Measuring the economic value of employee

Measuring the economic value of employee

Running Head: CASE STUDY
PAGE
7
CASE STUDY

Week1
The success of Pharma-Fact relies on how effective the management has linked the business strategy to the human resource strategy of the organization (Armstrong & Brown,2019). The performance of the company has been affected recently due to the engagement of employees who are not qualified in various responsibilities within the organization. Furthermore, the recruitment strategy for the organization has not been aligned to its strategic objectives. The organization has been recruiting employees based on referrals by their friends already in the organization despite their incompetence in various roles.
The organizational growth has slowed for the last two years due to low productivity by the employees. Most of the employees in the company are not committed in their work, an aspect that has hindered the growth and development of the company. Lack of commitment has been attributed to the complexity of tasks experienced by most of the employees due to inadequate skills. The company should review its policies regarding recruitment and selection of the employees to ensure that only competent employees are inculcated in the workforce (Derindag & Canakci,2019).
The strategic objective of the company is to provide quality products to the clients hence the need for competent employees in the line of production. The talent philosophy for the company is to assign each employee tasks according to his or her skills and qualifications for adequate performance for the achievement of business objectives. The company should formulate effective advertisement strategies to increase its awareness to the potential clients regarding its existence. This would see the organization winning many clients achieve a competitive advantage over the others in the industry.
Week-2
Prompt 4
The managerial position is critical for and organization success. The mini competency done indicate that business managers’ position determines the success of the company. It is sum total of organizational success in attaining positive outcome in a specific job in an organization. The organization requires business managers as per its job description.
Post of a business manager
The business manager will be responsible for overseeing and managing day to day running of the business operations and the employees. Our esteemed organization has needs focused and goal oriented business manager that is knowledgeable in implementing objectives and strategies for the sustained growth of the Pharma-Fact company.
Responsibilities and duties
The prospective candidate should be excellent at training, monitoring and managing employees, as well as ensuring all company’s operations are running smoothly. From marketing and sales to finance and information technology, interpersonal skills and leadership abilities are important. The individual must be a team player in the company. Ideal candidates should be innovative, creative and a critical thinker in identifying new opportunities. (Mc Craw, T.K. (Ed.). 1998).The nature of our organization is dynamic, and we require someone who can quickly adjust and adapt on the spot.
Education and experience
Bachelor’s degree from a known university, master’s degree from a known university is an added advantage. Three to five years of administrative business management experience is paramount.
Prompt 5
The human resource manager of the Pharma-Fact Company can use the following recruiting sources; traditional recruiting, where newspapers, job fairs or employment agencies is used. They are very easy to access and see. Secondly, internet sources of recruiting can be used. These sources incudes: the company website, social media and online job boards. Using the internet is good because large number of candidates can be accessed. Finally, person-to-person recruiting sources, it involves the use of referrals or walk in applicants. It gives you more information about the applicant.
Job posting
Manager-Amazing working environment with top pay
Come and work as a business manager in an established fast growing company which offers a lot of benefits including chances to learn and advance with top world business managers.
The company
Pharma-Fact has an experience of 20 years in the employment field and has been able to work with celebrity clientless.
Mentoring programs are offered by great business managers.
We have the best software and equipment’s in place at your disposal.
The position
We are searching for a full time business manager with a broad experience in training and monitoring employees. Salary is $63,000 per annually.
Bonuses
Overtime compensations
High benefits package.
The location
Pharma-Fact, is based in Boston. It is among the best cities in the United States. Life in this city is affordable, good weather and has the best scenery.
Why should you apply?
Top salary
High benefits package
Overtime compensation
Bonuses
Prompt 6
The assessments method used to make the hiring decision are: cognitive and personality assessment, the human resource department asses the competence and knowledge of the candidates before employing them. The outcome of the assessment will help the employers to determine if the candidate is fit for the job or not. Secondly, motivational assessment is used to determine the potential candidate commitment to the organizations goals. If they are committed and interested to achieve the goals of the company then the candidate performance will be high. Similarly, evaluation according to the performance standards is done. The human resource manager creates a job description and performance standard which is displayed in cost, quantity, quality and outcome. Finally, organizational assessment helps to identify what works and what does not. It helps to know how a person performs his duties. The results found will identify the best candidate.
Job offer letter
Dear Jack,
We are happy to offer you a job as a business manager at Pharma-Fact. We believe that your experience and skills in this field will be precious to our company.
You will be entitled to the following benefits if you accept our offer: medical insurance, overtime compensation, bonus, retirement plan, sick leave, child care and vacation among others.
To accept this job offer sign and date as indicated below and send it back to the company. If you accept the job offer, your reporting date is 12th January 2020.your supervisor will be John Samuel.
The Pharma-Fact is looking forward to working with you. Please call xxxxxxxx, John if you need to inquire on anything.
Sincerely
John
Signatures
Date
Applicant signature
Date
Week-3
Prompt 7
Socialization is very important in achieving personal organization fit. It involves the new hires on different levels and brings about job satisfaction. There are four elements that help new hires when being incorporated into an organization; culture-understanding organizational culture and values is important to new hires because enables them to identify themselves with the wider purpose of the organization. (Aschkenase, S. & Hedge L. 2010). This element also enlightens them of expected performance level and social norms within and without the organization. The other element is network development; it gives new hires opportunity to interact with both resources and other new hires and with their coworkers and teammates.
In addition is the element of career development, this is important in clearly creating new hire on a clear career path within the organization. This will enhance commitment and hard work among the new hires. Finally, the strategy that shows new hires their individual role within the organization is done. This enables them to be aware of their personal contribution to the goals and the objectives of the organization. To achieve this, a follow up is to be done for the first one year. This will make the new hires more engaged and provide them with an opportunity to seek clarification.
Prompt 8
Performance management system entails the process of measuring, managing, developing the performance and identifying the human resource in the organization. It is developed base on organizational validity and reliability, acceptability and feasibility and finally mission and objectives of the organization.
Annual appraisal form
Date: ………………………………
Employee name: ……………………………………
Employee registration number: ……………………………….
Position: ………………………………….
Current salary: ……………………………….

Performance standards
Exceeds expectations
Meets expectations
Below expectations
remarks

Ability at the position
 
 
 
 

Attendance
 
 
 
 

Leadership skills
 
 
 
 

Ability to meet deadlines
 
 
 
 

innovation
 
 
 
 

Quality of performance
 
 
 
 

Team spirit
 
 
 
 

Job knowledge
 
 
 
 

Interpersonal relations
 
 
 
 

Supervisory ability
 
 
 
 

Comments and recommendations
………………………………………………………………………………………………………………………………………………………………………………………………………………
The choice of the above appraisal form is suitable because it assesses area of interest that will help the company get accurate indicators on organizations performance. The form will measure employee’s personal contribution that is in line with the organizational objectives.
Week-4
Prompt 9
The base compensation of a business manager is $63,000.this incudes; bonuses, overtime compensation and high benefit package. The process used to make the decision on base compensation starts with budget allocation; this will help to know the amount of money in the compensation budget is used on salary. Secondly, the salary ranges is developed and it should be competitive with other organization. More so, an audit of the salary is done to make sure the business manager gets a salary similar to other business manager in other organizations. In addition benefit package is reviewed to suit the post and the performance management is developed to monitor the business manager service delivery. Legal compliance is structured to ensure the company is in compliance with the state laws. Finally structured administration is created to deal with all compensation sectors.
Prompt 10
To keep the employees motivated and productive incentive system is necessary for the organization. This will attract and keep the best employees in the company. The objective of the incentive pay is to inspire employees to set higher targets and accomplish a high level of performance. It helps in attainment of goals within the organization. The managers should consider the level of payment in a fair manner. Job evaluation is very important in determining pay mix, jobs to be ranked according to set job groups by the organization. When setting the reward system, it is paramount to pay for what the organization hopes to achieve. Pay for performance is tied to an individual pay ability to meet performance targets. The pay level must reflect the value of every job that contributes to organizations success.
Prompt 11
Employee benefits are either direct or indirect compensation given to the employees outside the base salaries. These benefits that the company will consider includes; medical, vision, dental and life insurance. In addition, startup allowances, training opportunities, time off and retirement benefits are offered. The objective of these benefits is to ensure workers engagement and retention as well as supporting talent attraction in the organization. The benefits create job satisfaction and increased productivity. The benefits are core drivers in high ranked organizations.
Week-5
Prompt 12
Creating heathy working environment is essential in achieving the objectives of an organization. A good working environment influences employee’s motivation, productivity, and efficiency and reduces cases of absenteeism. The following ways will help create healthy working environment; promotion of wellness like having weekly exercise to promote healthy living, fair employee policy regardless of position. In addition, team building develop bonding and positive attitude towards work. Regular breaks are also good in relieving fatigue and restoring the level of concentration. In creating health environment, workplace culture, physical environment, health living is to be put into consideration.
Prompt 13
The organization will allow unionization so as to gain more from the mutual interaction through improving the working relations. (Fitz-enz, J. 2000).Unions is important in improving organizational outcome and sustainability, which benefits both the company and the employees. The management is responsible for managing resources and work place of an organization while the union represents workers.
Prompt 14
Employer employee relationship in a company requires due attention. The strategy to boost this relationship is through retention and job satisfaction. A retention plan should be developed using the following strategies: First analyze your business retention situation to prevent previous problems from recurring then create a retention plan.
Retention plan
Goal/Tactic: Host a team building event
Timeline: Ongoing- The last Saturday of every month
Team member responsible: Herbert
Resources required: $200 per month for resources and food.
Desired Outcomes:
Employee’s relationships will be enhanced.
The management and employees communication will improve.
Sense of belonging will be developed.
Improved production towards the end of the month
The performance levels will be managed using performance appraisal. It is effective because it assesses a wide range of responsibilities. The employee engagement will be maximized by identifying the strengths and weaknesses. In addition, team building can be done and providing a good working environment. Give your employees incentives and praise them for a job well done.
References
Aschkenase, S. & Hedge L. (2010). What healthy companies can learn from distressed companies. Ivey Journal, 74(2).
Chase, K. (2007).Confessions of a PVR user. Marketing magazine.
Fitz-enz, J. (2000).The ROI of human capital: Measuring the economic value of employee performance. Retrieved from NetLibrary database.
Mc Craw, T.K. (Ed.). (1998).The essential Alfred Chandler: Essay toward a historical theory of big business. Boston: Harvard School Press.

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