Tag: Human Resource Management

  • [Solved] human resources

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    For this Discussion Board, please complete the following in 200-250 words A _job analysis_ is the process that human resources uses to collect data about a specific job. It helps them understand what each job actually entails. The job analysis is an important process and key tool that aids organizat…

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    For this Discussion Board, please complete the following in 200-250 words

    A _job analysis_ is the process that human resources uses to collect data about a specific job. It helps them understand what each job actually entails. The job analysis is an important process and key tool that aids organizations and human resource departments in defining roles and responsibilities, recruiting, training, compensation, and defining expectations of each position. By understanding the requirements and skills needed for a job, employers can make informed decisions, improve job satisfaction, and make sure that employees are set up for success.

    Watch the following video that discusses the job analysis and its importance: [Job Analysis](https://www.youtube.com/watch?v=QnQ1KkJZhmM).

    Then, discuss the following with your fellow classmates:

    – Why is job analysis necessary for an organization?
    – What sources of information do you feel are most important to consider when collecting data for a job analysis

    – a year ago

  • [Solved] Compensation and Benefits

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    In-depth study guidance and analytical solution covering Compensation and Benefits.

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    Full assignment prompt and step-by-step guidance are included in the downloadable solution file.

  • [Solved] human resource

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    I need your help – [\ \ Week6RecruitingDiscussion2.jpeg](https://www.sweetstudy.com/files/week6recruitingdiscussion2-jpeg "Week6RecruitingDiscussion2.jpeg") – a year ago

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    I need your help

    – [\
    \
    Week6RecruitingDiscussion2.jpeg](https://www.sweetstudy.com/files/week6recruitingdiscussion2-jpeg "Week6RecruitingDiscussion2.jpeg")

    – a year ago

  • [Solved] Discussion 4 MR

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    – a year ago **files (1)** – ## discussion4mr.docx **## discussion4mr.docx** **First Post—Week 1 of the Module** Please respond to the following: When a large employer has locations in countries outside of the U.S., a standardized benefits program for all employees across the globe may be impractica…

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    – a year ago

    **files (1)**

    – ## discussion4mr.docx

    **## discussion4mr.docx**

    **First Post—Week 1 of the Module**

    Please respond to the following:

    When a large employer has locations in countries outside of the U.S., a standardized benefits program for all employees across the globe may be impractical and unsuccessful in achieving HR objectives. Discuss how culture and local practices affect the motivational aspects an employer is trying to achieve with a total rewards system.

    Within your post, support your response with information from at least two reputable sources (library and/or web-based) and provide the full citation at the end. Use APA format for your references. Bring in your own personal experiences, if applicable.

    **## discussion4mr.docx**

    **First Post—Week 1 of the Module**

    Please respond to the following:

    When a large employer has locations in countries outside of the U.S., a standardized benefits program for all employees across the globe may be impractical and unsuccessful in achieving HR objectives. Discuss how culture and local practices affect the motivational aspects an employer is trying to achieve with a total rewards system.

    Within your post, support your response with information from at least two reputable sources (library and/or web-based) and provide the full citation at the end. Use APA format for your references. Bring in your own personal experiences, if applicable.

  • [Solved] human resources

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    This assignment explores how to transition from the job analysis to the creation of a job description. It highlights critical steps involved in accurately defining a job's roles, responsibilities, and requirements. The _job analysis_ serves as the foundation for developing a complete job description…

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    Assignment Prompt & Instructions

    This assignment explores how to transition from the job analysis to the creation of a job description. It highlights critical steps involved in accurately defining a job's roles, responsibilities, and requirements. The _job analysis_ serves as the foundation for developing a complete job description. Having a complete job description is crucial for both employers and employees.

    The _job description_ outlines key elements such as required skills, qualifications, and performance expectations. It provides clarity and alignment between organizational needs and employee roles. It serves to align the job with the organization's goals and provides clear direction for the potential candidate. An effective job description drives recruitment, performance management, and organizational success.

    Read the following analysis: [Lawn Care Technician](https://yardlifemaster.com/what-is-a-lawn-care-technician/).

    Then address the following in 2 pages:

    – Create a job description by filling in each section of the table in the assignment template.
    – What salary and benefits would you offer to attract employees for this position?
    – How does a job description help with the recruiting of potential employees?

    Download the [U2IP template](https://resources.careered.com/LCMSFileSharePreview/Resources/MSWordDocument/HRMT220_U2_IP_NEWTemplate.docx) to help complete this assignment.

    – a year ago

  • [Solved] Human Resource Management Assignment 2 Questions

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    **Answer the following three questions for assignment 2** ****Responses for each discussion question should be in paragraph form and be at a minimum 150 words in length.**** – [\ \ LaborRelationsAssignment2.docx](https://www.sweetstudy.com/files/laborrelationsassignment2-docx-10294871 "LaborRe…

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    Assignment Prompt & Instructions

    **Answer the following three questions for assignment 2**

    ****Responses for each discussion question should be in paragraph form and be at a minimum 150 words in length.****

    – [\
    \
    LaborRelationsAssignment2.docx](https://www.sweetstudy.com/files/laborrelationsassignment2-docx-10294871 "LaborRelationsAssignment2.docx")

    – a year ago

  • [Solved] Interview Questions

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    Pretend you are interviewing for a position as the Director of Patient Relations in a large rural hospital. You will then develop answers to the following interview questions. – Tell me about leadership functions that you perform well–use examples from past employment or volunteer positions. How do…

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    Assignment Prompt & Instructions

    Pretend you are interviewing for a position as the Director of Patient Relations in a large rural hospital. You will then develop answers to the following interview questions.

    – Tell me about leadership functions that you perform well–use examples from past employment or volunteer positions. How do those experiences relate to the position you are interviewing for?
    – What skills do you think are most important to be successful in this position? Why?
    – What approaches would you use in addressing a situation with a discontent patient/family?
    – What areas of leadership are you working on, and what are you doing to grow your skills in that area?

    Record your answers to the above questions and save them as a mp3 file. Use your answers in the Leadership Self-Assessment, and the traits explained in the Learning Activity 2. Each answer should be 1–2 minutes long.

    – a year ago

  • [Solved] Create a policy for Breast cancer screening

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    Executive Solution Overview

    1-2 page policy, you will: – Define preventative medicine and provide examples – Outline an overall plan for delivering standard of care to transgender patients. – Select one of the three health screenings and outline the protocol for screening tests recommended for transgender patients. – Outline t…

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    Assignment Prompt & Instructions

    1-2 page policy, you will:

    – Define preventative medicine and provide examples
    – Outline an overall plan for delivering standard of care to transgender patients.
    – Select one of the three health screenings and outline the protocol for screening tests recommended for transgender patients.
    – Outline the role of sensitivity to encourage transgender patients seeking preventative care.

    Use the above bullet points as headings in your policy. Write 1-2 paragraphs for each heading.

    – a year ago

  • [Solved] human resource

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    I need your help – a year ago **files (2)** – ## JWI_521_Week_7_lecture_1192.pdf – Week7RecruitingDiscussion.jpeg **## JWI_521_Week_7_lecture_1192.pdf** © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not…

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    Assignment Prompt & Instructions

    I need your help

    – a year ago

    **files (2)**

    – ## JWI_521_Week_7_lecture_1192.pdf

    – Week7RecruitingDiscussion.jpeg

    **## JWI_521_Week_7_lecture_1192.pdf**

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 1 of 5

    JWI 521
    Recruit, Develop, Assess, Reward, Retain

    Week Seven Lecture Notes

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 2 of 5

    COMPENSATION AND INCENTIVES

    What it Means

    Money is a highly motivating reward, and so, most people assume that a promotion, accompanied
    by higher pay, is the incentive that should be used to reward and retain your most talented
    employees. The reality is not so simple. Non-financial incentives, such as professional growth
    opportunities and access to top leadership, can be very motivating for high performers. HR
    professionals need to have a nuanced understanding of the way that incentives work, so that they
    can design incentive packages with an effective combination of financial and non-financial
    rewards.

    Why it Matters

    • To design effective incentive packages, HR needs a solid understanding of how
    rewards work

    • Non-financial rewards, such as growth and leadership opportunities, are important
    incentives

    • The best incentive packages offer a combination of financial and non-financial rewards

    “People are happy when you give them what they ask for. People are delighted
    when you anticipate what they didn’t think to ask for.”

    Laszlo Bock

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 3 of 5

    INCENTIVES THAT WORK

    What is an incentive? Is it the same thing as a reward? According to the dictionary, a reward is anything that
    increases the probability of a future response. By that definition, money is a great and highly motivating
    reward. If you offer your people cash for doing something, you increase the chances that they will do it. By
    the same token, then, performance feedback is also a great reward. If you give your people incisive and
    productive guidance, you increase the chances that people will behave more productively in the future. A
    challenging new assignment is also a great reward, whether it is structured as a promotion or a simple
    transfer. For a top performer, the chance to learn and develop new skills is motivational and encourages the
    employee to work hard, so as to benefit from the opportunity.

    However, most organizations do not think about performance feedback and stretch assignments in the same
    way as money. They fail to recognize the role that all three can play in retaining talented employees. Many
    HR managers refer to their organization’s package of motivational tools as reward and recognition systems.
    In this approach, reward is shorthand for financial compensation, and recognition refers to plaques and
    awards. Rewards like performance feedback or stretch assignments are not mentioned at all.

    THE ADVANTAGES OF FINANCIAL REWARDS

    Money is among the most powerful of all rewards and therefore an almost universally effective way to
    motivate people. Money is uniquely attractive, in that no one refuses it, no one returns it, and even people
    who already have more money than they can possibly spend will go to great lengths to get more.

    Another distinctive aspect of money is that it does not saturate. What does this mean? Offering too much of
    something, even something people really like, will usually trigger negative results. Providing workers with
    more autonomy, for example, often improves morale and productivity, but at some point can lead to role
    ambiguity and confusion. Too much job responsibility and challenge can give an employee an ulcer. As for
    large quantities of critical, candid feedback, don’t offer that to anyone for more than an hour straight! More
    money, by contrast, is invariably received with considerable enthusiasm.

    The reason is that money satisfies people on many different levels. To understand this better, let’s step back
    and think more broadly about human motivation. The psychologist Abraham Maslow developed a classic
    Theory of Human Motivation, which states that lower level needs must be satisfied before people can focus
    on higher level needs. There are 5 levels in Maslow’s hierarchy of human needs:

    • Level 1: basic physiological needs, such as food, water, and shelter
    • Level 2: the need for security, including personal safety, employment, and health care
    • Level 3: social needs, such as for friendship, family, and a sense of connection
    • Level 4: self-confidence, including respect, achievement, strength, and freedom
    • Level 5: self-actualization, the need to realize your full potential as a creative human being

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 4 of 5

    Financial rewards pack a punch because they have value to people on every level of the hierarchy. Money
    makes physiological and security needs evaporate. At the social and achievement levels, while money may
    seem less important, in American culture and many others, money goes a long way toward ensuring cultural
    acceptance and opportunities for achievement. Only at Level 5 does money become less powerful, but it is
    still the case that having more money frees people up to pursue self-actualization activities.

    THE PROBLEMS WITH FINANCIAL REWARDS

    What are some of the problems associated with using money to motivate people? The most obvious one is
    limited supply. Simply put, more money is not always available. Most organizations do not have enough
    money to attract, motivate, and retain everyone who is talented and deserving of a reward. They must
    choose where to use financial rewards and where other types of incentive may be beneficial.

    Another problem with financial rewards is that they are essentially commodities. The word commodity is
    used in business to describe an article that is interchangeable or can be traded. Financial rewards are
    commodities in the sense that they are not something distinctive, like the activities of a specific professional
    role. So, while another company may not be able to match a specific job opportunity you are advertising, it is
    relatively easy for another organization to match or exceed the financial rewards you are offering.

    If your team members are working with you just for the money, they will leave when someone offers them
    more of it. And eventually, someone is likely to offer more. Not to everyone on your team, of course – just to
    your best performers, the people you can least afford to lose.

    THE ADVANTAGES OF NON-FINANCIAL REWARDS

    Non-financial rewards fall into two categories. Prestige rewards are designed to increase people’s stature,
    be it inside the company or out. Examples are plentiful: job titles, direct access to top leadership, a business
    credit card, or the size and location of one's office, to name just a few.

    Far more powerful and sustainable are job content rewards, which increase the satisfaction an employee
    derives from his work. Performance feedback is a job content reward. So are recognition, responsibility, and
    autonomy, as well as the opportunities to participate in decision-making and to work on important and
    interesting tasks. An especially important non-financial reward is the opportunity to develop managerial and
    leadership skills.

    Unfortunately, job content rewards are typically not thought of as motivational incentives. This represents a
    missed opportunity that leadership and HR would do well to consider. The best organizations use a
    combination of financial and non-financial incentives. Both types of reward have the potential to exert a
    powerful impact on employee performance. Used together, they can have a significant impact on retention of
    top talent, those employees with the potential to become future leaders for your company.

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 5 of 5

    GETTING THE MOST OUT OF THIS WEEK’S CLASS

    As you read the materials and participate in class activities, stay focused on the key learning outcomes for
    the week:

    • Assess what type of rewards work best to motivate employees and why

    What incentives motivate the A players at your company? Are promotion and higher pay the keys to
    retaining them? Do non-financial incentives, such as growth opportunities and access to top
    leadership, have an impact, too? What about the B players, those solid performers that make up the
    largest percentage of your workforce? You will likely offer them more modest promotions and pay
    increases than the top talent. Can you use non-financial rewards to reinforce their sense of
    engagement with the company, while also developing their professional skills?

    • Examine the relative importance of compensation versus other rewards

    Clearly, increases in compensation and promotion are important tools to retain employees. Financial
    rewards are highly motivating, providing employees with recognition for work well done, added
    security, and a sense of progress in their career. Does HR make sufficient use of other, less tangible
    rewards to incentivize employees at your company? Have they set up systems to ensure that
    employees receive frequent, productive feedback, as well as stretch assignments and professional
    development opportunities?

    • Analyze your organization’s approach to rewarding top talent

    What are the reward and recognition systems in use at your company? Do you think the current
    systems are effective at motivating and retaining top talent? Are new professional challenges and
    leadership opportunities used as rewards for top talent, or are they only offered more traditional
    types of incentive, such as promotions and awards? How can HR work with the executive team to
    adjust the balance where needed, so as to use all available tools to retain the leaders of the future?

    **Week7RecruitingDiscussion.jpeg**

    This file is too large to display. [View in new window](https://www.sweetstudy.com/files/week7recruitingdiscussion-jpeg)

    **Week7RecruitingDiscussion.jpeg**

    This file is too large to display. [View in new window](https://www.sweetstudy.com/files/week7recruitingdiscussion-jpeg)

    **## JWI_521_Week_7_lecture_1192.pdf**

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 1 of 5

    JWI 521
    Recruit, Develop, Assess, Reward, Retain

    Week Seven Lecture Notes

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 2 of 5

    COMPENSATION AND INCENTIVES

    What it Means

    Money is a highly motivating reward, and so, most people assume that a promotion, accompanied
    by higher pay, is the incentive that should be used to reward and retain your most talented
    employees. The reality is not so simple. Non-financial incentives, such as professional growth
    opportunities and access to top leadership, can be very motivating for high performers. HR
    professionals need to have a nuanced understanding of the way that incentives work, so that they
    can design incentive packages with an effective combination of financial and non-financial
    rewards.

    Why it Matters

    • To design effective incentive packages, HR needs a solid understanding of how
    rewards work

    • Non-financial rewards, such as growth and leadership opportunities, are important
    incentives

    • The best incentive packages offer a combination of financial and non-financial rewards

    “People are happy when you give them what they ask for. People are delighted
    when you anticipate what they didn’t think to ask for.”

    Laszlo Bock

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 3 of 5

    INCENTIVES THAT WORK

    What is an incentive? Is it the same thing as a reward? According to the dictionary, a reward is anything that
    increases the probability of a future response. By that definition, money is a great and highly motivating
    reward. If you offer your people cash for doing something, you increase the chances that they will do it. By
    the same token, then, performance feedback is also a great reward. If you give your people incisive and
    productive guidance, you increase the chances that people will behave more productively in the future. A
    challenging new assignment is also a great reward, whether it is structured as a promotion or a simple
    transfer. For a top performer, the chance to learn and develop new skills is motivational and encourages the
    employee to work hard, so as to benefit from the opportunity.

    However, most organizations do not think about performance feedback and stretch assignments in the same
    way as money. They fail to recognize the role that all three can play in retaining talented employees. Many
    HR managers refer to their organization’s package of motivational tools as reward and recognition systems.
    In this approach, reward is shorthand for financial compensation, and recognition refers to plaques and
    awards. Rewards like performance feedback or stretch assignments are not mentioned at all.

    THE ADVANTAGES OF FINANCIAL REWARDS

    Money is among the most powerful of all rewards and therefore an almost universally effective way to
    motivate people. Money is uniquely attractive, in that no one refuses it, no one returns it, and even people
    who already have more money than they can possibly spend will go to great lengths to get more.

    Another distinctive aspect of money is that it does not saturate. What does this mean? Offering too much of
    something, even something people really like, will usually trigger negative results. Providing workers with
    more autonomy, for example, often improves morale and productivity, but at some point can lead to role
    ambiguity and confusion. Too much job responsibility and challenge can give an employee an ulcer. As for
    large quantities of critical, candid feedback, don’t offer that to anyone for more than an hour straight! More
    money, by contrast, is invariably received with considerable enthusiasm.

    The reason is that money satisfies people on many different levels. To understand this better, let’s step back
    and think more broadly about human motivation. The psychologist Abraham Maslow developed a classic
    Theory of Human Motivation, which states that lower level needs must be satisfied before people can focus
    on higher level needs. There are 5 levels in Maslow’s hierarchy of human needs:

    • Level 1: basic physiological needs, such as food, water, and shelter
    • Level 2: the need for security, including personal safety, employment, and health care
    • Level 3: social needs, such as for friendship, family, and a sense of connection
    • Level 4: self-confidence, including respect, achievement, strength, and freedom
    • Level 5: self-actualization, the need to realize your full potential as a creative human being

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 4 of 5

    Financial rewards pack a punch because they have value to people on every level of the hierarchy. Money
    makes physiological and security needs evaporate. At the social and achievement levels, while money may
    seem less important, in American culture and many others, money goes a long way toward ensuring cultural
    acceptance and opportunities for achievement. Only at Level 5 does money become less powerful, but it is
    still the case that having more money frees people up to pursue self-actualization activities.

    THE PROBLEMS WITH FINANCIAL REWARDS

    What are some of the problems associated with using money to motivate people? The most obvious one is
    limited supply. Simply put, more money is not always available. Most organizations do not have enough
    money to attract, motivate, and retain everyone who is talented and deserving of a reward. They must
    choose where to use financial rewards and where other types of incentive may be beneficial.

    Another problem with financial rewards is that they are essentially commodities. The word commodity is
    used in business to describe an article that is interchangeable or can be traded. Financial rewards are
    commodities in the sense that they are not something distinctive, like the activities of a specific professional
    role. So, while another company may not be able to match a specific job opportunity you are advertising, it is
    relatively easy for another organization to match or exceed the financial rewards you are offering.

    If your team members are working with you just for the money, they will leave when someone offers them
    more of it. And eventually, someone is likely to offer more. Not to everyone on your team, of course – just to
    your best performers, the people you can least afford to lose.

    THE ADVANTAGES OF NON-FINANCIAL REWARDS

    Non-financial rewards fall into two categories. Prestige rewards are designed to increase people’s stature,
    be it inside the company or out. Examples are plentiful: job titles, direct access to top leadership, a business
    credit card, or the size and location of one's office, to name just a few.

    Far more powerful and sustainable are job content rewards, which increase the satisfaction an employee
    derives from his work. Performance feedback is a job content reward. So are recognition, responsibility, and
    autonomy, as well as the opportunities to participate in decision-making and to work on important and
    interesting tasks. An especially important non-financial reward is the opportunity to develop managerial and
    leadership skills.

    Unfortunately, job content rewards are typically not thought of as motivational incentives. This represents a
    missed opportunity that leadership and HR would do well to consider. The best organizations use a
    combination of financial and non-financial incentives. Both types of reward have the potential to exert a
    powerful impact on employee performance. Used together, they can have a significant impact on retention of
    top talent, those employees with the potential to become future leaders for your company.

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 5 of 5

    GETTING THE MOST OUT OF THIS WEEK’S CLASS

    As you read the materials and participate in class activities, stay focused on the key learning outcomes for
    the week:

    • Assess what type of rewards work best to motivate employees and why

    What incentives motivate the A players at your company? Are promotion and higher pay the keys to
    retaining them? Do non-financial incentives, such as growth opportunities and access to top
    leadership, have an impact, too? What about the B players, those solid performers that make up the
    largest percentage of your workforce? You will likely offer them more modest promotions and pay
    increases than the top talent. Can you use non-financial rewards to reinforce their sense of
    engagement with the company, while also developing their professional skills?

    • Examine the relative importance of compensation versus other rewards

    Clearly, increases in compensation and promotion are important tools to retain employees. Financial
    rewards are highly motivating, providing employees with recognition for work well done, added
    security, and a sense of progress in their career. Does HR make sufficient use of other, less tangible
    rewards to incentivize employees at your company? Have they set up systems to ensure that
    employees receive frequent, productive feedback, as well as stretch assignments and professional
    development opportunities?

    • Analyze your organization’s approach to rewarding top talent

    What are the reward and recognition systems in use at your company? Do you think the current
    systems are effective at motivating and retaining top talent? Are new professional challenges and
    leadership opportunities used as rewards for top talent, or are they only offered more traditional
    types of incentive, such as promotions and awards? How can HR work with the executive team to
    adjust the balance where needed, so as to use all available tools to retain the leaders of the future?

    **Week7RecruitingDiscussion.jpeg**

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    **## JWI_521_Week_7_lecture_1192.pdf**

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    JWI 521 – Week 7 Lecture Notes (1192) Page 1 of 5

    JWI 521
    Recruit, Develop, Assess, Reward, Retain

    Week Seven Lecture Notes

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 2 of 5

    COMPENSATION AND INCENTIVES

    What it Means

    Money is a highly motivating reward, and so, most people assume that a promotion, accompanied
    by higher pay, is the incentive that should be used to reward and retain your most talented
    employees. The reality is not so simple. Non-financial incentives, such as professional growth
    opportunities and access to top leadership, can be very motivating for high performers. HR
    professionals need to have a nuanced understanding of the way that incentives work, so that they
    can design incentive packages with an effective combination of financial and non-financial
    rewards.

    Why it Matters

    • To design effective incentive packages, HR needs a solid understanding of how
    rewards work

    • Non-financial rewards, such as growth and leadership opportunities, are important
    incentives

    • The best incentive packages offer a combination of financial and non-financial rewards

    “People are happy when you give them what they ask for. People are delighted
    when you anticipate what they didn’t think to ask for.”

    Laszlo Bock

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 3 of 5

    INCENTIVES THAT WORK

    What is an incentive? Is it the same thing as a reward? According to the dictionary, a reward is anything that
    increases the probability of a future response. By that definition, money is a great and highly motivating
    reward. If you offer your people cash for doing something, you increase the chances that they will do it. By
    the same token, then, performance feedback is also a great reward. If you give your people incisive and
    productive guidance, you increase the chances that people will behave more productively in the future. A
    challenging new assignment is also a great reward, whether it is structured as a promotion or a simple
    transfer. For a top performer, the chance to learn and develop new skills is motivational and encourages the
    employee to work hard, so as to benefit from the opportunity.

    However, most organizations do not think about performance feedback and stretch assignments in the same
    way as money. They fail to recognize the role that all three can play in retaining talented employees. Many
    HR managers refer to their organization’s package of motivational tools as reward and recognition systems.
    In this approach, reward is shorthand for financial compensation, and recognition refers to plaques and
    awards. Rewards like performance feedback or stretch assignments are not mentioned at all.

    THE ADVANTAGES OF FINANCIAL REWARDS

    Money is among the most powerful of all rewards and therefore an almost universally effective way to
    motivate people. Money is uniquely attractive, in that no one refuses it, no one returns it, and even people
    who already have more money than they can possibly spend will go to great lengths to get more.

    Another distinctive aspect of money is that it does not saturate. What does this mean? Offering too much of
    something, even something people really like, will usually trigger negative results. Providing workers with
    more autonomy, for example, often improves morale and productivity, but at some point can lead to role
    ambiguity and confusion. Too much job responsibility and challenge can give an employee an ulcer. As for
    large quantities of critical, candid feedback, don’t offer that to anyone for more than an hour straight! More
    money, by contrast, is invariably received with considerable enthusiasm.

    The reason is that money satisfies people on many different levels. To understand this better, let’s step back
    and think more broadly about human motivation. The psychologist Abraham Maslow developed a classic
    Theory of Human Motivation, which states that lower level needs must be satisfied before people can focus
    on higher level needs. There are 5 levels in Maslow’s hierarchy of human needs:

    • Level 1: basic physiological needs, such as food, water, and shelter
    • Level 2: the need for security, including personal safety, employment, and health care
    • Level 3: social needs, such as for friendship, family, and a sense of connection
    • Level 4: self-confidence, including respect, achievement, strength, and freedom
    • Level 5: self-actualization, the need to realize your full potential as a creative human being

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 4 of 5

    Financial rewards pack a punch because they have value to people on every level of the hierarchy. Money
    makes physiological and security needs evaporate. At the social and achievement levels, while money may
    seem less important, in American culture and many others, money goes a long way toward ensuring cultural
    acceptance and opportunities for achievement. Only at Level 5 does money become less powerful, but it is
    still the case that having more money frees people up to pursue self-actualization activities.

    THE PROBLEMS WITH FINANCIAL REWARDS

    What are some of the problems associated with using money to motivate people? The most obvious one is
    limited supply. Simply put, more money is not always available. Most organizations do not have enough
    money to attract, motivate, and retain everyone who is talented and deserving of a reward. They must
    choose where to use financial rewards and where other types of incentive may be beneficial.

    Another problem with financial rewards is that they are essentially commodities. The word commodity is
    used in business to describe an article that is interchangeable or can be traded. Financial rewards are
    commodities in the sense that they are not something distinctive, like the activities of a specific professional
    role. So, while another company may not be able to match a specific job opportunity you are advertising, it is
    relatively easy for another organization to match or exceed the financial rewards you are offering.

    If your team members are working with you just for the money, they will leave when someone offers them
    more of it. And eventually, someone is likely to offer more. Not to everyone on your team, of course – just to
    your best performers, the people you can least afford to lose.

    THE ADVANTAGES OF NON-FINANCIAL REWARDS

    Non-financial rewards fall into two categories. Prestige rewards are designed to increase people’s stature,
    be it inside the company or out. Examples are plentiful: job titles, direct access to top leadership, a business
    credit card, or the size and location of one's office, to name just a few.

    Far more powerful and sustainable are job content rewards, which increase the satisfaction an employee
    derives from his work. Performance feedback is a job content reward. So are recognition, responsibility, and
    autonomy, as well as the opportunities to participate in decision-making and to work on important and
    interesting tasks. An especially important non-financial reward is the opportunity to develop managerial and
    leadership skills.

    Unfortunately, job content rewards are typically not thought of as motivational incentives. This represents a
    missed opportunity that leadership and HR would do well to consider. The best organizations use a
    combination of financial and non-financial incentives. Both types of reward have the potential to exert a
    powerful impact on employee performance. Used together, they can have a significant impact on retention of
    top talent, those employees with the potential to become future leaders for your company.

    © Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may not be
    copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer University.

    JWI 521 – Week 7 Lecture Notes (1192) Page 5 of 5

    GETTING THE MOST OUT OF THIS WEEK’S CLASS

    As you read the materials and participate in class activities, stay focused on the key learning outcomes for
    the week:

    • Assess what type of rewards work best to motivate employees and why

    What incentives motivate the A players at your company? Are promotion and higher pay the keys to
    retaining them? Do non-financial incentives, such as growth opportunities and access to top
    leadership, have an impact, too? What about the B players, those solid performers that make up the
    largest percentage of your workforce? You will likely offer them more modest promotions and pay
    increases than the top talent. Can you use non-financial rewards to reinforce their sense of
    engagement with the company, while also developing their professional skills?

    • Examine the relative importance of compensation versus other rewards

    Clearly, increases in compensation and promotion are important tools to retain employees. Financial
    rewards are highly motivating, providing employees with recognition for work well done, added
    security, and a sense of progress in their career. Does HR make sufficient use of other, less tangible
    rewards to incentivize employees at your company? Have they set up systems to ensure that
    employees receive frequent, productive feedback, as well as stretch assignments and professional
    development opportunities?

    • Analyze your organization’s approach to rewarding top talent

    What are the reward and recognition systems in use at your company? Do you think the current
    systems are effective at motivating and retaining top talent? Are new professional challenges and
    leadership opportunities used as rewards for top talent, or are they only offered more traditional
    types of incentive, such as promotions and awards? How can HR work with the executive team to
    adjust the balance where needed, so as to use all available tools to retain the leaders of the future?

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