Leveraging Human Capital
Develop a proposal discussing performance indicators, rewards and incentives, and a plan for motivating employees. The proposal must include the following:
- An evaluation of the current employee status. Describe tasks and performance indicators that contribute to the overall performance on the job.
- Develop strategies to encourage employees. How will you reward them for their performance and support them during difficulty?
- Describe strategies to leverage on employee assets. How will you identify their strengths and use them to better the performance and skills of individual employees?
- Describe a vision for the overall culture you aspire to develop in your organization.
- How will you integrate rewards and incentives to remain competitive in your market and appeal to your employees?
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A Proposal Discussing Performance Indicators, Rewards and Incentives, and Motivating Employees
Employee Performance Indicators
Tracking employee performance is crucial to ensuring continuous growth and development of the employees and the organization. There exist different metrics that the organization can use to track and measure employee performance. According to Senen, Sumiyati, and Masharyono (2017), job performance indicators must be specific, measurable, achievable, relevant, and timely. Relatedly, the company will rely on the following job performance indicators: attendance, task completion time, job quality, behavioral traits, creativity and innovativeness, and customer feedback.
Attendance rate serves as a vital performance indicator. A high absenteeism rate indicates low motivation levels and can significantly impede an employee’s productivity and harm the team’s morale (Senen, Sumiyati, & Masharyono, 2017). Regarding task completion time, it indicates employees’ efficiency level. Senen, Sumiyati, and Masharyono elucidate that being effective does not merely imply completion of tasks but rather entails correctly and timely completing assigned work. Thirdly, beyond completing tasks promptly, employees’ work must be of high quality. Work quality serves as a crucial performance indicator and is also a significant basis for establishing training and improvement needs (Asare & Conger, 2016). The four indicators relate to task performance, whereby they help an organization track employee productivity.
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Besides task performance, it is essential that the company track employees’ morale levels. One of the ways to do this is by monitoring employees’ traits that are essential to the performance of their job. This helps a company identify perpetual negative behavior that can adversely impact their performance as well as that of other employees (Asare & Conger, 2016). Secondly, the organization needs to evaluate employees’ ability to solve problems using creative and innovative approaches. High creativity and innovativeness are indicators of highly motivated employees and demonstrates citizenship behavior (Senen, Sumiyati, & Masharyono, 2017). Thirdly, customer feedback as a performance indicator helps an organization gauge employees’ attitudes toward work as well as their ability to meet expectations (Asare & Conger, 2016). Thus, these indicators not only help an organization evaluate employees’ level of productivity but also provides insight regarding their morale and attitude towards work.
Strategies to Motivate Employees
The company will utilize both intrinsic and extrinsic motivation strategies to encourage employees to perform optimally and also support them during challenging times. Extrinsic motivators will entail salary increases, bonuses, fringe benefits, promotions, et cetera. Notably, the extrinsic motivators will be administered selectively so that the more an employee performs well, the more reward they receive. Thus, a control system is essential to ensuring the strategy works (Lee & Raschke, 2016). The company will achieve this control through the utilization of a performance appraisal framework. It is also worth noting that, if applied haphazardly, they can undermine the organization’s goals by undermining intrinsic motivation (Lee & Raschke, 2016). Therefore, the company will utilize extrinsic rewards as a short-term employee motivation strategy.
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Performance-based rewards are not sufficient to keep the employees motivated. The company will, therefore, also utilize intrinsic motivators. Since the company cannot directly administer this type of motivation to the employees, it will structure the jobs in a way that presents employees with various opportunities for intrinsic motivation. Thus the jobs will be designed to, firstly, produce a sense of meaningfulness to the employees. Secondly, give a sense of choice so that employees feel they have the freedom to decide how to accomplish their work. Thirdly, yield a sense of competence so that the workforce feels it is of great value to the organization and its efforts are highly valued. Lastly, develop a sense of progress by providing career growth and development opportunities to the employees (Lee & Raschke, 2016). Intrinsic rewards are a healthy and sustainable source of motivation and, therefore, have long-term benefits.
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For employees that are facing a tough time, rather than punishing them for their below-par performance, the company will support them to ensure they bounce back to or realize their full potential. The organization will use training and development programs to hone their knowledge and skills set. It will also emphasize leadership styles that motivate and inspire employees to develop a growth mindset. Moreover, the company will strive to create a conducive working environment that supports employees during difficulty. According to Antoni et al. (2017), a motivating and inspiring climate is crucial to helping employees overcome challenges and maintain a positive attitude in the face of adversity.
Strategies to Leverage on Employee Assets
The key strategy for leveraging on employee assets will entail matching their strengths to their roles. As a manager, I will utilize a hands-on management approach to understand the strengths and weaknesses of each employee. Subsequently, I will match the employees to tasks that match their strengths. Additionally, teamwork will serve as a crucial strategy for leveraging on employee assets. The teams will ensure that the employees complement each other in terms of skills and abilities (Hooi, 2019). Therefore, the teams will be selectively and strategically created to ensure a precise balance of skills and abilities; thus, promoting optimal productivity. It is also important to regularly communicate the organization’s vision to the entire workforce to ensure that it buys and believes in the organization’s visison (Jha & Kumar, 2016). If employees believe in the organization’s vision, they fully dedicate their time and efforts to actualizing it.
Another strategy for leveraging on employee assets is involvement of employees in the decision-making process. According to Hooi (2019), this makes them develop a sense of organization citizenship leading to improved engagement levels. Additionally, listening to employees’ inputs creates a real sense of teamwork and meaningfulness. It is also important to delegate responsibilities to encourage growth and development for all employees. Delegation serves as a tool for confidence-building and cultivating trust. Consequently, it improves employees’ levels of motivation (Jha & Kumar, 2016). Lastly, the company will utilize training programs to hone employees’ skills and abilities. Training and development programs improve employees’ capability, which if effectively used can significantly benefit an organization (Hooi, 2019). If implemented effectively, these strategies will allow the company to optimally leverage on employee assets.
Vision for the Overall Organizational Culture
The overall organization culture will be such that it promotes organizational, citizenship behavior, effective two-way communication, teamwork, employee growth and development, and facilitates creativity and innovation. Thus, the envisioned corporate culture is one that motivates and inspires employees to perform optimally and also provides opportunities for them to discover their maximum potential through growth and development opportunities. Embedment of this culture into the company will involve collective input from all levels of the organization. The management will focus on ensuring that it creates an environment that inspires employees to take risks. Risk-taking culture allows employees to remain creativity and innovativeness (Jha & Kumar, 2016). The company will also provide opportunities for employee growth and development to ensure continued improvement of skills and abilities. An organizational structure that supports two-way communication is also essential to ensuring the success of the envisioned corporate culture.
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Integration of Rewards and Incentives
Integration of the rewards and incentives will follow a selective system so that they reward the best performers and incentivize employees to improve their performance. The organization will, therefore, utilize recognition and reward systems to facilitate integration of rewards and incentives that will ensure it remains competitive in the market and appeals to the employees. The recognition system’s function is to objectively evaluate employees’ performance to determine who deserves to be rewarded. It will also identify goals that the reward system will support. Moreover, it will be responsible for identifying the desired employee performance or behaviors that reinforce the organization’s goals (Martono, Khoiruddin, & Wulansari, 2018).
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On the other hand, the reward system will entail appropriate rewards and incentives for various performances or behavior based on individual or team’s achievement. Rewarding both individual and team achievements encourage individual initiatives and promotes the teamwork spirit (Shields, Brown, Kaine, & North-Samardzic, 2015). The recognition and rewards systems must maintain objectiveness and fairness. Shields, Brown, Kaine, and North-Samardzic (2015), illuminate that to reap the benefits of rewards and incentives, a reward program must be designed to set company goals to be reached and employee behaviors that will contribute to their achievement. Correctly measuring performance in an objective manner and upholding fairness ensures that the program pays off in terms of achieving the desired goals.
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