable method for capturing this EVP for employees. This is a one-of-a-kind statement that is personalised to the employee's unique benefits. It includes both monetary and nonmonetary components of compensation. 5. Communicate, communicate, and communicate It is important that all workers understand where the business is heading, how they will contribute to its growth, what they will expect in return, and how the different parties and 184 CU IDOL SELF LEARNING MATERIAL (SLM)
practises will work together to benefit those involved. It's hard to overestimate the value of training and engaging with workers so that everyone knows what's going on. People want to be a part of something, to feel as if they are doing something worthwhile, and to be paid equally for their efforts. Hide some details, don't celebrate achievements, and presume people know and understand stuff are all surefire ways to get the workers to detach and search for other places to satisfy their needs and wants. I'm not advocating for a \"tell-all\" communication style because there are certain areas of information that are bound by strict confidentiality and business laws, but don't presume that workers don't want to know. It's best to overcommunicate and let them make their own decisions. 11.5 SUMMARY • A successful employee retention plan is essential for a company's overall human capital management strategy. • Voluntary turnover happens when workers voluntarily choose to leave their jobs. • When an individual becomes physically and/or mentally disengaged from an institution, they participate in withdrawal behaviours. • Pay structure is a powerful communicator of a council's principles to both workers and the public, and it should be related to business goals. • Identify and describe the market from which you source your employees' skills and where you lose them. Secure market data in this industry so you can establish a benchmark by which to improve pay practises and remuneration processes within which to manage pay appropriately. 11.6 KEYWORDS Burnout: Burnout can develop when emotional or other stressors become unbearable. HRM- Human Resource Management L&D – Learning and Development T&D – Training and Development 11.7 LEARNING ACITIVITY 1. Visit the organization and complete the case study on Job Withdrawals ___________________________________________________________________________ ____________________________________________________________________ 185 CU IDOL SELF LEARNING MATERIAL (SLM)
2. Visit the IT Company and complete the case study and methodology used in Talent Acquisition ___________________________________________________________________________ ____________________________________________________________________ 11.8 UNIT END QUESTIONS A. Descriptive questions Short Questions 1. Explain Job Withdrawal functions? 2. Define the elements of Total Rewards? 3. Define the elements of Integrated Rewards? Long Questions 4. Explain briefly about the Employee Retention Techniques? 5. What are the steps involved in the Retaining employees? B. Multiple Choice Questions 1. A charismatic leadership has which of the following features? a. The leader Builds a strong and distinctive image for the organisation b. The leader Seeks to pick up the mood of the audience c. The leader Employs a clear chain of command d. The leader Takes the view that rewards and punishment motivate staff 2. which of the following feature is exhibited from a democratic leader’s style? a. Split power b. Genuine c. Dictatorial leader d. None of these 3. The main reason for Performance appraisal is ____________ 186 a. manager b. employees CU IDOL SELF LEARNING MATERIAL (SLM)
c. executives d. subordinates 4. BARS is combination of______________. a. confidential report and rating scale b. forced choice method and confidential report c. critical incident technique and rating scale d. checklist and critical incident technique 5. This among the following is not a method of Performance Appraisal, a. Self-appraisal b. Rating scale c. 360 degree d. None of these 6. Forced choice method is______________ a. used to correct the tendency of a rater to give consistently high or low ratings to all the employees. b. multi person evaluation method c. both (a) and (b) d. None of these 7. Critical incident technique provides __________________ basis for conducting employee’s performance. a. subjective b. objective c. non-quantitative d. None of these 187 CU IDOL SELF LEARNING MATERIAL (SLM)
8. The rater gives greater weightage to recent occurrence than earlier performance, this type of judgmental error is known as____________ . a. Halo b. Horn effect c. Stereotyping d. Recency effect 9. Which among the following techniques of performance appraisal was developed to eliminate bias and the preponderance of high ratings that might occur in some organisation? a. Confidential report b. Forced choice method c. Critical incident technique d. Checklist 10. Ranking is:_____________ . a. multi-person evaluation method b. individual evaluation method c. other method d. All of these Answers 1) A 2) A 3) B 4) C 5) D 6) A 7) B 8) D 9) B 10) D 11.9REFERENCES Text Books: Dessler Gary A Framework for Human Resource Management, Pearson Dessler Gary, VarkkeyBiju Fundamentals of Human Resource Management, Pearson Reference Books: Lance A Berger, Dorothy R Berger Talent Management Hand Book Mc.Graw Hill Armstrong, Michael A Handbook of Human Resource Management Practice Kogan Page Publication 188 CU IDOL SELF LEARNING MATERIAL (SLM)
UNIT – 12: CONTEMPORARY TALENT MANAGEMENT ISSUES Structure 12.0 LearningObjectives 12.1 Introduction 12.2 Challenges 12.3 Best Practices: Introduction 12.4 Organizational Issues 12.5 Summary 12.6 Keywords 12.7 Learning activity 12.8 Unit End Questions 12.9 References 12.0LEARNING OBJECTIVES After studying this unit, you will be able to: Describe challenges of Talent Management Identify Organizational issues Practices of Talent Management Talent management in India 12.1 INTRODUCTION When it comes to talent management, the twenty-first century is a battlefield. Since talent is in short supply, it is in high demand. Some creative people see today's job market as a seller's market, where they can sell their services to the highest bidder and demand exorbitant pay, as well as a steady stream of opportunities and help. The control has moved from employer to employee for talented individuals, whether they have potential or a proven track record, with many talented individuals moving from one employer to the next based on the best offer. Loyalty to a single boss, or even a single career path, is more often the exception than the law. What is talent and talent management? 189 CU IDOL SELF LEARNING MATERIAL (SLM)
According to the Chartered Institute of Personnel and Development (CIPD), \"talent\" is characterised as \"individuals who can make a significant difference in an organization's performance, either immediately or in the long run, by demonstrating the highest levels of ability.\" • Talent management is the systematic attracting, identifying, developing, engaging, retaining, and deploying of those individuals that are of special importance to an organisation, either because of their future ‘high potential' or because they are performing business/operation-critical positions. If we accept these definitions, we are dealing with a broad and complex subject. Most organisations, including the CIPD, regard this as an HR issue, but it should also be considered a leadership and cultural issue. Attracting, cultivating, and maintaining talent begins at the top of an organisation, with an understanding that this is a strategic concern that has a direct impact on organisational effectiveness. As a result, it deserves to be included in senior leadership's strategic planning and thought, as well as a dedication of time and money to give it the attention it deserves. 12.2CHALLENGES OF TALENT MANAGEMENT 1. Encouraging passion Talented people want to work for an organisation and in an atmosphere that aligns with their beliefs, attitudes, and goals. They would not take a 'job' simply because it pays well and they are capable of meeting the job specifications. Those behaviours may be representative of the average employee (though even that is a risky assumption), but they are insufficient to attract top talent. Highly skilled individuals feel they are worth more than that, and they want to be partnered with the company (or vice versa) and to be working on a project that they are passionate about. They want a role that engages them and is a good match for them. The simple fact is that most companies and senior leaders are simply not prepared for these types of workers, nor are they capable of meeting their needs and expectations. 2. Embracing new interests The changing nature, needs, and behaviour of younger recruits – especially \"digital natives\" – are driving some of that re-imagining. Most of the 'talent' we're talking about will come from this younger generation. Their first impulse is to connect with the world through technology. On the other hand, many of the top executives in organisations are ‘baby boomers.' These two generations have very different attitudes toward technology and modern communication tools like blogs, webinars, tweets, and messaging. Many of the under-30s that make up the market's \"talent pool\" want to work for an organisation that feels, thinks, acts, and represents 190 CU IDOL SELF LEARNING MATERIAL (SLM)
itself in the same way they do. They expect to be respected and established, as well as to be able to do work that is interesting, rewarding, and demanding. Senior management also believes that paying them (reasonably) well and providing them with holidays and a few benefits is sufficient. If talent is to come and linger, there is a fundamental mismatch in expectations that must be addressed. During a recent discussion with a CEO, he shared his desire to ensure that his company paid \"over the average for any job.\" Despite this, his strategic plans and vision stated that he wanted to be \"the best in the market\" and \"the most ambitious company in the field.\" My question is, when you set out to recruit people who are a little above average, how do you expect that to turn out? Under those conditions, why would the best people in the sector want to work for you? They expect to be respected, as I've already said. The pay package is the most noticeable part of this, and it is the first thing a talented individual would note. If they choose not to apply for a job with you and therefore self-select out of your potential talent pool, you would not have the opportunity to ‘sell' your company to them, no matter how good it is. 3. Giving engaging work Talented people can only tolerate a dull job for a short period of time, if at all. In my experience, many senior leaders believe that \"I had to pay my dues, and so do they,\" and therefore expect young candidates to \"learn the ropes.\" Mr. or Mrs. CEO, the world has changed since you graduated from high school or university. We live in a world where anything can be found with five keystrokes and where the majority of tasks can be performed using an app. Since there is no desire for drudgery and a very limited attention span among young people, you must create exciting and demanding jobs that involve people and are enjoyable if you want to attract and retain them. “Are you having fun?” From here, I can almost hear the snorting and outrage. But let's face it: facts are facts. If you fail to do so, one of your rivals would. Then you'll lose twice: you won't profit from the talent, while your rivals will, and they'll use it to out-innovate and out-perform you. 4. Attracting talent in the first place Talent travels in herds. Others will gravitate towards you because you've attracted a pool of younger talent. I recall Steve Jobs being asked, \"How do you find all these talented people?\" and his response being profound. 'We don't,' he said, 'they find us.' He said that they receive upwards of 200 CVs per week from the best and brightest applicants. They'd turned into a talent magnet. Is your business recognised for recruiting top talent? If not, how are you going to make it more magnetic? 191 CU IDOL SELF LEARNING MATERIAL (SLM)
5. Being open-minded Young professionals, especially high-performers, have different working styles and trends. These guys don't think or work like the 'baby-boomer' generation, who were taught to keep their heads down, work hard, and obey the rules. It's tempting to look at them and say things like \"they can't spell\" or \"they can't get out of bed in the morning,\" but that's just forcing them to act and think like their parents or grandparents, which they won't do. In addition, the latest generation of talent has the potential to collaborate to generate ideas or material. I once taught a group of post-graduate students who completed a four-week project in three days by posting the main questions on various websites, collecting the several replies, synthesising them for the best answers, and then compiling them into a final report that they sent out for comment and revision. This was not stealing, but rather leveraging the strengths of available technology and utilising a wide variety of skills that are highly productive in today's workplace. To summarise, talent does not always think, act, or work in the same way as you do. It most definitely does not resemble you in appearance or attire. It can be difficult to handle, especially if you try to turn talented people into clones of yourself. Like an exotic plant, talent requires careful care, so keep it in the right conditions, have the right atmosphere, and feed it on a regular basis. Finding the right person, at the right time, who is eligible for the job and will stay is the aim of talent acquisition. Using the supply chain model as a reference, we explored creating an organised approach to the talent acquisition process in our previous article. This approach will help increase the recruiting process' productivity while lowering costs. However, the supply chain analysis method's possible ROI does not end with the conventional six-step model. At least, not if you want to maintain a competitive recruiting advantage for your business. Using an Old Idea to Establish a New Approach to the Talent Acquisition Process. For years, pace and low cost have become the undisputed holy grails of supply chain management. Though important, they are insufficient to offer companies a long-term competitive advantage over their competitors (CBS Money Watch). Hau L. Lee addresses three strategies that offer a sustainable competitive advantage in supply chains in his Harvard Business Review article: agility, adaptability, and alignment. A few additional factors must be taken into account since the high-volume talent acquisition process poses its own set of challenges. To build a holistic approach to sustainable and competitive recruiting, First-person has added productivity and effectiveness to the list of activities. 192 CU IDOL SELF LEARNING MATERIAL (SLM)
12.3 BEST PRACTICES: INTRODUCTION What Are Best Practices? In a given business scenario, best practises are a collection of rules, ethics, or ideas that reflect the most effective or prudent course of action. Best practises can be defined by authorities such as regulators or regulatory bodies, or by a company's management team. Best Practices in Motion Best practises are a common concept that can be applied to a number of circumstances. Employees in companies that manufacture physical goods, for example, may be given a list of best practises that illustrates the most effective way to complete their individual tasks. In order to reduce employee accidents, a best practise list can also include safety protocols. The widely agreed accounting principles (GAAP) are best practises for corporate accountants that usually regulate the degree of detail a corporation is encouraged to report in its financial statements to ensure prospective investors can easily examine and obtain valuable information. GAAP also makes it easier to compare financial data from various businesses in the same industry, which helps both investors and the companies they invest in by increasing transparency. After all, an investor who buys stock in a business in error may be hesitant to sell it if he experiences even the tiniest unwelcome disappointment, potentially depressing the share price. When managing a client's assets, investment managers should follow best practises by prudently investing in a well-diversified portfolio and adhering to the client's risk tolerances, time horizons, and retirement goals. Particular Points to Consider\"Best practises\" is a broad concept that can be applied to a wide range of industries. The term is used in the corporate world to describe the most effective way of completing a task, and it is used in everything from project management to audit functions. With the introduction of modern quality management systems, the need for a way to apply observable metrics and communicate ways to quickly introduce new standards of performance within an enterprise arose. This was accomplished by defining challenges, quantifying their frequency, cultivating solutions, and tracking the implementation of those solutions to ensure they addressed the core issues at hand. Industry Benchmarks focused on Best Practices Best practises can also serve as a benchmark, allowing one company to share practical ideas with other businesses. Let's say a company is well-known for having an award-winning, best- in-class product delivery infrastructure. When asked to explain the best practises that 193 CU IDOL SELF LEARNING MATERIAL (SLM)
contributed to their hyper-efficiency, the organisation reveals that all fulfilment staffers are given red markers to use to sign off on their most important deliveries. 12.4 ORGANISATIONAL ISSUES According to a new survey, 90% of recruiters now believe we are in a candidate-driven industry. Simply put, there are a lot of open jobs, a lot of interested candidates, and a lot of competition to find the best people for those jobs. HR has a reputation for being slow to adapt, but in today's dynamic and rapidly evolving recruiting landscape, this is no longer an appropriate strategy. HR must be on the cutting edge due to new technical tools, the growing prevalence of social networking, and an increasingly candidate-centered hiring climate. Some of the most difficult obstacles facing HR remain the same as they have always been, such as attracting and retaining top talent. The changing nature of the market creates new roadblocks, making talent development, recruiting, and retention much more difficult. Here are just a few of the biggest human resources issues affecting most organizations today: 1. Recruitment and Retention According to a survey conducted by the Society for Human Resource Management (SHRM), attracting top talent is expected to be one of the top three obstacles facing HR in the future. People with more opportunities build a \"grass is greener on the other hand\" mindset as the economy improves and the job market expands. Factors like business culture and job enjoyment tend to sway younger employees, making the recruiting and retention process much more difficult. So, how can HR professionals make recruitment and retention more effective? According to the SHRM poll, 40% of HR professionals agree that flexible work structures are essential for retaining top talent. Other critical strategies listed included promoting employee trust and transparency, creating opportunities for career development, and offering a better incentive package than competitors. 2. Quality of Hire An organisation is only as good as its workers, which is why finding the right people for your company is so important. While the most important metric for measuring HR performance is quality of hire, it can also be one of the most difficult to quantify. While there is seldom a one-size-fits-all solution, 194 CU IDOL SELF LEARNING MATERIAL (SLM)
many HR departments consider factors like turnover rates, 360-degree feedback, hiring manager satisfaction, work efficiency, and cultural fit. Despite the fact that businesses spend a lot of time and money on recruiting talent, bad hires still happen all the time. According to some figures, up to 46% of new hires would struggle within the first 18 months of jobs. All companies face a major challenge in terms of hiring quality, but there are a variety of tactics that can be used to improve performance. Begin by reviewing the current recruiting quality to find any possible mistakes that can be avoided in the future. You should start searching at ways to develop your recruiting plan to get higher quality hires once you have a good picture of how you are doing now. 3. Reference Checking Reference testing is also viewed as one of the most time-consuming elements of the recruiting process, which may explain why so many people miss it entirely. That's a huge mistake, since a reference review is one of the most successful ways to spot promising applicants and reliably predict whether or not they'll excel in the position they're applying for. New tools and innovations, on the other hand, are making this process both simpler and more effective. Automated reference checking cuts the time it takes to check references in half and offers better data on each candidate. Hiring professionals may devote their precious resources to other facets of the hiring process instead of wasting hours upon hours calling references, thanks to HR. As job markets change, new waves of applicants join the workforce, and organisational needs shift in the face of new technologies, human resources will continue to face unique challenges. You would be better prepared to deal with these problems now and in the future if you are aware of some of the most important challenges that HR faces today. 12.5 SUMMARY Despite the fact that businesses spend a lot of time and money on recruiting talent, bad hires still happen all the time. According to some figures, up to 46% of new hires would struggle within the first 18 months of jobs. All companies face a major challenge in terms of hiring quality, but there are a variety of tactics that can be used to improve performance. Begin by reviewing the current recruiting quality to find any possible mistakes that can be avoided in the future. You should start searching at ways to develop your recruiting plan to get higher quality hires once you have a good picture of how you are doing now. As job markets change, new waves of applicants join the workforce, and organisational needs shift in the face of new technologies, human resources will continue to face unique 195 CU IDOL SELF LEARNING MATERIAL (SLM)
challenges. You would be better prepared to deal with these problems now and in the future if you are aware of some of the most important challenges that HR faces today. 12.6 KEYWORDS TM – Talent Management TAM – Talent Acquisition management HRM – Human Resource Management Quality of hire Talent Acquisition issues 12.7 LEARNING ACITIVITY 1. Visit the organization and capture the data on the challenges in talent management. ___________________________________________________________________________ ____________________________________________________________________ 2. Visit the manufacturing company and gather detail on quality of hire. ___________________________________________________________________________ ____________________________________________________________________ 12.8 UNIT END QUESTIONS (MCQ AND DESCRIPTIVE) A. Descriptive Questions Short Questions 1. Explain the issues involved in talent Management 2. Explain the organizational issues in talent Management 3. Describe Talent Management Issues? Long Questions 4. Define Talent Management? 5. Best Practices for Talent Management? B. Multiple Choice Questions 1. Which among the following does not form part of Kirkpatrick Four-level Approach for training Impact Evaluation. 196 CU IDOL SELF LEARNING MATERIAL (SLM)
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