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HRM Funtions Staffing, Traning, Compensations and Performance Management

Extracts from this document...

Introduction

NAME : HANNAH THOMAS CLASS : HRM FUNCTIONS, SYSTEMS & PROCEDURES ID# : 2005031371 QUESTION : Staffing, Training, Compensation and Performance Management are important HRM functions. How can each of these assist companies to succeed in the following areas? (a) the new economy (b) meet stakeholders needs (c) high performance, work system challenges (d) global challenges In today's competitive and ever changing economy, the challenges of human resource management is becoming more demanding of strategic responses to its functions as the new era unfolds. The primary function of human resources is to use strategic goals and objectives in order to improve business performance and develop organizational culture that foster innovation and flexibility. Staffing, training, compensation and performance management are important functions of human resorces, if carried out effectively the success of an organisation becomes imminent. The staffing of an organization is a central part of human resource management and its functions. In the new economy, it is part of the managers and supervisors portfolio to play an integral part in the structuring of their respective labour structure. Staffing an organization is a the foundation of human resources capabilities. However, more managers and supervisors are now taking initiative and are becoming more acquainted with the basic procedures that involved recruitment and selection of staff. With technological advances on the spotlight, organisations must be knowledgeable of technological solutions in order to stand in the competitive market. The evolution of e-business has change the way organisations communicate to the public. E-business is relatively an organisation that connects critical business systems directly to their customers, employees, partners and suppliers, via intranets, extranets and over the selection Web. The methods of staffing today are regularly executed through the processes of e- business. Job posting is an internal recruitment method, whereby the organization notifies its employees of openings, this procedure can be done via intranets. An intranet is similar to the internet, but it is a private organisational network behind "firewall" software that restricts access to authorized users, then, through self nomination or the recommendation of a supervisor, employee's can apply for the opening. ...read more.

Middle

Take for example the National Gas Company of Trinidad and Tobago recently introduce a Graduate Training Program, this program exposes trainees to the company's operations and activities. The National Gas Company expects successful trainees from the training program to occupy the role of professional and knowledgeable staff for further growth and development for the organization. When drafting up training packages, organizations needs are to be meet concerning the local community. Considerations need to coincide with stakeholder's needs and wants. In addition, organisations can donate sponsorships to promote or create social and recreational events. The National Gas Company of Trinidad and Tobago Limited (NGC) has donated the sum of $50,000 to the Piranha Aquatics Swim Club to assist with the development of the George Bovell III Aquatic Centre which is to be located in Cocorite. This act indicates that NGC management participates in corporate social responsibility, giving back to its community. The truth of the matter is that all stakeholders expect some form of compensation once an output or an investment is taking place, from an allied organization. There are a few types of compensation arrangements that can be distributed throughout different kinds of stakeholders. Generally, employees are the one's that mainly benefit from compensation. Employee's often exchange their labor output for some form of compensation in the end, which is basically in the form of salary, wages and other benefits. This type of compensation primarily satisfies stakeholders physiological needs and in some instances, motivational needs. Shareholders are the owners of a company. Organisations often invites stakeholders to undertake the risky investment of buying shares form their organisation. Shareholders have the potential to profit if the company does well, but that comes with the potential to lose if the company does poorly. Generally, all shareholders are interested in, is the dividends and capital growth on their shares. The government also receives compensation from local organisations such as corporation tax. ...read more.

Conclusion

Many global employers pay local wages to most employees, except those in senior management and technical positions. Take for example, back in 2003 workers dropped their tools in protest of exploitation by the management of Atlantic Liquid Natural Gas Company (ALNG). The ALNG employers were accused of paying "slave wages" compared to their parent company in Europe. This escalated, even though the host country employee resided in a country with high unemployment rates and not to mention, they would have been compensated significantly less than if they worked for local employers. Decisions about the compensation levels for third country national are often a function of the originating country of the employee. For example, Indonesians who are working in turkey may be paid wages that are similar to or lower than those of locals. However, a German engineering manager working in Thailand is likely to be paid about the same as or more than in Germany, much like an expatriate. There are two primary approaches to international compensation for expatriates are the balance sheet approach and the global market approach. The balance sheet approach is a compensation plan that equalizes cost differences between the international assignment and the same assignment in the home country of the individual or firm. It has been estimated that the total employer costs for an expatriate, including all allowances, is three to four times the expatriate's salary. Unlike the balance sheet approach, the global market approach views international assignments as continual, not just temporary, if they may take employees to different countries for differing lengths of time. The global market approach attempts to be more comprehensive in providing base pay, incentives, benefits and relocation expenses regardless of the country to which the employee is assigned. Further, the reactions of host country nationals to the pay practices for expatriates must be considered. Therefore, the global market approach to compensation requires greater flexibility, more detailed analyses and significant administrative effort. Evaluating employees from a global point of view is a challenge in itself. ...read more.

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