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Reward and Compensation

Compensation and rewards

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0% found this document useful (0 votes)
9 views

Reward and Compensation

Compensation and rewards

Uploaded by

dedeisaac30
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ABSTRACT

The rapid changes in the organizational and business world today as given rise for

continuous training and development of employees and manpower. The human

resources of any organization plays an important and vital role hence,

motivation ,training ,development ,job satisfaction and appraisal are all inevitable

and major components for the attainment of goals and maximum performance.

Equipping the human resource with the required training to improve themselves

due to changes in the technological advancement for them to maximize

performance in present and future tasks is an issue to be addressed by every

organization.

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CHAPTER ONE

1.0 INTRODUCTION

Manpower or human resources is a vital component and integral part of any surviving

organization in the world today. Training and development which is a continuous process of

enhancing the skills of employees in all levels to foster learning and contribute to the

individual and organizational goals. Also, gaining a competitive advantage in the ever-

changing world of business. Addition of skills and knowledge helps employees modernized

with the new trends and increase competency in what the do. The level of competency

ensures works are be done with little or no waste at all, thereby increasing efficiency and

performances.

The goal of human resource management is to make available qualified and specialized

manpower to carry out its activities within the possible shortest period of time so that the

organization’s goals and objectives can be achieved.

1.1 DEFINITION OF TERMS

1.1.1 TRAINING: Taining could be defined as the act of teaching the lower level cadres

/employees on how to perform their current tasks or jobs. Its aimed at acquiring specific

knowledge and skills for the purposes of a task. Its focus is on the efficiently, effectively and

safely delivering of the presentor current job or task.

1.1.2 DEVELOPMENT: Development refers to teaching of managers and professional

employees broad skills necessary for their current/present and future jobs. Its concerned with

employees career growth and job satisfaction of future requirement by the organization.

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1.1.3 CAREER PLANNING: This refers to the active management of your career by identifying

what you are good at,knowing how your skills ,talents, values and interest translate into

possible jobs and careers.

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CHAPTER TWO

2.0 TRAINING AND DEVELOPMENT.

Taining which is defined as the act of teaching the lower-level cadres /employees on how to

perform their current tasks or jobs. Its aimed at acquiring specific knowledge and skills for the

purposes of a task. Its focus is on the efficiently, effectively and safely delivering of the

presentor current job or task and development which is teaching of managers and professional

employees broad skills necessary for their current/present and future jobs.

Neverthesless, training includes classroom instruction, on the job training and apprenticeship

training , while development varied from job experiences and formal education. Individual

organizations create the training and development opportunities required to prepare their

employees for future roles. This will later have a positive impact on the individuals and

organization. The major objective of training and development is to increase productivity,

adaptation to technological changes ,fulfilment of social responsibilities and job satisfaction of

employees.

2.1 SIGNIFICANCE OF TRAINING AND DEVELOPMENT TO THE ORGANIZATION.

 Training and development are very necessary to improve emloyees performance.

 It reduces cost and employees turn over thereby increasing efficiency .

 It enhances coordination( employees work together towards the achievement of the

organizational goal).

 It reduces excessive complaints and insurbordination (Nwachukwu. 1988).

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 It gives the organization a competitive advantage over its rivalry

 It enhances organizational culture that emphasizes on innovation,learning and

creativity.

 It increases motivation among employees and helps the organization to create

intellectual capital

 It helps the organization to update and modernize its operations.

2.2 SIGNIFICANCE OF TRAINING AND DEVELOPMENT TO EMPLOYEES.

 It reduces employees negative attitudes to work such as tardiness, absenteeism,

insurbordinaion, excessive and complaints etc

 It enables employees to know their competitors and acquired basic skills to cope with

advancement of technology.

 It fosters team spirit among employees making them understand each other better

despite their differences in sex, race and culture which increases performance.

 It enriches employees work experiences and increase employee’s commitment

 It increases efficiency and performance among employees.

 It enables employees to be moved within an organization thereby providing

employment security.

 It increases their job satisfaction, good performance and encourages employees.

 It increases their self worth

 It enhances their prospects for internal promotion.

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2.3.1 TRAINING AND DEVELOPMENT POLICY.

A training and development policy is as set of guidelines and requirements reflecting the

organization’s values and culture, and is based on a set of principles to which the organization

adheres in its overall management and development of the workforce. An employee training

and development policy provides a framework for staff to develop their knowledge and acquire

new skills in the competitive environment.

The significances of employees training and development policy can’t be overemphasized since

the need for learning and knowledge is continuous which provide a high standard of output.

Hence, an effective staff training and development policy should be viewed as a core element

for efficient work management.

2.3.2 FACTORS THAT AFFECTS TRAINING AND DEVELOPMENT ACTIVITIES

According to Cole (2002) training and development activities are affected by the following

factors:

1. The changes in the environment

2. The existing level of skills among the workers

3. Adaptability of employees

4. Level of organizational support for internal career development

5. knowledge and skill of trainers. These factors must be considered for a success in a training

and development programme. Some organizations may choose to train employees and provide

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every need of sustenance, such internally training is called on the job training while others may

depend on an external trainer (training consultant) with expertise in the field such is off the job

training. However, some organizations make use of both.

2.4 APPROACHES TO TRAINING AND DEVELOPMENT

For a very long time, the old-school organisations considered training a time-consuming,

unproductive, and costly affair. Even if designed, they adopted traditional methods and

a ‘one-size-fits-all’ strategy to train their entire workforce, regardless of their

knowledge, skills, and positions in the organisation. In the last few years, organisations

are recognising the relevance of T&D of the employees. They are now shifting from

traditional approaches to modern approaches that are more comprehensive,

interactive, and accessible.

2.4.1. TRADITIONAL APPROACHES: For decades, the following traditional approaches

have been an integral part training system:

1. Classroom-Based Training Programs:

Usually led by a qualified facilitator, classroom learning takes place over one or more

days in a physical venue on- or off-site. Groups of employees go through a series of

presentation slides and activities, like case study assessments or information on

company policy issues.The advantage of classroom-based training is that a group of

employees can attain large amounts of knowledge at the same time. Unfortunately, the

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disadvantages are many: hired venues, travel, and catering make this training method

costly. Employees also find this approach to training boring.

2. Interactive Training: One of the most effective training methods in the workplace,

interactive training actively involves learners in their own learning experience. This

training can take the form of simulations, scenarios, role plays, quizzes or games.By

practicing their new skills and applying them in realistic work scenarios, learners are not

only more engaged but more likely to retain what they’ve learned, too. However, it can

be time-consuming when done in person, especially when learners require regular

feedback from a content expert.

3. On-The-Job Training: With on-the-job training, not only are employees actively

involved in learning, but they also participate in real activities that relate to their current

or future job. This is one of the most effective training methods for succession planning.

This type of training can result in rapid learning because employees are thrown into the

proverbial deep end. This experience can be a little too stressful for some employees, let

alone time-consuming, because of the frequent input required.

2.4.2. MODERN TRAINING METHODS: In the modern workplace that consists of remote

employees and diverse cultures, training methods for employees have changed. So, how

do we approach learning in such a complex workplace? The answer lies in two words:

‘social’ and ‘online’.

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1.. Social Learning: Originating from Albert Bandura's work in the ’70s [2], social

learning is commonly defined as learning from others by observing, imitating and

modeling their behavior. Social learning can be a very intentional workplace training

method, too.

Social learning isn’t found in many of the common training methods, mostly because it’s

not as easy to structure, measure and control. Yet it can be very effective, because

employees are pushed beyond the boundaries of their daily roles, acquiring new

perspectives and problem-solving skills.

2. Online Training: eLearning, or online training, has become one of the most widely

recognized solutions to the challenge of how to train employees effectively. Online

workplace training programs can include eLearning courses, webinars, videos, etc., and

allow information to be presented and tested in many different ways.The variety that

online training offers means that employees can learn according to their style and

immediate needs. It also means they can learn on the go. The downside? Little more

than the initial development costs and service fees of a reliable Learning Management

System (LMS).

2.5 SYSTEMATIC APPROACH TO TRAINING AND DEVELOPMENT:

Model of systematic approach to training (SAT) To operate training in a systematic

manner, it has to cover inter related stages and processes

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1. Organisation's aim: Understanding the organisation's aims and needs and how the

aims are met by range of jobs that exist in the organization training policy.

2. Analysing training needs: Finding out what people need to learn. This is done by:

analysing the knowledge, skills and attitudes/behaviours that each job requires; and

assessing the degree of competence of job-holders to meet those requirements.

Setting aims and learning objectives Specifying what trainees should be able to do as

a result of training.

3. Designing training strategy: Deciding on a strategy to meet training needs, e.g., by

designing courses / modules, suggesting various methodologies, deciding key

learning points trainees must grasp and also sending some learning material

(preview) to trainees. Methods could be on the job training , off the job training or

both.

4. Implementing training strategy: Putting the training into practice.

5. Validation: Internal/external Establishing and assessing the quality and effectiveness of

training.

However, some common methods of training includes : job rotation, apprenticeship

training, understudying, sensitivity training ,mentoring, class room

instructions ,counseling ,coaching, role playing ,computer based training (CBT).

2.6 CORE CHARACTERISTICS OF A TRAINER

The core qualities of a good trainer includes the followings:

 Be a good (and patient) listener.

 Approach training strategically.

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 Encourage engagement of trainee

 Be organized and good sense of humor

 Appreciate good instructional design.

 Have a finger on the pulse of learning trends.

 Analyze and improve again, and again, and again.

CHAPTER THREE

3.0 CAREER PLANNING

Career planning is the continuous self-evaluation and planning process done by a person

to have a strong career path which is aligned with one's career goals, aspirations and

skills. Career planning process in the continuous reiterative process of understanding

oneself, setting career goals, revising skills and searching for the right career options

which may include basic skills, specialized education and job options.

From the viewpoint of the organization, career planning stands for the forward-looking

employment policies, which consider the career of individual employees that are

engaged in different tasks. It means to come up with an organizational system of career

movement and growth.It integrates human resource planning with individual career

needs. Basically, organizational career planning is all about the planned succession of

jobs devised by the organization to develop its employees.

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3.1 IMPORTANCE OF CAREER PLANNING

Career planning is a step-wise process which enables an individual to focus on where to

want to be in life professionally. With the short-term goal and the long-term goals in

place, It can help to plan their journey in their professional life. Self-assessment is

necessary to understand one’s capabilities and drawbacks. The various career options

should be explored in detail to find a fit between one’s abilities and the opportunities

provided by a career option. It involves continuous learning and improvement to build

and growth in the chosen career path. A good career planning helps a person grow in

life in their professional career, which also help them grow personally.

If there is no career planning, then the career of an individual would be controlled by

external factors and circumstances. Based on decisions and evaluation done by others,

the person would go forward in the career. It may lead to a desirable career path but it

can also lead to a job profile which was not at all part of individual's aspiration or career

goals.A great career plan early can lead to better planning of skills and education

required to achieve career goals. A career is a long term view of the skills, education and

jobs a person would acquire or do in order to reach a particular objective. A job may or

may not align with one's career objective if proper career planning is not done. A job

may be directly opposite to one's path because the required skills or educational

qualifications may be missing due to the lack of a initial plan. The importance of career

planning is in starting early, acquiring the right skills and then applying the same for a

particular job or a series of jobs to achieve long term career goals. But one can re-plan

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career later as well if the current occupation doesn't align with the goals or if goals have

changed. Sometimes the market demand and business requirements may also require

one to re-plan one's career and acquire new skills. Reskilling should be an active part of

career planning. Sometimes career planning is seen as a short term exercise based on

immediate job requirements but it should be a more long term view of the career rather

than one or two jobs.

3.2 CAREER PLANNING PROCESS

Career planning process is an important aspect for an individual’s career development.

Some of the basic steps in a career planning process are:

1. Self-Assessment: The first step in the process is self-assessment to be done by the

individual to understand his or her skills, areas of interest, aspirations etc.

Aspirations and goals are very important here as that would define how person

would create future plan.

2. Research on Careers and Opportunities: The second step in the process is to

understand the career options, companies available, growth options in career etc.

which are aligned with the self-assessment done already.

Right opportunities need to identified and proper research is required for that. An

individual needs to be aware of the market trends and growth areas.

3. Set Career Objectives: The next step in the career planning is to set short-term as

well as long-term career goals for oneself, and to have a clear career path. These can

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be defined as the immediate goals and how one looks at the career further down

the line. A plan has to be according to clear objectives.

4. Learn & Improve Skills: The fourth step in the process is to keep acquiring new skills

and knowledge to be in line with career objectives and with industry requirements.

Many a times there can be clear gaps in the objectives, aspirations and skills. To fill

those gaps, proper planning is required to acquire and learn those skills so that

career plan can be properly executed.

5. Preparation of CV/Resume: The next step in the planning process is to be fully

prepared in terms of CV, cover letter, recommendations etc. The resume should

clearly highlight the skills, qualifications, objectives which is aligned with the career

planning of an individual.

6. Job/Work Search: The sixth step is to short-list the companies where an individual

is seeking a job & start applying. It can be also working a entrepreneurship project as

well.

7. Revise Career Goals: The last step in the career planning process is to continuously

evaluate the career goals and again do a self-assessment to build a strong career

path.

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CHAPTER FOUR

4.0 RECOMMENDATION

The world being a global village with changes in the dimension of demand and

supply of goods and service with the advancement of technology, it’s very paramount that

organizations make training and development of employees an integral component of the

organization policy .This will foster team spirit among the employees and increase

performance thereby, reducing waste and employees turn over and increase efficiency.

4.1 CONCLUSION

Each organization has its objectives, goals, and strategies; profits are one of the

organizations’ goals; these profits depend on the production and its quality. In order to

reach a satisfactory level of productivity and quality of work, the organization has to get

potential staff and have them trained and developed.

Training and Development is one of the key departments in the Human Resources

Department because they play a significant role in the improvement of individual

capabilities and professional progress of organizational employees. Several studies have

underlined the relationship between properly designed and strategically planned training

and development policies and business firms’ profitability. Therefore, companies recently

pay attention and lots of money in T&D and career planning, which are considered

essential HR key tools that are used as corrective measures or actions to restore any

imbalance between actual and standard performance.

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REFERENCES

Hussain, A., Khan, M. A., & Khan, M. H. (2020). The Influence of Training and Development

on Organizational Commitment of Academicians in Pakistan. Review of Economics and

Development Studies, 6(1), 43-55.

Daniëls, E., Muyters, G., & Hondeghem, A. (2021). Leadership training and organizational

learning climate: Measuring influences based on a field experiment in education.

International Journal of Training and Development, 25(1), 43-59

Anwar, G., & Abdullah, N. N. (2021). The impact of Human resource management practice

on Organizational performance. International journal of Engineering, Business and

Management (IJEBM), 5

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