- The HRC is to review and approve benefit, compensation and perquisite plans and arrangements applicable to the executive officers of our company.
- The HRC is required to annually review and approve corporate goals and objectives relevant to CEO compensation, evaluate CEO’s performance in light of those goals and objectives. Then HRC determines and approves the CEO’s compensation-based on this evaluation, and recommend the CEO’s compensation for ratification by the Board.
- The HRC is to review and approve for the CEO and the current executive officers of the company, (a) the annual base salary level, (b) the annual incentive opportunity level, (c) the annual long-term incentive opportunity level, (d) employment agreements, severance arrangements, and change in control agreements, and (e) any special of supplemental benefits.
- The HRC is to make recommendations to the Board with respect to the company’s incentive compensation and equity-based plans that are subject to Board approval.
- HRC is to oversee the company’s talent management and succession planning process, including succession planning for the position of CEO.
- HRC is to produce an annual report on executive officer compensation for inclusion in the company’s proxy statement, in accordance with applicable rules and regulations of the Securities and Exchange Commission.
- HRC has the sole authority to retain and terminate and compensation consultant to be used to assist in the evaluation of executive compensation.
- HRC may delegate all or a portion of its authority to subcommittees. HRC is to make regular reports to the Board summarizing the matters reviewed and actions taken at each meeting.
- HRC is to release a charter annually to help organize our Human Resources Department. (Wells Fargo, 2005).
There are three stages in the human resource organizing process - planning, programming and evaluating. When planning, human resource managers must be familiar with the business plans and future goals of our company; this is a necessity in order to recruit the proper number of qualified employees needed to perform the necessary duties to complete the job. In programming, our human resource manager is to conduct research in various areas, such as training, recruiting and layoffs. Then, the entire process is evaluated to make sure the results are favorable to the organization’s business goals.
Knowledge resources go hand-in-hand with human resources. Knowledge resource is the information used by the employees to perform their jobs. This information, like human resources, is an asset to our organization. Without it, the human resources department is unable to perform their jobs successfully. As with the management of human resources, management must effectively perform the organizational process as it relates to knowledge management.
The difficult task of managing knowledge is identifying the most effective modality for getting the information to the human resources. To help facilitate the dissemination of the knowledge, managers often rely on e-mail, hardcopy memos, departmental meetings, public postings or in-services. Management must ensure that employees have access to the resources needed to attain the knowledge needed to perform their duties. Our management has many tools at their disposal in order to achieve this task. Our training department is a prime example of one of these tools.
Whenever a new employee is hired he or she must have classes with trainers who teach the necessary skills for his or her job. We are such a large organization that we require full time trainers every day. When our organization upgrades or integrates new software our employees must be trained to utilize these programs.
In my organization we must also know who our competitors are and what our competitors have to offer. Having knowledge of this gives our organization an idea of what we are up against and what we have to plan ahead for. This is where organizing comes into play with management for gaining all the knowledge possible to achieve maximum success. Knowledge is an extremely important resource of management, and when properly attained it builds success. Knowledge is the key for our entire organization.
Management also must make certain that employees have access to members of management when needed. If an employee is having difficulty completing a task, or has encountered a problem that prevents them from completing it, they must be able to confer with management to find out how he or she should proceed. We do this by having a team leader for every team. Our team leaders are stationed within our teams and are knowledgeable of all programs. Management encourages us to ask questions when we have them. They also try to keep us as up-to-date as possible. They do this by communicating with us through every medium they have available. We often receive memos through e-mail informing us of changes to our current processes or programs.
Organizing can be a very complicated task, regardless of what resource you are trying to manage. When approaching organization, management must have a complete knowledge of the needs of the department and the layout he or she will be dealing with. Organizing can require constant monitoring of the process, due to the fact that the needs of our department can change everyday.
Without human resources and knowledge resources, the management team at Wells Fargo Home Mortgage would not be able to provide the insight or have the tools to establish such a great company and work environment. For our company to be part of the big players in this industry for over 150 years shows that we have the necessary resources to be successful.
References
Bateman, T. & Snell. S. Management. (2004). The Competitive Landscape. The
McGraw-Hill Companies.
Wells Fargo (2005). About Wells Fargo. Retrieved December 13, 2005 from
Wellsfargo.com
