Human Resource Management in Business Context - 1884 Words

â€Å"Performance bonuses offer a win-win gain to both organisations and employees. Discuss, making reference to both theory and case examples† Introduction Is performance related pay (PRP) really a motivator for employees and is it an effective way for organisations to gain and retain high performing staff. This is questionable especially as organisations differ in size, organisational culture (therefore differing needs), the ability and/or resources to manage an effective process to support PRP. This study will explore whether performance bonuses offer a win-win for both the organisation and the employees, using primarily the public sector, with reference to the private sector. â€Å"PRP was the ‘big idea’ of the1980s, embraced†¦show more content†¦Intangible services are much harder to quantify. Performance Management Cycle Key performance indicators (KPIs) are formed as part of the performance and appraisal process to measure the output of an individual. The performance appraisal allows a comparison to be made of the actual performance against expected performance (KPIs), which is linked to feedback and whether the individual has warranted a reward. However, there are many potential problems with the performance appraisal system. The process can become a bureaucratic process with managers seeing it as a tick-box exercise to be completed once a year. There could be a lack of understanding of the objectives by the employee, or the organisation may not have a clear strategy and furthermore the process is subjective and open to human bias. It is also very difficult to quantify individual performance such as intangible elements, as mentioned earlier. So it could be argued that the process is not very transparent. To overcome this, Beer et al. introduced the Harvard Model (Gilmore. S, 2009, p.9) which takes into account a wider range of stakeholders interests to provide an input into the appraisal process which allows the reduction of a bias opinion of just one person. It is stated as reduction, as the process is still subjective and open to a range of perceptual errors althoughShow MoreRelatedHuman Resource Management in Business Context1189 Words   |  5 Pagesï » ¿Human resource management or mostly named simply as HRM is a strategic method thoroughly thought out for managing industrial relations which accentuate the fact that workforce efficiency and commitment are the key factors in achieving constant competitive advantage or high quality work performance. This is accomplished through a peculiar set of integrated employment policies, programmes and practices intruded in an organisational and social context (Bratton and Gold, 2012). The new HRM model isRead MoreThe Long Term Performanc e Of A Company1558 Words   |  7 Pagesthe Greek terms Stratos (army) and agein (lead). In the managerial context, and in today s meaning, that word has replaced the more traditional term long-term planning, to denote a specific pattern of decisions and actions taken by the highest level of the organization to achieve the performance targets. In this context, the strategic management is defined, therefore, as that set of decisions and actions taken by management to assess the long term performance of a company. The world of organizationsRead MoreMultinational Corporations Based On International Business Essay1730 Words   |  7 Pagesstrategies. As these issues of differentiation and integration are often facilitated by HRM activities, they represent a critical component in the IHRM. 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And IT specially Internet is having high impactRead MoreStrategic Human Resource Development Framework1614 Words   |  7 Pagesof the different frameworks/models proposed by different researchers and eventually propose a framework of choice which will help leaders to better manage their Human Capital (HC) and un derstand how to incorporate HR policies into everyday decision making and long term planning. First we start by defining Strategic Human Resource Management (SHRM). We then look into what purpose it serves in an organisation. Then we look into the different models of SHRM how these models compare with each other. LiteratureRead MoreThe Influence of a Companys Leadership and Culture on Its Business Ethics1541 Words   |  6 PagesDiscuss the ways in which a companys leadership and culture influence its business ethics Definition of Organizational Culture Organizational culture refers to the values and behaviors essential in the contribution or development of unique social and psychological environment with reference to an organization. This is an indication that organizational culture is inclusive of the expectations, philosophy, values, and experiences that focus on holding an organization together with the aim of enhancingRead MoreThe Hidden Talent Of Talent Management1339 Words   |  6 Pagesidentified. Talent management is a systematic attraction, identification, development, engagement/retention and deployment of those individuals with high potential who are of particular value to an organization. This study is endeavour to identify the hidden talent of the Information Technology employees. The primary data has been collected through questionaries’. Key words: Employees, Information Technology organizations Talent, Talent Management. INTRODUCTION The process of talent management is indispensableRead MoreExamples of Ihrm and Domestic Hrm Essay841 Words   |  4 Pagesmultinational ventures stem from a lack of understanding of the essential differences in managing human resources in foreign environments (Desatnick Bennett 1978). The world has become more globalized, competitive, dynamic and uncertain than ever before. As more and more firms operate internationally, the search for the elements of global competitive advantage is a prominent theme in the management literature (Dickman Mà ¼ller-Camen, 2006: 580). There is a clear need to develop an understandingRead MoreSocial Relations And Human Resource Management1223 Words   |  5 Pagesinformation and experience base), overall context (cultural, socio-economic, political etc.) has a significant impact on labor relations and human resource management (HRM). â€Å"The human resource function matters more than its practitioners tend to think. Human resources is a crucial point of intersection between the broader society and business† (Capelli Yang, 2010, p.1). The impact of societal issues such as unemployment, poverty, inequality and lack of human development on labor relations and