Title: Leveraging Human Capital
Employees are the biggest asset and contribute to the culture and overall performance of the organization. This project requires you to determine how to leverage the human capital within your organization.
Develop a written proposal (1,000-1,250 words), discussing performance indicators, rewards and incentives, and a plan for motivating employees. Your proposal must include the following:
Describe tasks and performance indicators that contribute to the overall employee performance on the job.
How will you identify an employee’s strengths and skills to leverage their performance?
Develop strategies to improve employee performance. How will you provide employees with rewards and incentives for performance improvement?
How will you integrate rewards and incentives to remain competitive in the marketplace and recruit and retain the employees?
Describe a vision for the overall culture you aspire to develop in your organization, relative to the employees being the biggest asset.
Prepare this assignment according to the guidelines found in the APA Style Guide
Leveraging Human Capital
Tasks and Performance Indicators
The tasks and performance indicators is a management model that strives to track performance, make improvements, and scoring the changes. Employees can track the performance of employees using various indicators. One of the indicators is the timeliness of completing tasks (Budur & Poturak, 2021). Employees who complete tasks on time demonstrate a high capacity for performance. Another indicator is the ability to focus on details. Paying attention to details will eliminate the risk of poor-quality products. Employees should remain creative during the execution of their tasks to enhance customer satisfaction (Budur & Poturak, 2021). Consistency and initiative are good indicators of performance. During the execution of tasks, employees should remain loyal to their company.
The tasks that employees accomplish will lead to customer satisfaction or financial performance. Organizations can measure performance using customer satisfaction reviews (Martono et al., 2018). The comments from the customers will weigh the ability to deliver quality and timely products and services. Internal processes can measure tasks and performance indicators. Internal policies regarding hiring, training and role allocation are important predictors of performance. A financial performance index is another indicator of performance (Martono et al., 2018). Companies can weigh their performance depending on the loss or profit they make quarterly or annually. The metrics will measure the scope, cost, productivity, and profit margin. Organizations can use diverse tools to measure performance and identify the areas to improve on.
Employee Strengths and Skills
The first step of identifying employee strengths and leveraging on their skills is to scan the broader strengths of employees. Understanding the employee’s perceived value can be through the training they have received in the past (Kanwal & Syed, 2017). For instance, academic qualifications can be used to understand the strengths. Another strategy of evaluating the capacity of employees is to check the experience. The number of years a person has been working in a job position will determine their strength (Kanwal & Syed, 2017). The profile of an employee may include the places where they have worked before, the achievements made, and the innovations.
Organizations can use different tools to examine capacity before assigning new roles. For instance, observing and listening can be used to examine strengths and weaknesses (Ajayi, 2019). Management teams can observe and listen to employees to determine their strengths. For instance, a manager can assign roles and observe the employees executing the tasks. An employee who is conservative, quiet, and disengaged may be less favorable for a customer relations job (Ajayi, 2019). It is unlike the staff who are tender, outspoken, caring, and good at communicating ideas.
Management teams can set tests to examine the performance of employees. Competitive tests will examine the best personnel in conducting certain tasks. The approach is healthy to give every employee an equal chance (Idemobi et al., 2017). Equal chances will improve the spirit of fairness and eliminate discrimination. It will allow both male and female employees to demonstrate their strengths. Another strategy is holding conversations with employees about their strengths. The conversations can be made informally during lunch break or a vacation (Idemobi et al., 2017). The conversation will help employees to express their preferences for the organization. In some cases, the talks will leave plans such as capacity building, career advancement, or participating in training sessions to enhance potential.
Strategies to Improve Employee Performance
Improving the performance of staff is critical for the overall competitiveness of an organization. One of the strategies is to communicate the vision to the workers. The employees should understand why the company exists and reasons for striving to deliver quality services and products (Martono et al., 2018). Constant communication will identify the weak areas and address them promptly. The second strategy is to give constant feedback to the employees. Feedback allows the staff to identify the areas they should improve on. Fair and timely feedback is critical for improving performance (Martono et al., 2018). Companies need to realize the value of incentives in enhancing the outcome. When workers know they will get a salary hike, a paid vacation, or a promotion, they will strive to achieve the best results (Kanwal & Syed, 2017). Another strategy is to communicate the goals. The communication should allow all the staff to understand what they are required to do.
Providing employees with rewards is healthy for boosting performance. Companies can set the rewards they will provide to their employees when they achieve certain targets. For instance, a group that completes their project on time can be taken for a paid vacation (Kanwal & Syed, 2017). The second option of incentives is salary. An increase in the salary paid for quality performance is a great motivator among employees. For instance, salespersons have the reason to expect better pay if they bring more customers to an organization. Another method of rewarding staff is to give them recognition in a company such as rating them as the best employee of the year (Idemobi et al., 2017). An annual gala with awards for workers in different categories will boost their performance and morale.
Integrating Rewards and Incentives to Remain Competitive
Rewards and incentives in an organization are meant to boost the morale of the employees. Boosting the morale will enhance the willingness to continue working in an organization. It eliminates the risk of turnover or poaching by other rival companies (Budur & Poturak, 2021). Providing rewards and incentives will enhance the competitiveness of a company. For example, it will attract the best personnel in the sector. The best talents in the industry will boost the outcome of different departments. Another method of boosting competitiveness is to set clear goals and rewards for employees (Budur & Poturak, 2021). For instance, if employees know they will rise through the ranks due to their output, they will strive to achieve the best results. The rewards and incentives will boost the willingness to work in an organization and generate the best results.
Vision for the Overall Culture
The employees are the biggest assets in an organization. The vision is to enhance the skills and capacity of employees to execute different tasks. The training should help the employees to discover their talents, strengths, and weaknesses (Martono et al., 2018). An analysis of strengths and weaknesses will ensure the appropriate allocation of roles. Accurate allocation will enhance job satisfaction and willingness to continue working in an organization. The second strategy is to carry out regular reviews. The reviews will involve receiving feedback from the employees regarding their performance, strengths, and challenges (Martono et al., 2018). Feedback from the employees will enhance job allocation and overall culture. Employees remain the best assets that companies should treasure by providing a friendly working environment. Some incentives such as cultural competence at the workplace, opportunities to work from home, and friendly working hours will improve satisfaction and performance.
Ajayi, M. O. (2019). Employee Performance Among Selected Tertiary Institutions: Evidence from Intrinsic Reward System. Journal of Economics and sustainable development, 10(4), 117-122.
Budur, T., & Poturak, M. (2021). Employee performance and customer loyalty: Mediation effect of customer satisfaction. Middle East Journal of Management, 8(5), 453-474.
Idemobi, E., Ngige, C. D., & Ofili, P. N. (2017). Relationship between organization reward system and workers attitude to work. Journal of Business and Economic Development, 2(4), 247.
Kanwal, K., & Syed, M. (2017). Impact of reward system on employee performance in banking sector. RADS Journal of Social Sciencess & Business Management, 4(2), 82-103.
Martono, S., Khoiruddin, M., & Wulansari, N. A. (2018). Remuneration reward management system as a driven factor of employee performance. International Journal of Business & Society, 19.