HRM653 T7 Leveraging Human Capital

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Grand Canyon University *

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635

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Arts Humanities

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May 17, 2024

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1 Leveraging Human Capital College of Humanities and Social Sciences, Grand Canyon University HRM-653 Acquiring, Developing, and Leveraging Human Capital
LEVERAGING HUMAN CAPITAL 2 Acquiring, keeping, and motivating people are critical components of any organization's success in providing excellent services. Organizations must continue to create and adjust management and supervisory compensation plans to attract the finest leaders to carry us into the future and through the obstacles that we don't see or comprehend today. Must perform and finish a fair market competitive compensation plan that, according to Dessler (2016), is more practical and sustainable than most companies, which only use a market-based strategy for non-managerial and supervisory jobs. Training and career development programs will be established to help employees advance in their present roles and uncover possibilities for future jobs within the department. All levels of management embrace a culture of offering support and promoting retention, and will utilize the enacted policies to build and sustain programs focused at organizational performance, in contrast to the existing negative reinforcement approach. Job Performance Evaluation The job analysis may be used to create a performance evaluation instrument by characterizing the job using job standards, duties, and responsibilities from the job description. The job description is a clear and concise overview of the position's main functions, responsibilities, and criteria, providing a baseline against which an employee's performance may be judged (Dessler, 2020). The most useful aspect of the job analysis that can be utilized to develop a performance assessment instrument is a full grasp of the job description of the position the employee is performing and the ability to judge how effectively and properly they are filling that role. Performance evaluations are an important function inside an organization that assesses workers based on their contributions and adherence to the company's goals and objectives (Dessler, 2020). Performance evaluations should increase the link between the
LEVERAGING HUMAN CAPITAL 3 employer and employee, which is why academics recommend leaders to emphasize performance management, as it is the most crucial system any firm can have (Koskarova, 2022). Job performance evaluations methods are traditional rating tools that include but are not limited to rating scale methods, alternation ranking, paired comparison, and critical incident (Dessler, 2020). Employers continue to utilize traditional performance assessment techniques such as those indicated below, typically augmenting them with regular coaching and/or constant feedback via mobile platforms (Dessler, 2020). Employee Engagement and Development In tangent with performance evaluations, performance management is used to raise employee performance by identifying areas for improvement and delivering guidance and tools to help individuals achieve their goals (Deutsch, 2023). Employers may utilize performance management to identify individual employees' strengths and weaknesses, as well as create training and development programs to enhance their talents (Deutsch, 2023). Engaging with workers is an important approach for firms because it fosters a happy work atmosphere, increases productivity, and drives long-term organizational success. Engaged workers will show dedication, excitement, and a willingness to go above and beyond in their responsibilities, which can lead to increased performance and outcomes. Performance management is a continual process of defining targets, measuring progress, and giving personnel with ongoing coaching and feedback to ensure that they achieve their objectives and career goals (Dessler, 2020). Employee engagement is a crucial technique to cultivate inside a business since it leads to rewarding careers, enhanced relationships, productivity, and employee retention (Dessler, 2020). A strategic strategy based on openness, fairness, and constant communication may be used throughout the performance management cycle.
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