The document discusses various topics related to career planning and compensation management. It covers career development, the importance of career development for both employees and organizations, factors that can impact careers like economic changes. It also discusses designing career development systems, what a career development plan is and its purpose. Other topics covered include succession planning, wage and salary administration, pay-for-performance plans, fringe benefits, and employee stock option plans.
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Overarching strategies describe the general intentions of the organization about how people should be managed and developed and what steps should be taken to ensure that the organization can attract and retain the people it needs and ensure so far as possible that employees are committed, motivated and engaged.
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Chapter 1: EMPLOYEE TRAINING AND DEVELOPMENTsourashtra
Meaning, Importance, Benefits to organisation and to an individual, Process,Difference between Training and Development, Models of T&D in Organisation, and Meaning and Charecteristics of Virtual organisation
The challenge for HR managers is to keep up to date with the latest HR innovations -technological, legal, and otherwise.
How HR managers can anticipate and address some of the most challenging HR issues.
Types of hr strategies - overarching hr strategies - strategic human resourc...manumelwin
Overarching strategies describe the general intentions of the organization about how people should be managed and developed and what steps should be taken to ensure that the organization can attract and retain the people it needs and ensure so far as possible that employees are committed, motivated and engaged.
Kannur University MBA slides 3rd Semester, Training Need Analysis, Training and Development Class note for the students
details about the TNA is discussed
Chapter 1: EMPLOYEE TRAINING AND DEVELOPMENTsourashtra
Meaning, Importance, Benefits to organisation and to an individual, Process,Difference between Training and Development, Models of T&D in Organisation, and Meaning and Charecteristics of Virtual organisation
The challenge for HR managers is to keep up to date with the latest HR innovations -technological, legal, and otherwise.
How HR managers can anticipate and address some of the most challenging HR issues.
Career Development. its about you identifying your potentials and developing them no matter the circumstances.
its best to do want you love doing best so that you can working hours in your lifetime than feel miserable doing something you don't like for about twenty years.
believe in yourself and don't let any thing discourage you.
Cash or short-term incentive plans (STIP) engage employees in the process of achieving business objectives, reward desired behaviors, and help execute the organization’s long-term strategy. Incentive plans, when properly aligned to business outcomes and rolled-out effectively, can be a powerful tool that enable organizations to “do more with less” and achieve a greater return on investment (ROI) in cash compensation programs.
Simulation Strategic Plan HR 304 Spring 2019Section 01800.docxjennifer822
Simulation Strategic Plan
HR 304 Spring 2019
Section 01
8:00-9:15 am
Group #4
Strategic Plan Budget Strategy
Our company has decided to give ourselves a smaller budget for the first quarter just in case we come across some bumps in the next 3 quarters. The first quarter we will decide on our options while trying to stay within budget and based on that analysis we will increase spending in areas that are not on target. We have an annual budget of $1.3 Million. In the first quarter we were originally giving ourselves a budget of $275,000 but for good reason went over to $290,000. For the next 3 quarters we have a budget of up to $336,000 each quarter give or take depending on any issues we may or may not come across. Increasing spending incrementally will leave room for improvement in problem areas.
For first quarter spending we have decided to focus on training . Having the right employees and proper training are important factors in any business and we hope focusing on these areas will improve performance and translate into higher profitability.
We are aiming to improve several of our KPI results in the first quarter. Productivity, wellbeing, and turnover are a huge concern. By improving these as well as other KPI statistics we will hopefully have a much more profitable bottom line. We will work to improve diversity and other areas with additional spending later on in the year.
Quarter 1 Practice Areas
Option #
Spending
Performance Appraisals
7
$30,000
Work-Life Balance
7
$60,000
Training
9
$75,000
Talent Management
8
$50,000
Compensation
2
$40,000
Selection
6
$35,000
Total
$290,000
Spending Analysis
Performance Appraisal-Option 7, Cost: $30,000.00
“Use results-oriented appraisals that focus both employees and managers on the impact of employees’ work, rather than on less relevant features; consequently, employee results tend to improve, with greater contribution to strategic goals.”
We chose the results-oriented appraisals for our company because we believe it will allow employees to significantly improve their results if they working towards a certain goal. Performance appraisals benefit not only the manager and employee but the overall company itself. It will give managers a chance to provide employees with positive feedback or constructive criticism. Employees will be able to know what they are doing well in and what areas they should be improving in and how to do so. Focusing our performance appraisals based off results will allow managers to compare the results alongside the goals that are set in the beginning for the employees. They will be able to pinpoint exactly the areas that need improving.
If our employees know exactly what goals are to be achieved in the beginning, they are more likely to accomplish those goals. The results will be measured to the objectives that were first given and employees will be able to determine if the goal was achieved or not.
Work/Life Balance-Option 7, Cost: $60,000
Programs to ma.
TELESPAZIO PERFORMANCE APPRAISAL 1
Telespazio Performance Appraisal Development
Overview
A performance appraisal or review is a method used by an organization to evaluate and document the work performance of their employees. It is an important aspect of career development, and it involves frequent employee performance reviews in the organization. Telespazio is a spaceflight services company, which developed a dual employee appraisal system in 2005. The system aimed to plan the organizational change through support of employee management like compensation, mobility, rewards, training, and career advancement to continue to keep the company going. The system was electronic which enables support values such as transparency, common objective definitions, giving observable behaviors and sharing (Dessler, 2014). The dual system aimed at ensuring that the company promotes employee professional development and attains positive result feedback. The system evaluates the employee performance in comparison with the objectives and competence skills. This paper will examine the Telespazio performance appraisal system focusing on appraisal methods, proposed strategies, and an appraisal tool.
Current Appraisal Methods
Currently, the appraisal approach, which Telespazio uses, is called Telespazio Performance Appraisal for Development (TPAD). This system supports employee compensation, rewards, training and career advancement. It promotes transparency, common objective definitions, and focusing on competencies and roles (Profili et al., 2014). This procedure is an avenue for employee training and development to ensure growth also allowing employees to deal with upcoming challenges, which is a strategy to strengthen the company workforce. TPAD is a fair system because it the process begins with the employees and manager listing endeavors, skills and their objectives for the following year. The evaluated skills in the process differ in each position. The process helps the company identify employee roles through determination of the different employee's skills and knowledge. It then matches the skills in roles where they are most appropriate.
The company mainly uses the 360 feedback and management by objectives (MBOs) systems to appraise their employees. The management by objectives system allows the employees and managers recognize the employee goals, which are later used to measure performance. The MBOs are used to evaluate work progress quarterly, which is an important tool in improving employee productivity. The 360-feedback system uses the employees from all organizational levels who interact with the employee being appraised. It opens gives a chance for employees to be part of the appraisal process, and it is a fair and transparent process (Peacock, 2015). The appraisal uses three levels to rate the employee performance. The levels are unsatisfactory; improvement needed and mee.
These slides detailed about the performance management as a important aspect of HRM. It explains about how performances are managed & why its important for the organization to manage & control it...
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2. Career Development -
Overview
Career development is a
continuous process where both
employees as well as employers
have to put efforts in order to
create conducive environment so
that they can achieve their
objectives at the same time.
3. Importance of Career Development
Employees continuously need to upgrade
their skills and competencies to meet the
current demands where as organizations
must be ready with those employees who
can handle the pressure efficiently and
cease the risk of falling prey to the changed
scenario. Therefore, understanding the
importance of career development is very
necessary for both the parties.
4. Business Environment Factors
that can Bring Undesired
Changes
Economic Downsizing
De-layering
Cost Reduction Strategies of the
Organization
IT Innovations
5. Designing Career Development
Systems
Designing career development
systems according to specific needs
and requirements of an organization
can help HR specialists in bringing
efficiency to the entire process of
career management.
6. Career Development Plan
A Career Development Plan is a
written list of the short and long-term
goals that employees have pertaining
to their current and future jobs, and a
planned sequence of formal and
informal experiences to assist the
employees in achieving their goals.
7. Purpose of a Career
Development Plan
to assist employees in achieving their
goals
increases the likelihood of retaining
employees
helps employees set realistic
expectations of career growth
Helps employees becoming eligible
for their next career milestone
8. Format of a Career
Development Plan
As a manager or supervisor, encourage the use of an
Individual Career Development Plan (ICDP) format for
all of your employees.
employees need to take responsibility for creating this
form for themselves and provide the following
information:
Short-term career goals/objectives (1-5 years),
Long-term career goals/objectives (+5 years)
Development experiences in the short term:
Summary statement
Education and training
Job assignments
Developmental activities
9. Process for Supporting Your
Employee's Career
Development Plan
Plans about development should
focus on two dimensions: specific
technical and functional expertise and
overall demonstration, by the
employee, of the organization's
culture, philosophy and values.
10.
11. 1. Meet individually with your employees to identify
their long-term career interests.
2. Identify resources
3. Prepare the plan
4. Review the proposed plan, revise it, adjust it and
confirm alignment by providing your signature and
obtaining the employee's signature.
5. Assess employee progress against the plan, and
revise the plan to adjust it, if necessary.
12. Useful tool for career development
practitioners
• Offer it to managers as a way to
encourage the development of those
they supervise.
• Help the manager in supporting
employees for gaining new skills
• It also helps employees stay on track
and move forward in their careers.
13. Components of a Career
Development System
A career development system
includes a variety of components for
use in the organizations.
1. Self Assessment Tools
2. Career Planning Workshops
3. Individual Counseling
4. Organizational Assessment Program
5. Developmental Programs
14. Objectives of Career
Development Systems
Fostering Better Communication in
Organization
Assisting with Career Decisions
Better Use of Employee Skills
Setting Realistic Goals
Creating a Pool of Talented Employees
Enhancing the Career Satisfaction
Feedback
15. Career Planning
A career develops over a lifetime and is made up of
many work and life experiences.
What is Career Planning?
Career Planning is an ongoing process of learning
what you are cut out for by:
1. exploring your values, interests, skills, abilities, etc.
2. exploring different occupations and industries,
3. exploring different learning options, making an
informed decision when setting a career goal, and
developing SMART plans to achieve each career goal.
16.
17. Succession planning
Succession planning is one of the most
important career development tools used
by organizations.
Identify those with the potential to assume
greater responsibility in the organization
Provide critical development experiences to
those that can move into key roles
Engage the leadership in supporting the
development of high-potential leaders
Built a database that can be used to make
better staffing decisions.
18. Benefits of Formal Succession
Planning
systematic approach for preparing employees to
handle the responsibilities at higher levels.
It helps in knowing why a specific individual should be
developed and trained.
It reduces the randomness in organization’s processes
is a proactive approach to fill a top position
helps in further exploitation of computer systems,
HRP software applications
fosters pro-active management approaches to make
organization a better place to work.
It establishes a logical basis for making choices
establishes a specific connection between the
business objectives and HR strategic planning.
19. Wage and salary administration
Wage and salary administration affect levels of
employee commitment to the organisation.
Administration of employee compensation is called
wage and salary administration.
“Wage and Salary Administration refers to the
establishment and implementation of sound policies
and practices of employee compensation.
The wage and salary administration aims to
establish and maintain an equitable wage and salary
structure and an equitable labor cost structure.
20. Objectives of Wage and Salary
Administration :
The wage and salary administration
aims to establish and maintain an equitable
wage and salary structure and an equitable
labor cost structure.
To establish a fair and equitable
compensation offering similar pay for
similar work.
To attract competent and qualified
personnel.
To retain the present employees by keeping
wage levels in tune with competitive units.
21. To keep labor and administrative costs in line with the
ability of the organization to pay.
To improve motivation and morale of employees and
to improve union management relations.
To project a good image of the company and to
comply with legal needs relating to wages and
salaries.
To establish job sequences and lines of promotion
wherever applicable.
To minimize the chances of favoritism while assigning
the wage rates.
22. Principles
1. Should be sufficiently flexible
2. Job evaluation must be done
scientifically
3. It must be always consistent with
overall organizational plans and
programs
23. Principles
4. It should be in conformity with the social
and economic objectives of the country like
attainment of equality in income
distribution and controlling inflationary
trend
5. It should be responsive to the changing
local and national conditions
6. These plans should simplify and expedite
other administrative process
24. Elements Wage and salary systems should have a
relationship with the performance, satisfaction and
attainment of goals of individual. Wage and salary
system has following elements (Henderson):
1. Identifying the available salary opportunities, their
costs, estimating the worth of its members, of their
opportunities and communicating them to employees.
2. Relating salary to needs and goals
3. Developing quality, quantity and time standards
related to work and goals
4. Determining the effort necessary to achieve standards
5. Measuring the actual performance
25. 6. Comparing the performance with the salary
received
7. Measuring the job satisfaction of the
employees
8. Evaluating the unsatisfied wants and
unrealized goals aspirations of the
employees
9. Finding out the dissatisfaction arising from
unfulfilled needs and unattained goals
10. Adjusting the salary levels to help
employees reach unleashed goals and fulfill
the unfulfilled needs and aspirations
26. HR Challenges
How can individuals and groups be
recognized?
What is a pay-for-performance plan and
how is it used in the organization?
How is an executive compensation package
designed?
What are the pros and cons of different
compensation methods?
27. Pay-for-Performance (Incentive) Systems
Assume That…
Individuals and teams differ in level
and quality of contribution
Firm’s overall performance depends on
performance of individuals and groups in
the firm
Firm should reward employees based on
their relative performance to attract, retain
and motivate high performers
28. Challenges to Incentive System
“Do Only What You Get Paid For” Syndrome
Adversely affects cooperation
Lack of Control
Difficulties in Measuring Performance
“Psychological Contract” is created that is
often resistant to change
29. Employees question fairness and
credibility
Potential reduction of intrinsic drives
Leads to job
dissatisfaction
and stress
30. Developing Incentive Systems
Link pay and performance appropriately
Use incentives as part of a larger plan
Use financial and non-financial incentives
Build Employee Trust
Promote belief that performance matters
Use multiple layers of rewards
Increase employee involvement
31. Pay-for-Performance Programs
Micro Level Macro Level
Individual Team Business Firm
Unit
Merit Pay Bonuses Gain- Profit
sharing Sharing
Bonuses Awards Bonuses Stock
plans
Awards Awards
Piece rate
32. Individual-Based Plans
Best When…
contributions of individuals can
be accurately isolated
job demands autonomy
cooperation is less critical to
successful performance or when
competition is to be encouraged
33. Team-Based Plans
Best When…
it is difficult to single out who did
what
firm’s culture / structure support
teams
task objective fosters
entrepreneurship in self-managed
work groups
34. Fringe Benefits
Definition::
Definition: Fringe benefits are those
monetary and non monetary benefits
given to the employee during and
post-employment period which are
connected with employment but not
to the employees contribution to the
organization.
35. You Could receive a benefit when
you
Use a work car for private purposes.
Are provided with a cheap loan.
Are provided with free private health
insurance.
Are provided with cleaning services
for your private residence.
36. Need & Importance of Fringe
Benefits:
To retain the employees.
To motivate performance.
As a social security.
Trade Union demand.
Skill shortage.
Employee Demand
37. Objective
To recruit and retain the best employees.
To protect employees against certain hazards e.g. life
insurance, old age pension, etc.
To improve motivation and morale of the employees
To improve work environment
To ensure health, safety and welfare of employees.
To develop a sense of belongingness and loyalty
among workers.
To improve the public image of the organization.
38. Kinds of Fringe Benefits :
The benefits and services to be included
under the title ‘fringe benefits’ are
numerous. A few of them are –
Bonus for quality and attendance,
contribution to group insurance plan,
lay off and termination pay,
travel expenses,
suggestion awards,
medical leave with pay,
overtime, university and trade courses, etc.
39. Employee Stock Options Plans
Employee Stock Option Plan (ESOP), is a plan through
which a company awards Stock Options to the
employees based on their performance. Under an
ESOP, the employees have right to buy the shares of
the company on a predetermined date at a
predetermined price. The objective of ESOP is to
motivate the employees to perform better and
improve shareholders' value. Apart from giving
financial gains to the employees, ESOP also creates a
sense of belonging and ownership amongst the
employees.
40. Here’s an example of a typical employee stock option
plan: an employee is granted the option to purchase
1,000 shares of the company’s stock at the current
market price of $5 per share (the "grant" price). The
employee can exercise the option at $5 per share—
typically the exercise price will be equal to the price
when the options are granted. Plans allow employees
to exercise their options after a certain number of
years or when the company’s stock reaches a certain
price. If the price of the stock increases to $20 per
share, for example, the employee may exercise his or
her option to buy 1,000 shares at $5 and then sell the
stock at the current market price of $20.
41. Companies sometimes revalue the
price at which the options can be
exercised. This may happen, for
example, when a company’s stock
price has fallen below the original
exercise price. Companies revalue the
exercise price as a way to retain their
employees.
42. Different terms used in an ESOP
Grant date - The date on which the
company grants an option to its employee.
Option price - The price at which such
shares in a scheme are offered. It is also
known as the ‘strike price’ or ‘grant price’.
Exercise period - The employees would
be given a time period, called exercise
period, within which they are required to
exercise the option. The date on which
employees exercise this option is known as
‘exercise date’.
43. Different types of ESOPs
Employee Stock Option Scheme (ESOS) -
Under this scheme, the company grants an
option to its employees to acquire shares at
a future date at a pre-determined price.
Eligible employees are free to acquire
shares on vesting within the exercise
period. Employees are free to dispose of
the shares subject to lock-in-period if any.
Generally exercise price is lower than the
prevalent market price.
44. Employee Stock Purchase Plan (ESPP) -
This is generally used in listed companies,
wherein the employees are given the right
to acquire shares of the company
immediately, not at a future date as in
ESOP, at a price lower than the prevailing
market price. Shares issued by listed
companies under ESPP will be subject to
lock-in-period, as a result, the employee
cannot sell the shares and/or the employee
has to continue with the employer for a
certain number of years.
45. Share Appreciation Rights (SAR)/
Phantom Shares - Under this scheme,
no shares are offered or allotted to
the employee. The employee is given
the appreciation in the value of
shares between two specified dates
as an incentive or performance
bonus, that is linked to the
performance of the company as a
whole, as reflected in its share value.