Effective Employee Benefit and Compensation Program

Human resource departments today have a more distinct, calculated position within organizations, and human resource strategy influences the bottom line. “One of the challenges for HR leaders is convincing executive leadership teams that human capital is one of the most important resources in which the company can invest” (Mayhew, 2014, p.). Subsequently, “this return on investment is an essential part of the argument for including HR as part of an overall business strategy” (Mayhew, 2014, p.). Human resource departments utilize the information given to them from company executives and leaders, coupled with their respective expertise on all things personnel, and they plan and implement staffing concerns for the betterment of the organization. From preparing job analysis, to comparing inventory and forecasting, it is the responsibility of human resources to consider the objectives of an organization and fulfill those goals while operating the specific planning relative to HR.

Contemporary globalization of businesses and growing global market competition has made effective human resource planning as one of the major strategies to forge ahead and remain proactive. It can be said that an organization 's success lies to a great extent to the knowledge, skills, creativity, and dedication of its workforce. Every aspect of an organization needs human capital to drive its activities or operations to achieve individual strategic goals and objectives towards its purpose of existence, growth, and competitive status. Companies can compete at all levels of the marketplace through improved commitment not only through creativity, innovation, and research, but also human resource development (Truong, Heijden, & Rowley, 2010). In this regard, the human resource planning is needed to ensure a systematic analysis of human resource needs so that the right quantity and quality of employees are always available when required. Fundamentally, organizations are looking for the best people that would help drive them to their desired destination of achieving their missions. Therefore, it is important to develop human resource strategies to support organizational strategies, through measures such as forecasting human resource requirements, and effective strategic staffing. Technically, an organization 's mission, goals, and objectives drive its strategy and human resource (HR) and staffing strategy in an interactive manner. The purpose of this

In most organizations it is the job of the HR department to negotiate and select programs for benefited employees such as health, dental, vision insurance and retirement plans (Fallon & McConnell, 2007). While it is important to select plans that work in the best interest of the employees it also has to be cost effective for the organization. When looking at cost from different angles there are a number of cost effective measures that could be done within the department that would not only save on the HR ledger but on the organizations as

Employee benefits are a key aspect of an organization’s total compensation package (Martocchio, 2010). An employer’s total compensation package is defined by Martocchio (2010), as “both the monetary and nonmonetary rewards” offered by an organization (p. 7). The most visible aspect of any total compensation package, is core compensation (Martocchio,

Introduction – Human resource planning is the most valuable assets of organization. It is a ongoing process of systematic planning to achieve optimum use. Human resource planning is to ensure the best fit between employees and jobs, while avoiding manpower shortages or surpluses. In order to realize company objectives, it is essentially to have a human resource plan. Human resource planning is essentially the process of getting the right number qualified people into the right job at the right time so that an organization can meet its objectives. In context of getting organization’s objectives or to achieve its goal human resource planning is the most important assets of an organization. It is a system of matching the people between existing employees and those to be hired or searched for.

To obtain the desired education degree for the human resource career field, human resource management students must learn and complete various subjects during the education program as they would need to employ various skills in their practical life. Candidates studying the Human Resource Management discipline gain an insight into courses like Employee Compensation Management, Perspectives of Management Labor welfare, and Organizational Behavior (R. Palaciso, personal interview, 18 July 2010). The Employee Compensation Management course provides an analysis of the techniques and principles used to develop and instigate direct and indirect compensation programs and reward systems that are cost-effective. This course teaches students, as human resource, to attain and draw a highly

When most people thing of compensation and diversity in the same category, they assume the discussion will be under the umbrella of discriminatory practices against women and minorities. However, compensation and benefits are tools at the disposal of human resources professionals for recruiting and retaining a diverse employee pool even in the absence of a formal diversity management programs. Like a properly executed training and development program, benefits packages can also be levied to attract and retain workers, as well as motivate them. Employees have multiple needs that vary based on age, family, cultural values, and stage of career, and human resources departments are tasked with finding solutions to accommodate this wide range of concerns, without anyone feeling as though they are being treated unfairly. While benefits like on-site daycare would work wonders to attract and retain parents of small children, offering such a pricey perk to that is only useful to a certain segment of the employee pool can be off-putting to other workers. Finding the balance between the needs of the company, needs of the employees, and the perception of fairness is critical.

According to E.Geister (2006,P30) “Human resource planning is the process that includes forecasting, developing and controlling by which a firm ensures that it has proper number of employee and right kind people at right place and right time for which they are economically most useful”. R.K Sharma and S.K Gupta explains the various objectives of human resource planning. Some of them are Assessing skill requirement in future, Controlling the wages and salary, Cost ensuring higher labour productivity, Ensuring proper and efficient use of Human resources in an organisation.

Employees are an organisation’s most important resource therefore, planning for and employing the right people to assist in achieving business goals is one of the main roles of the manager. Estimating human resource needs in terms of numbers, skills and abilities, and how to recruit those people are important issues that are need to be considered.

There are several important reasons of human resource planning that business organisation carry out regardless their size and it is important for the continuity of any business organisation to plan. However, in many business owners may not include human resource planning at the beginning of their business but later realise the importance of human capital and no business can survive without having competitive human capital.

It is necessary for human resource management to have a proper human resource planning. “Human resource planning involves planning that assure a firm’s needs for employees”, says Madura. She also includes that human resource planning consists of three tasks which are forecasting staffing needs, job analysis (Madura, 2007). Recruiting and selecting the right employee is not enough. There is a necessity to provide continuous training and development to the employees to be more productive and efficient. With great training, it enables the employees to be more innovative, creative, motivated and thus increase their working performance. Training can be through various types such as on the job training, off the job training, job rotation and scholarships.

Human Resource Management involves a wide array of functions that encompasses the time from when an employee enters an organization to the time the employee leaves the organization. The specific activities that are involved in HRM include job design and analysis, recruitment, orientation and placement, development and training of the personnel, employee remuneration, and performance appraisal (Aswathappa, 2007: 5). This paper shall focus on three main activities which are recruitment, training, and personnel development. When it comes to recruitment, it is incumbent upon the Human Resource Manager to bring into the workforce, employees that are both wiling and competent to accomplish specific tasks. The work of recruitment goes hand in

Workforce planning is defined as efficient function that is belonging to human resource management. This is actually work in a proper system format to determine as well as identify needs of the organization with respect to their size, knowledge, type, and capabilities of their workforce to gain related objectives. (Samdahl, 2012)

SECTION FOUR ...........................................................384 Strategy Implementation: Workforce Utilization and Employment Practices ....................385 EFFICIENT UTILIZATION OF HUMAN RESOURCES ... 386 DEALING WITH EMPLOYEE SHORTAGES ................. 397 SELECTION OF EMPLOYEES ................................... 406 DEALING WITH EMPLOYEE SURPLUSES .................. 416 SPECIAL IMPLEMENTATION CHALLENGES ............... 440 SUMMARY............................................................. 446 NOTES.................................................................. 451 Strategy Implementation: Reward and Development Systems...................................................................452 STRATEGICALLY ORIENTED PERFORMANCE MEASUREMENT SYSTEMS

There are several important reasons of human resource planning that business organisation carry out regardless their size and it is important for the continuity of any business organisation to plan. However, in many business owners may not include human resource planning at the beginning of their business but later realise the importance of human capital and no business can survive without having competitive human capital.