Human Resource Management (HRM) concerns the human side of the management of enterprises and employees relations with their firms. HRM is resource-centered and directed mainly at management needs for human resources (not necessarily employees) to be provided and deployed. There is greater emphasis on planning, monitoring, and control and rather than mediation.
The design and operation of payment systems in many organizations have often been institutionalized by custom and practice, tradition and collective bargaining mechanisms. Nevertheless, trends show that the movement towards HRM has corresponded with the introduction of supposedly new forms and strategies of reward management. Contemporary developments in pay and reward concentrate on individual performance-reward contingencies in a unitarist framework. Employees will be highly committed, and thus motivated and productive, if the reward strategies of an organization match the corporate and the human resource strategy and are carefully implemented. The reward strategy is hoped to support other management techniques to blur the distinction between workers and management.
This assignment is to discuss and critically evaluate alternative methods of rewards and benefits management to get a realistic picture of the advantages and disadvantages of the methods currently in use and the impact on individual and the organizational performance.
In the internal organization, there are strong competitions among all the employees at the similar position because most of them have the desire to get the chance of promotion. Even though they are not at the same position, the competitions still exist. Sometimes for a better position, there are maybe several people to apply for at the same time. Every employee hopes to make good performance in the working process, which can let him/her more distinct in the employees. In the competition, those with distinct advantages can get promotion or increases in the salary or bonus at the end of year.
For the organization, it has to invest more money in bringing up new employees than in the retention of its old employees. And old employees are rich in business experience, so their competence is another kind of assets for the organization. But for new comers, the organization must spend more time and energy in the period besides money. Furthermore old employees have strong relationship with the external business so that losing these old employees means losing profits and the advantages. In order to keep these employees stay in the company, organization will think about increasing their salary or giving more business welfare or allowance.
Employees can be encouraged by motivation rules to make better performance in the organization. If employees work all the time without some incentive elements, they will be bored with the work and cannot make a good performance in the work. Organization use the method of motivation can let the employees more positive in performing the work and get a satisfactory result. The organization can give them intangible or tangible thing to motivate them in the process of working.
Every employee working well has the chance of getting promotion or rewards, and everyone making mistakes must accept the punishment. In the organization, the fairness and equity are suitable to every employee. If all the employees perform well, everyone can get rewards and nobody can be cancelled to lose the chance.
Benefits Management is an integral concept, typically included in the program management wing of an organisation, entrusted with the task of answering the ?WHY? aspect of program conceptualisation and eventual execution. As apparent, being responsible for answering the purpose facet of a project, logically justifies conferring increased attention to benefits management, however this not always happen. Despite being a project priority, the specifics of Benefit Management is often ignored, thus seriously impairing the overall project output levels.
The role definition
Benefits Management is an exercise or rather a project in itself. The aim is to precisely define the desired outcome from a new project or suggested change in an already established project, and is particularly important when working out the investment rational.
The requirement definition
With the role statement defined, the next step in sequence seeks answer to the need of the concept i.e. why is Benefits Management required? To answer this question, let's first attempt figuring out another important clause ? the clause of existence. Why do businesses ever exist, or why do entrepreneurs take the chance of establishing a new business, or why are resources dedicated towards the various projects? In absolutely raw terms, this happens because all are interested in booking profits. However, despite such a clearly established objective, this doesn't always happen. A number of projects simply fail and even a larger number end up under performing. Why??because of lack of planning, in terms of the precise benefits expected.
The essentials
There are four key essential aspects of the appropriate benefits management program, without which the efficacy would certainly be questionable. The first fundamental aspect relates to the quantification of the output and thus the derivable benefits. Outcomes would certainly vary with the program definition, however in all circumstances; outcomes ought to be measurable, even if in approximate terms, to enable improvised performance analysis. While defining benefits, both tangible & intangible outputs, ought to be taken into account, for example: in addition to the deliverables, which can be numerically accounted for, crucial subjective aspects like enhanced customer satisfaction should also be marked relevant.
The second essential aspect aligns the project benefits with the business goals. All concerned parties should agree with the expected outcome and thus mutually work towards the realisation of the same goal. The stated is almost mandatory; as only this would help prioritisation at required levels and deal with probable issues of resource allocation. This combined work model, in fact, is one of the key outputs of a successfully visualised and managed program.
The third equally important aspect essentially relates to the definition of realistically achievable benefits. This would not only help successful realisation, but also enable periodic checks for desired continuity.
The fourth essential aspect requires assigning ownership to the rightly responsible personnel. Without this in place, even if the reasons of falter are identified, none can be held responsible, thus rendering the exercise futile.
From beginning to the end
Benefits Management begins with the beginning of the project and continues after the completion, because an important review should occur post-completion of the final stage of the project. Benefits Management as a tool is quite flexible and through the project cycle tends to adapt with the dynamic external influences, for example: during the project, objectives to be achieved might require restructuring. This essentially implies treating the planning process as a continual flow and not a one time task. To encapsulate, it can be stated that benefits are the raw ingredients and the final yield of a project and thus must be incorporated perfectly by way of a well worked out Benefits Management program.
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Robert Ii Smith has sinced written about articles on various topics from Insurance, Financial Planning and Medicine. Robert II Smith has spent more than 19 years working as a professor at New York University. Now he spends most of his time with his family and shares his experience about