Human Capital

Human Capital

Employees are an organization’s greatest asset. Depending on the organization’s ability to develop its human capital, the employees can be the source of its competitive advantage. To be competitive in their respective industries, businesses must develop their human capital. It is the employees’ talent that helps organizations to develop and implement ideas that help them to be successful. The following strategies will be applied to develop the organization’s human capital. The paper examines the current employment system and the strategies that will be used to motivate employees and leverage their assets for the organization’s benefit.

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An evaluation of the current employee status. Describe tasks and performance indicators that contribute to the overall performance on the job.

The organization currently has hundreds of employees performing different tasks and functions. The organization has a matrix organizational structure. This is an organizational structure where the company is divided into different units, each with its leadership structure that is further connected to the organization (Boxall & Purcell, 2011). Each unit has employees qualified to handle tasks and processes relating to the unit’s role. For instance, there is a finance unit with employees responsible for managing the financial aspect of the organization. They collect, record, and analyze the financial transactions of the organization. They also manage the billing processes for all employees. The human resources unit is made up of employees who handle the management of the company’s workforce. For example, they manage the payroll and reward system.

The organization’s employee performance is measured using several types of metrics. The following are some key performance indicators used to examine employee performance status. One of the metrics is employee satisfaction. This metric measures the degree to which the employees are content with their current employment status. The organization conducts surveys to determine employee satisfaction and the factors contributing to or diminishing the satisfaction rate. The organization also measures the employee turnover rate. This metric measures the average rate at which employees leave the organization relative to the number of employees. A high turnover rate usually indicates that employees are unhappy in the organization.

Develop strategies to encourage employees. How will you reward them for their performance and support them during difficulty?

I would use intrinsic and extrinsic motivation strategies to encourage employees in this organization. Employees are motivated to be at the organization and give their best when there is a positive working environment and their work is openly appreciated.

The following strategies for intrinsic motivation will help the employees feel appreciated and supported in periods of difficulty. First, the employees will receive regular feedback on their work. Employees are encouraged to work hard when their efforts are openly appreciated. Giving regular feedback is a way of showing encouragement (Dobre, 2013). This helps significantly in challenging work situations because the employees will see that the organization appreciates their efforts. Another way to intrinsically motivate employees is to give them flexibility in their work. The employees need the flexibility to plan how they want to deliver the expectations of their work. This shows them that the organization trusts their ability and talents; hence, they are encouraged to work harder.

External rewards can also encourage employees to work harder. Rewards show the workers that the organization sees and appreciates the work and effort they put into their jobs (Dobre, 2013). One way of externally rewarding performance is through the giving of bonuses. The organization should have bonuses that employees receive if they achieve specific performance standards. Additionally, the organization should have performance rewards and incentives, such as a dedicated parking space for employees of the month to encourage good performance.

Describe strategies to leverage employee assets. How will you identify and use their strengths to improve the performance and skills of individual employees?

The organization must learn to leverage its strengths to get the best from employees. One of the ways to achieve this is to match the employees’ tasks with their respective strengths. Workers should be posted to a position where they can perform their best. This strategy ensures that the company gets the most from a given employee. Matching work tasks to a person’s strengths can also help to increase the level of employee engagement. The employees will be more engaged in tasks they fully understand and enjoy. Most importantly, the workers will be able to work faster, achieve greater productivity, and enable greater profitability for the organization when they work where they exercise most of their strengths.

Secondly, the organization can leverage its human assets by focusing more on strengths than weaknesses. Focusing on the weaknesses can be discouraging to employees; hence, it reduces their performance. The organization should focus on building on the employees’ strengths so that they can use them to advance the organization’s performance. In recruiting talent, the organization needs to pay attention to the strengths that can be used to the organization’s advantage. The organization should target candidates with strengths fitting into the desired organizational culture.

Lastly, the institution can get the most from its employees by using its culture to motivate behaviour change. Employees have weaknesses that may hurt the organization. Thus, the organization needs to model an organizational culture that helps to model employees’ behaviours in a way that fits the vision and mission of the institution.

Describe a vision for the overall culture you aspire to develop in your organization.

Developing an organizational culture is crucial because it shapes employees’ behaviours and practices to align with their vision. Organizational culture is a system of shared company beliefs, values, and norms (Alvesson, 2012). It shapes the psychological and social environment of the business. The following are the desired characteristics of the organizational culture to be developed.

The organization will have a culture of open communication. The employees can share their ideas without any bureaucratic structures and processes limitations. Employee contribution is essential for the organization’s success (Dobre, 2013). The workers should be able to share their ideas and other factors affecting the company openly. Therefore, removing all barriers to communication can help to improve organizational performance.

The culture will also be defined by comfort and flexibility. Making the workplace a place where workers love to be is essential. Many people spend most of their time at work; thus, their organizational environment should be where they are happy to be (Nohria et al., 2008). This can be achieved by creating a flexible and safe workplace for all employees. This culture can help develop employee commitment to the company’s development because it is a place they enjoy.

How to Integrate Rewards and Incentives to Remain Competitive with the Market and Employees

Rewards and incentives can benefit an organization by encouraging employees to work harder. However, this does not always imply that performance will improve when more money and benefits are given to employees (Nohria et al., 2008). Organizations must find a way to leverage their rewards and incentives to compete with the market and their employees. The way to achieve this is to create a structured incentive plan. The rewards and incentives should be attached to specific performance standards. A plan ensures that only talented employees can benefit from the organisation’s rewards and incentives (Nohria et al., 2008). The organization will be able to attract the most talented employees from the market because the benefits they give are attached to the performance of the employees.

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References

Alvesson, M. (2012). Understanding Organizational Culture. Sage.

Boxall, P., & Purcell, J. (2011). Strategy And Human Resource Management. Macmillan International Higher Education.

Dobre, O. I. (2013). Employee Motivation And Organizational Performance. Review Of Applied Socio-Economic Research, 5(1).

Nohria, N., Groysberg, B., & Lee, L. (2008). Employee Motivation: A Powerful New Model. Harvard Business Review, 86(7/8), 78.

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Week 7 Leveraging Human Capital

Throughout this course, you analyzed your current work environment to identify their acquiring, developing, and training practices. Employees are the biggest asset and contribute to the culture and overall performance of the organization. The final part of this project requires you to determine how to leverage the human capital within your organization. Use the research you have compiled throughout this course to determine how to develop and motivate your employees appropriately.

Human Capital

Develop a final written proposal (1,250-1,500 words) discussing performance indicators, rewards and incentives, and a plan for motivating employees. Your proposal must include the following:

1. An evaluation of the current employee status. Describe tasks and performance indicators that contribute to the overall performance on the job.
2. Develop strategies to encourage employees. How will you reward them for their performance and support them during difficulty?
3. Describe strategies to leverage employee assets. How will you identify and use their strengths to improve the performance and skills of individual employees?
4. Describe a vision for the overall culture you aspire to develop in your organization.
5. How will you integrate rewards and incentives to remain competitive in your market and appeal to your employees?

Prepare this assignment according to the guidelines in the APA Style Guide in the Student Success Center. An abstract is not required.

This assignment uses a rubric. Please review the rubric before beginning the assignment to familiarise yourself with the expectations for successful completion.

You are required to submit this assignment to LopesWrite. Refer to the LopesWrite Technical Support articles for assistance.