Human Capital Management Essay
Human Capital Management
Employer branding Branding is absolutely important because it represent company image and reputation to public and needless to say prospective hires. (Minchington, 2005) defines employer brand as “The image of your organization as a great place to work”. (Mckinsey, 2005) survey and analysis suggest that many organization focus solely on job details functionality when comes to brand themself in such a way as to promote company? products and services is not relevant and competitive anymore, at the end company will lost out in hiring ideal prospective candidate. How do we compete, identify competition from within subsidiaries and external competitor. Who do we compete with and how to strengthen and sharpen our competitiveness in the market by focusing on tailoring prominence employee value proposition attributes at each stages of recruitment process and study the impact as whole and lure the potential hires not from products or services view but from customer point of view.
Base on survey(Mckinsey, 2005) current most influential trend is the intangible benefits of working with the organization that involved “touch points” namely passion, emotion, comfort and culture inside out of the organization are just as important as a company selling a product to customer.
Conclude that we have to customize company branding effort that really reflect the company experience and reputation to get right kind of talent sought by organization and subsequently for effective employee engagement and retention not just applying a conventional branding technique across. Recruitment and Selection We cannot denied recruitment and selection is vital process in the very first step to get the right talent with right confident to fill organization crucial roles, eventually contribute to company continuous development and success.
HR is struggling to get such highly rated candidates for numerous important posts because of fierce competition in today? s global market. What went wrong, lack of strategy recruitment and selection plan to identify vacancies urgency to organization, poor in analyzing right potential target candidates, absurd job specification and function align with line-manager requirements, and time taken for the whole recruitment and selection process to take place.
We have to address decision making in recruitment process to defer influx of misfit talent into organization hierarchy. Improving HR planning for recruitment and selection process to become more efficient, conflict of interest and favoritism for personal interest or relationship to deliberately limit the competition among candidates within organization or even external recruitment very much still alive every now and then.
We have to stop this. Employee engagement In a recent research by (Hewitt Associates), it was found that engaged employees are not only intellectually committed to the organization but are also emotionally attached to it, thus the values of morale to the organization, you feel emotionally attached to the organization and colleagues, passionate about your job and feel energetic to work every day.
Is all about beyond non-financial incentives that you want to achieve or accomplish and yet this have reflect to better organization financial performance as what (Tower Perris) claimed, the evidence of a significant relationship between employee engagement and financial performance is undeniable. The opposite of employee engagement is under-performing employee that is a disengaged employee that have lower morale and not productive. Engaged employee equivalent to satisfied employee create satisfied customer or quality end product leads to better overall organization? productivity.
Employee perceptions and clarity of job importance and expectation is not clearly managed and defined, moral and enthusiastic towards job will be curtailed. Frequent and constant two way communication is vital between superior and subordinate to create a healthy working relationship else we don? t see a productive employee contribution and feedback. Reward incentive scheme both financial and non-financial have to align with latest trend in organization behavior from bottom to top, make everyone in the organization feel like „we are a family? sense of belongings.
Conduct survey not partially indeed complete set of engagement parameters on company intranet to find out what are the organization? s advantages and weaknesses, and do not stop there by just collecting the data and compare with external survey company benchmark but act upon it accordingly because every organization are different or unique although some may in the same industry. For instance we identified disengaged employees if the survey did show and segregate engaged and disengaged employee. Disengaged employee are the employees do not feel attached to the company, study shows this group of employee is the toughest to deal with.
Improving leadership development Leadership is a key mechanism for organization? s success that? s why leadership development is being invested heavily by many organization to strive for continuous success but there is no guarantee each framework and strategies is a success, according to (America society of training and development) about USD$170billions was spend on leadership based development programs, therefore implementing leadership development framework and strategies always post issues and challenges before you can walk away with success. DDI consultant, 2009) based on survey from 76 countries around the world cited that threequarters of the leaders said that improving leadership talent was a top business priority but 4 out of 10 are not happy with what the organization were actually doing to helping them and only half of organization globally have succession plans for their leadership team.
Don? t even start a leadership development without concrete framework and specific what need to accomplish, just like a cooking lesson without the clear objective and preparation you can? t accomplish it successfully. Sample of current aspects or trend of poor leadership development that organization should improve and focus on;
Lacking leadership competencies – Poor people management skills – Unable to adapt quickly and sensible to environment constant change – Convey wrong message to the organization due to poor communication among leaders, subordinate and across organization – With wrong message being conveyed across or getting everyone on the same page, collaboration towards working on same goal is being denied half way through – Non-pragmatic management wisdom – Outdated change management plan – Poor customer service orientation – Have strategic planning but disappointed in execution – Professional management level -Making poor decision at critical stage -Plan for strategic planning because leadership is developed through experience -Level of commitment and devotion to job and organization Organization should promote initiative thinking among leaders, learning and improving competencies and personal skills to well-equipped before „battleship? begun.
Workforce performance measurement Tremendous growth in global economic and population taking place currently have huge and vast impact to global workforce trend, namely high-tech services company demand for highly trained and experience skilled worker to fill the ever changing vacant post of any organization post a terrific pressure into global demand for skills workers and we can? t deny impact from baby boomers to global population whereby population of age 65 and older was stand at 12% and by 2030 hit staging 20% which say a lot with baby boomers impending for retirement supply of skilled worker might be slowdown in forthcoming years Different product and services in different industry provide different metrics to measure cost, for instance a professional footballer in English premier league(EPL) salary is „crazy? to defined, a layer(Striker) in top four position team can have a salary of GBP150k per week and scored only 12 goals for the past season compare to a striker from a team that fighting for relegation battle to stay in EPL scored 17goals with salary range of GBP60k per week, so how do you compare both footballer contribution against their pay, hence in this case standard(global) metric doesn? t apply instead each case is unique taking into account what is the metrics of measurement, the striker contribution, assist to goal, training attitude, attendance and professionalism on and off the pitch. That? s why we need customizable metrics for a product or services to measure not external benchmark that will exacerbate to measure. *GBP = Great Britain pound sterling
Managing work-life balance Employee expectation and demand are surging to a new high every now and then, organizations are finding ways to identify and implement and strike a balance between work-life demand and business operation. Survey conducted by (Mckinsey, 2007) nearly 40% working adult both man and women with or without children had difficulty in striking a balance between work and personal life. Malaysia currently is competing with global best skilled workforce, encouragement by government to lure back oversea Malaysian? s expatriate help to contribute country economy growth towards a developed country in year 2020 by declaring many attractive financial incentives and both nonfinancial benefits such as fulfilling work-life balance demand.
Younger skilled executive such as generation X and Y highly anticipate they could integrate more ersonal life activities into their daily life routine instead of spending long hours in office like baby boomers used to have. Gender wise women tends to spend more time and care about their duty as housewife and as a mother to the family but statistics shown that more and more father are getting involve, bear in mind family or personal issues can affect work performance if were not well taken care of. Common work-life demands nowadays are flexi-working hours, working from home/anywhere, more incentive on annual leave for holiday, and compressed normal working hours even day in the future. Performance management and rewards Organization required constantly revising performance and reward strategies and plans to accommodate ever changing global economy.
Tailor what are the essential measurements and implication to customer and organization as whole, is the defined measurement flexible to adapt changes when necessary or just an ingrained measurement that hardly have room to improve or being not flexible to change. Personally tele-conversation interview with a local Bank? s tele-marketer cited that reward from sales was very good due to some marketer „pushing? pre-approved product like dial for cash personal loans, additional new credit card and supplement-card, thanks to such sellable products this tele-marketer end-up having relatively high pay for his effort, but consequences on customer having plentiful of cards and may end-up become a bad debtors.
In order to address such issues become exacerbate, the company management revise the overall measurement metrics, still encourage cross selling among employee but the metrics to measure is not solely on sales reward but overall rating to preserve and focus on customer satisfaction, customer experience and sales productivity at the same time, whereby „Measure and reward performance? based on 40 percent customer satisfaction, 30 percent customer experience and 30 percent productivity. HR as a change agent, to manage change HR is pivotal to organization change for better and continuous growth, HR degree of transparency when dealing with change remains a question to be answered yet. Why HR as agent to change because they have serve the company for years and made numerous significant contribution to company growth and see as an intermediate to manage people toward a better change.
HR tag as change agent derived controversy of distrust from all level of organization? s hierarchy. They may be biased and favoritism among employees because HR could had pressures and sanctions from top management in deciding or making decision towards change (Swenson, 2001). Competencies for effective change agent remain widely discuss because change agent function is ambiguous, change agent lack of technical knowledge and exposure leads to having difficulty to diagnose actual problem be it on impact from globalization issues or domestic issues and no one to refer due to some issues is too sensitive to discuss about at certain organization? s level, hence this can lead to misinterpret organization? vision for change to all level of employees.
Morale and perception towards change by employee have to well manage by change agent, setting the right expectation and „get everyone on the same page? to work towards the defined goal. Compensation, recognition and benefit Not all but most of us admit that compensation is the first thing we look at when hunting for new job, thus employee compensation play very crucial role in employee recruitment, employee engagement and employee retention. There are several key issues surrounding compensation package to make it attractive and yet align with organization? s business interest to new hires and retaining employee royalty.
Main concern is to build an attractive base compensation package, job design; specification and functionality have to reconstruct corresponding to performance appraisal through assessment to determine base salary. Common compensation, recognition and benefit package includes monetary incentives and nonmonetary benefits such as basic pay, increments on half yearly or yearly basis, pay for performance and bonuses while non-monetary benefits are medical insurance, annual leave, housing and car allowances, dental insurance, optics care allowances and career development training program. The question here is that you can build a perfect pay structure according to organization needs but how do you know the pay structure live up to market standard especially for new hires.
University/College: University of Arkansas System
Type of paper: Thesis/Dissertation Chapter
Date: 15 October 2016
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