HRM 635 Leveraging Human Capital

Sample Answer

The increased competition in various business sectors has led companies to explore strategies that can make them remain ahead of the rest in terms of either the goods they deal in or the services they offer to their customers and consumers. The implication is that consumers are continually presented with a chance to choose from a wide range of goods and services. In recent years, organizations have employed various strategies such as employee training and development, resource acquisition, and leveraging human capital (Arsawan et al.,2022).

Human capital has been a common strategy since employees constitute the biggest asset that organizations have or possess. In addition, they play a critical role in the running of an organization’s functions, hence determining market performance. Therefore, the purpose of this paper is to formulate a proposal focusing on performance indicators, rewards and incentives, and a plan for motivating employees.

A Description of Tasks and Performance Indicators That Contribute to the Overall Employee Performance On the Job

It is important for organizations to ensure that their employees are achieving the organizational goals for organizational success. Such an aspect can be achieved by exploring various performance indicators and tasks. One of the indicators is teamwork. Employees who have the ability to work in groups dealing with various projects and initiatives can be good team players (Michael, 2019). Employees show the ability to effectively work in teams in various ways, such as helping in other roles when called upon, showing a positive attitude, appreciating other peoples’ ideas, and having the willingness to brainstorm and support other people’s initiatives.

The next indicator is how a person can complete a task competently. Competency and efficiency in task completion are demonstrated when an employee is capable of completing tasks as assigned with minimum errors and on time. Besides, they should also be able to complete such tasks under no or limited supervision. The other indicator is productivity, which can be used as a measure of an employee’s efficiency (Michael, 2019). For an employee to be considered productive, they need to complete the assigned tasks in time, give dependable results, display an ability to multi-task, and be in a position to prioritize tasks.

Identifying An Employee’s Strengths and Skills to Leverage Their Performance

As earlier highlighted, employees are the most important asset of an organization. Therefore, it is important to appropriately identify their strength and skills to help leverage their performance. Such a strategy can be key to improving the organization’s performance. In addition, the strategy offers the managers a chance to play to the employees’ strengths and achieve individual and organizational goals and objectives (Elayan et al.,2023). Therefore, one of the strategies that can be used is carrying out a formal or informal interview and asking questions such as what the employee believes they add to the organization.

The approach plays a significant role in understanding the employee’s perceived strength and value. The leaders can also check particular competencies such as tenacity, problem-solving, and communication, among others. Leveraging employee performance should come after identifying their strengths. Therefore, one strategy for leveraging employee strength is to select the best individuals to complete particular tasks. The approach gives the employees an opportunity to perform in their strong areas and achieve the formulated goals.

Providing Employees With Rewards And Incentives For Performance Improvement

Organizations usually use various strategies to improve performance with the ultimate aim of profit optimization. Employee performance can significantly affect such aims. Therefore, organizations should use proven strategies to improve employee performance. Among the strategies that can be used to improve employee performance is creating and sustaining a culture of employee recognition (Michael, 2019). As part of the program, the organization’s leaders identify individuals who exceptionally carry out their tasks and reward them in the presence of every other employee. Such a strategy is likely to motivate other employees to work harder and achieve the same feat.

It is also important to use effective communication strategies such as listening to the employee’s grievances and complaints and acting upon them. Such a strategy will make the employees feel valued and part of the company, which consequently improves their performance (Michael, 2019). Giving attention to the employees’ ideas, opinions, and grievances also helps the organization identify areas that may need improvement, hence offering a better work environment. The overall impact will be a group of employees who are willing to use their knowledge, skills, and expertise to serve the organization and improve its performance.

It is also important that the organization offers continuous training to its employees. Every industry currently finds itself in a fast-paced environment, largely due to technological advancements. Therefore, it is important for organizations to conduct frequent and continual training to help build capacity and ensure that employees are updated on current industry trends, hence improving their performance. The training also offers the employees a chance to learn new skills which are key to improving their performance.
Rewards and incentives can also be used to promote employee performance.

As such, it is important to use appropriate strategies to accomplish it. One way is offering financial rewards to the employees. Such rewards can be given as salary bonuses or vouchers to the employees who perform best to encourage the urge to continue performing (Manzoor et al.,2021). Another strategy is offering the high-performing a sponsored and fully paid vacation to an attractive place after a period of hard work. It is also important to publicly recognize and appreciate employees who have worked hard and achieved exceptional levels of performance.

Integrating Rewards and Incentives to Remain Competitive In the Marketplace

Rewards and incentives can play a significant role in ensuring that the organization remains competitive in the marketplace. Integrating the reward and incentive system into the organization ensures that the employees feel valued, appreciated, and proud of the organization. Therefore, they would do their best to ensure that the organization performs well and remains competitive in the marketplace. The reward system can include both intangible and tangible rewards, such as physical financial rewards and publicly recognizing and praising employees who have done well (Manzoor et al.,2021).

The organization can also create an initiative that focuses on helping or assisting the employees whenever they experience difficulties, such as a health insurance plan. Offering career growth and development paths to the employees can also be a great way of keeping them motivated, ensuring that they work harder, and helping the organization remain competitive.

Unique Benefits or Programs Offered By Companies to Retain And Recruit Employees

Employee recruitment and retention is an important aspect as it helps the organization achieve its goals. Therefore, organizations use unique programs or benefits to retain and recruit employees in a bid to attract and retain top talent. One of the programs is the provision of wellness programs that focus on employee well-being. The next unique benefit is the use of flexible work arrangements, which enable talented and top-performing employees to work in a flexible manner (Choi, 2020).

For example, compressed workweeks, flexible workers, and remote work. Such arrangements can be attractive to prospective employees, hence acting as an incentive to join the company and work for a longer time, hence an advantage over competition.

Vision For the Overall Culture to Be Developed In My Organization

It is important to formulate a vision for the overall culture. Therefore, as part of the vision for my organization, I would like employees to be treated with respect such that they feel part and parcel of the organization. In addition, it is important to use a reward system that can help in rewarding the organization’s top performers. These measures will help keep the employees motivated, hence minimizing staff turnover and resulting in better profit margins.

Conclusion

Leveraging human capital can be key to organizational performance. As such, it is important for organizations to use appropriate strategies. Therefore, this assignment has focused on various strategies that can be used to leverage human capital for better organizational performance. Besides, strategies for enhancing employee performance, such as incentive and reward systems, have also been discussed.

References

• Arsawan, I. W. E., Koval, V., Rajiani, I., Rustiarini, N. W., Supartha, W. G., & Suryantini, N. P. S. (2022). Leveraging knowledge sharing and innovation culture into SMEs sustainable competitive advantage. International journal of productivity and performance management, 71(2), 405-428. Doi 10.1108/IJPPM-04-2020-0192
• Choi, S. (2020). Flexible work arrangements and employee retention A longitudinal analysis of the federal workforces. Public Personnel Management, 49(3), 470-495. https //doi.org/10.1177/0091026019886340
• Elayan, M. B., Hayajneh, J. A. M., Abdellatif, M. A. M., & Abubakar, A. M. (2023). Knowledge-based HR practices, π-shaped skills and innovative performance in the contemporary organizations. Kybernetes, 52(9), 3102-3118. https //doi.org/10.1108/K-08-2021-0737
• Manzoor, F., Wei, L., & Asif, M. (2021). Intrinsic rewards and employee’s performance with the mediating mechanism of employee’s motivation. Frontiers in Psychology, 12, 563070. https //doi.org/10.3389/fpsyg.2021.563070
• Michael, A. (2019). A handbook of human resource management practice.