Question 1)A Holistic rewards package should include a combination of monetary and non-monetary rewards (500 words)
Question 2? Should a company’s recruitment & selection approach be directly aligned with its values? (500 words)
Find THREE academic journal articles Justify your point of view in a critical discussion by referring to theory, research and/or case study examples in 500 words
1st question) to include : Is a Holistic package unfeasible for all colleagues?
What can a company do? How does a company keep the colleagues motivated? Look at the benefits of a monetary incentive compared to a non monetary incentive? Make sure critical maturity is used about other views for and against, and also to Explicitly convey your point of view alternatively other prospective. ( 500 words and to include 4 references in Harvard referencing)
Question 2: Same as above however referring to companies ethics,
Recruitment: Any activity carried out by the organisation with the purpose of identifying and attracting potential employees To obtain a pool of suitable candidates for vacancies in an efficient and cost-effective manner Selection: Selecting the best candidate for the position who will contribute to achieving the organisation’s aims ,Sustained competitive advantage.
Focus on employer brand, organisational values, and working practices to attract candidates (CIPD, 2015). also It is important to consider possible areas of bias and candidate perspectives. Look at the process and to conclude what approach a company’s recruitment and selection should be aligned with. Keep very concise (500 words 4 references )
Marking Criteria:
Brief description of topic and its importance 5 marks
Point of view and critical justification using THREE academic articles 35 marks
For both questions
Student Name: Joanne
Business Ethics
Name of the institute
Contents
1. A Holistic rewards package should include a combination of monetary and non-monetary rewards. 3
2. Should a company’s recruitment & selection approach be directly aligned with its values?. 4
3. Reference. 6
1. A Holistic rewards package should include a combination of monetary and non-monetary rewards.
A reward is something that is given to people in recognition of their efforts and services. Reward can be monetary like bonus, additional pay, hike, prize money, and premium. Reward can be non-monetary also like appreciation, recognition of work, award, honor, opportunity for career development, training, holiday packages, amusement park tickets, free health checkup.
Rewards are given to keep the employees motivated so it is very important for an organization to decide what should be the appropriate reward to be given to the employee that can help in retention, attraction and motivation of employees.
While there is lot of literature available that stresses on the importance of money in keeping the employee motivated (Agarwal, 2010), there is no dearth of research papers that stresses the importance of non monetary awards. Actually, monetary awards are important to attract employees but after a certain point of time, non monetary awards have more to offer in order to attract employees and keep them motivated. There is 1 study by the Mckinsey according to which 3 non- monetary rewards viz. leadership attention, appreciation from managers and opportunity to lead the projects are rated higher than money in terms of reward that helps in attraction, retention and motivation of an employee (Dewhurst, Guthridge, & Mohr, 2009). Thus, holistic reward package should give importance to both monetary as well as non-monetary wards to come with something attractive enough.
There is also 1 quite know theory ERG: existence, relatedness and growth. According to this theory, an employee need 3 things existence which refers to realization of material needs like salary, relatedness which refers to sense of belongingness, friends and social relations with colleagues, Growth that refers realizing one owns full potential, increased competence and assignments that can add value to the employee’s experience. According to this theory, an individual can derive his motivation from any of the above and it does not necessarily need to be in any hierarchy (Shafritz, Ott, & Jang, 2015).
Also, there are 2 types of motivation: intrinsic that comes from within and extrinsic that drives from some external factor. Though, money is effective reward but it is extrinsic that can motivate employee for short time in the beginning. But once the employee has all the basic things like house, car and sufficient money, extrinsic factors fail to motivate him any further. At this point, intrinsic factors come into role that motivate employee from within. Examples of such rewards are increased recognition at workplace, increase in self esteem. Effects of such rewards are long lasting and lead to increase in the performance of the employee. Also, different individuals have different needs and are at different stages of their career so organizations must design customizing rewards program for different employees at different levels in hierarchy (Morgan, & Baker, 2012). Also, there are different unmet requirements of the employee and organizations should take all of such things in consideration to design a package that keep them motivated as well help in retention. For example, some employees prefer flexibility at work and can be given 1 day every week work from home or flexible hours. At the same time, some intellectual kinds of employees may be looking for private cabin or a better place to sit.
2. Should a company’s recruitment & selection approach be directly aligned with its values?
It is very important today that company’s recruitment and selection strategy should be directly aligned with its vales and involves selection of people having similar set of values. There are multiple personality tests available today which can helps the organizations to judge’s individual values and one of round of short listing is where people whose values are aligned with company’s values should be selected (Hoffman, Bynum, Piccolo, & Sutton, 2011). Example of company’s values are trust, customer centric, fire in the belly, respect, honesty, excellence, intellectual honesty depending upon its vision and mission. And also it is very important to realize that few personality traits like aggression can be good for some companies and may not be required in some other companies. Levels of individualism and collectivism are differing from person to person so it is very important for company to recognize its values and culture and then look for the people who are also culturally fit.
One way of doing this is that company should ask the successful managers and leaders in the company to take the tests and then use their results for the identification of talent that can be successful in that organization (Burnes, & Jackson, 2011). People whose result matches with the result of successful managers in the organization can be the potential employees in the company. This is one of the very powerful way of identifying the right talent aligned to your company’s values.
It is a well known fact that IQ (Intelligent quotient) is important for hiring but what is more important for the employee and the organization is EQ (Emotional quotient) and also it is possible that some people are more successful in some companies while unsuccessful in some companies (Ingram, 2012). Have we ever wondered why the same individual is successful in 1 organization but unsuccessful in another organization and that too when both the organizations demands the same skill set from the person? The answer to this lies in the fact that how well the values of an individual and organization are aligned (Downey, Lee, & Stough, 2011). That is why, it is important that company’s recruitment policy should be aligned with its own values.
Also, when you hire the individual having the same value as organization, it would be easy for him to wear the vision, mission and brand value of the company and that will be reflected him in his behavior with external and internal stakeholders.
Just to summarize the IQ (Intelligent quotient) of the individual has more to do with the skills set requirement while EQ (Emotional quotient) has more to do with the values of an organization. Company should not mix the two and the holistic recruitment policy should be the weighted average of the IQ and EQ with more weight given to EQ (Kappagoda, 2012), how much more depends on your organization’s value and culture.
3. Reference
1) Agarwal, A. S. (2010). Motivation and executive compensation. IUP Journal of Corporate Governance, 9(1/2), 27.
2) Dewhurst, M., Guthridge, M., & Mohr, E. (2009). Motivating people: Getting beyond money. McKinsey Quarterly, 1(4), 12-15.
3) Shafritz, J., Ott, J., & Jang, Y. (2015). Classics of organization theory. Cengage Learning.
4) Morgan, R., & Baker, F. (2012, March). Developing a Conceptual Framework for Motivation of Professional Educators According to Content and Process Theories. In Society for Information Technology & Teacher Education International Conference (Vol. 2012, No. 1, pp. 1216-1221).
5) Hoffman, B. J., Bynum, B. H., Piccolo, R. F., & Sutton, A. W. (2011). Person-organization value congruence: How transformational leaders influence work group effectiveness. Academy of Management Journal, 54(4), 779-796.
6) Burnes, B., & Jackson, P. (2011). Success and failure in organizational change: An exploration of the role of values. Journal of Change Management, 11(2), 133-162.
7) Ingram, R. (2012). Locating emotional intelligence at the heart of social work practice. British journal of social work, bcs029.
8) Downey, L. A., Lee, B., & Stough, C. (2011). Recruitment Consultant Revenue: Relationships with IQ, personality, and emotional intelligence.International Journal of Selection and Assessment, 19(3), 280-286.
9) Kappagoda, S. (2012). Emotional intelligence and its impact on task performance and contextual performance. International Journal of Research in Computer Application & Management, Volume, (2), 2231-1009.
