Leveraging Human Capital
Employees are the biggest asset to the culture and performance of any organization (Dessler, 2020). Employees’ inputs and contributions assist the company in attaining its mission and set objectives. Consequently, ascertaining that a company extensively leverages its human capital is critical for its better performance. A company can focus on specific areas such as performance indicators, employees’ skills and strengths, integration of rewards, and employees’ performance alignment towards the vision of the organization. The following evaluates the areas mentioned above to determine how an organization best leverages human capital.
Performance and Task Indicators That Contribute To the Overall Employee Performance
Key performance indicators are a critical toolset that companies often apply to evaluate areas that may need improvement (Dessler, 2020). When evaluating an employee’s job performance, an organization can consider several factors. The organization will consider the following. First, the company will look at an employee’s competency. The above refers to the ability of an employee to do their jobs well. Competency is a person’s ability to handle job assignments, finish work in a designated time with no or few errors, and work under minimal supervision. Second, the organization will consider an employee’s productivity. Considering an employee’s productivity will help evaluate how productive an employee is. The company will also consider an employee’s time management efficiency, multitasking, project prioritizing, consistent work and outcomes, and progressive efforts to enhance their skills.
In addition, the company will evaluate the employees’ performance by assessing their client retention rate. The above will help evaluate whether the employee performs as they are supposed to or not (Jhaveri, 2018). Furthermore, the company will consider the employees’ profit margins, revenue growth, revenue per customer, job attendance, and customer satisfaction, among others.
Identifying Employees’ Strengths and Skills
Employees have different levels of skills and knowledge. To identify skills and knowledge in employees, the organization will start by identifying talents that will assist the staff in working more efficiently and successfully to their best capabilities. The company will initially search by considering broad abilities and then narrowing them down. Further, the company will ask the employees what value they think they bring to the firm (Nishu & Lalrinzuala, 2021). The above will help get a better insight into workers’ perceived value to the organization and test-drive strengths before hiring or promoting an individual.
Generally, the company will rely majorly on the employees’ soft skills and their influence on the company’s performance. These skills include communication skills, networking skills, employee relation skills, and team spirit. An employee with practical communication skills has a higher chance of getting and passing information. Current organizations are mainly driven by information and data (Nishu & Lalrinzuala, 2021). Thus, to ensure a company analyzes and uses data accordingly, the employees must be able to communicate effectively.
Strategies to Improve Employee Performance
As mentioned earlier, employees are the most crucial asset of any organization. Consequently, it is critical for an organization to effectively manage its workers to grow and survive in a competitive niche (Dessler, 2020). Although it is a challenging task, keeping employees motivated must be an organization’s top priority. The company will employ the following strategies to improve the employees’ performance.
First, the company will recognize and reward workers who portray excellent work ethics. The company will acknowledge such achievements through recognition programs, which will motivate the workers to work better and more. Second, the firm will take time to meet with the workers and listen to them. The above will help the employees air their concerns, issues, and frustrations. Giving the employees as much time as they need and space to raise their concerns will help establish a healthy working environment, leading to improved employee performance (Nishu & Lalrinzuala, 2021).
Furthermore, the organization will establish a positive and open work atmosphere whereby individuals can freely express themselves. In this setting, the workers will feel a sense of ownership over their work. The staff will be motivated if they take part in decision-making on issues affecting them. Additionally, the company will keep the staff updated with new information. The firm will inform the workers of any plans, strategies, and how each employee fits into the larger strategy. The above will show them that they are valued and significant to its success.
The company will develop a well-thought-out reward system that deals with bonuses, compensation, gratitude, and acknowledgment to create engaged workers. Further, to sustain fairness, the firm will recognize and reward employees based on their job performance. Employees who benefit the company will be acknowledged and rewarded. Selecting the best individual for any assignment or team is beneficial both in the short and long run for a business’s success (Jhaveri, 2018). The performance of employees progresses to improve when they can operate to their strengths and are rewarded with better feelings of engagement and satisfaction, which benefits the whole company in the long run (Moher, 2021). In addition, the above helps the employees to attain their full potential.
Integrating Rewards and Incentives to Remain Competitive In the Marketplace
The organization will create a reward program that focuses on tangible and intangible attributes of incentives (Moher, 2021). The above will comprise monetary and practical incentives to motivate employees. The company will give employees streamlined pay and incentive plans in financial difficulties. Furthermore, the company will offer competitive benefits plans to the workers, such as healthcare insurance. In addition, the company will offer a studies allowance for employees who wish to further their studies. Lastly, the organization will provide referral bonuses to any employee who refers a potential applicant.
Vision for the Overall Culture
To ensure that the workers are happy and engaged, the organization will be sensitive to the employees’ demands. The above will help the firm save finances while keeping the staff engaged (Jhaveri, 2018). Further, the firm will integrate top management commitment, which will show workers how teamwork may be earned in a positive corporate culture. To sustain the organization’s culture, the company will include inclusive leadership. The company will offer employees the rewards and incentives discussed above to help them attain a better work-life balance.
Furthermore, the company will foster an open atmosphere where workers may freely air their ideas, opinions, and recommendations. With a good feedback structure, the company will effectively assess employees’ satisfaction and will handle problems as they arise (Jhaveri, 2018). The company will organize social events away from the workplace to assist employees in bonding with each other. Lastly, the employees will regularly attend training and seminars to remain updated with their abilities and accomplishments.
Employees are the most vital assets of an organization. Notably, they offer the required skills and knowledge that help the company’s general performance. Companies can assess employees’ skills by considering their soft skills, such as communication skills, networking skills, and team spirit. Employee performance can be improved if organizations employ strategies such as rewards and incentives. Effective reward management helps remarkably in increasing a company’s performance. In conclusion, since employees are a critical part of an organization, companies should acknowledge them to enhance their performance.
Dessler, G. (2020). Human resource management (16th ed.). Pearson.
Jhaveri, C. A. (2018). API-Based Reward Model to Improve Regularity and Efficiency in Management Institutes. Prabandhan: Indian Journal of Management, 11(12), 22. https://doi.org/10.17010/pijom/2018/v11i12/139988
Moher, D. (2021). Implementing Incentives and Rewards to Improve the Research Ecosystem. JAMA Network Open, 4(11), e2138622. https://doi.org/10.1001/jamanetworkopen.2021.38622
Nishu, S., & Lalrinzuala, A. (2021). Employees’ Knowledge and Skills on Work Productivity at the Manpower Department. Journal La Bisecoman, 2(3), 1–5. https://doi.org/10.37899/journallabisecoman.v2i3.408
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Throughout this course, you have analyzed your current work environment to identify the acquiring, developing, and training practices. 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. Use the research you have compiled throughout this course to determine how to appropriately develop and motivate your employees.
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 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, located in the Student Success Center.