Importance of reward and resourcing within human resource Essay

Importance of reward and resourcing within human resource - Essay Example The importance of human resource has increased all over the world after rapid industrialization n early 20th century. Different management styles and techniques have been introduced to manage styles. Human resource management is also received much attention with scholars and researchers trying to find insights into better ways of managing the human capital in an organization. Reward and resourcing are basic functions of a human resource department. It is vital to find the right people in order to achieve organizational goals and retaining them through reward system is equally essential. In this essay we will talk about the relative importance of reward and resourcing in overall role of human resource function. Different theories of reward will be discussed along side with the relationship between reward resourcing. The tough global business environment has increased the need of human resource management in giving an organization competitive edge over other companies. The role of rewa rd and resourcing in providing companies competitive edge will be specifically discussed. Importance of Reward and Resourcing Human resource management involves finding the right people for the right job but it is also important to provide employees everything they need in order to retain them for a longer period of time. In all industries and sectors employees are the most valuable asset of a company. Success and failure of any company is dependent on its employees. For this reason it is vital that a reward structure is established that provides employees with an opportunity to excel and in turn motivates them to work harder for the company. Employee retention is very important because of the high costs linked to recruitment. Also additional training will be required for the new employees. These costs are becoming a nightmare for companies all over the world. Reward and resourcing are also important because employees have some needs that should be fulfilled. These needs are not alw ays monetary but are non monetary as well. Encouragement and admiration can seriously affect an employee in continuing with the same company. If an employee things that he is being well taken care of then he will also deliver. Reward and resourcing is therefore extremely vital. Selection of employees and job design are important elements of resourcing. These are essential because finding the right person for the right jobs is important or else the company will suffer. Jobs should also be designed keeping in mind the human needs of employees. Selection and recruitment of employees is important especially in services industries and in considered among the top three issues in human resource management (D'Annunzio-Green, N. 2004). For determining appropriate reward structure appraisal of employees is also essential. It forms the basis on which a particular reward or incentive is given to an employee. This is a how resourcing and reward are interlinked. Through performance appraisal one will identify who is worthy of a reward. It is also important to provide incentive to employees in order to retain them. Selection procedure is also related to reward because through benefits and pay structure employees are attracted towards employee. This is how resourcing and reward are related to each other. Theories of Reward &Resourcing and their Relative Importance In this section the possible benefits and short comings of different theories and perspectives on reward and resourcing will be discussed. The relative importance of reward and resourcing will be highlighted with the help of these theories. There can be two types of recruitment namely internal and external recruitment. Internal recruitment involves hiring people from the company and external recruitment involves hiring people from outside the company. The potential advantage of internal recruitmen

Microeconomics Essay Example | Topics and Well Written Essays - 1000 words

Microeconomics - Essay Example â€Å"A Laspeyres index number is a form of index number where prices, quantities or other units of measure over time are weighted according to their values in a specified base period† (Laspeyres Index Number 2001). A benefit of using Laspeyres index is that it does not require revised knowledge of the present payment model. Following are the calculations of Laspeyres Price Index for 2009. year Food price index Spending on food Transport price index Spending on transport 2001 94.9 60814 101.6 96954 2009 123.2 81185 99.7 122265 The Laspeyres Price Index for 2009 = ((Q food price (2001)* P food (2009)) + ((Q Transport price (2001)* P transport (2009)) ((Q food price (2001)* P food (2001)) + ((Q Transport price (2001)* P transport (2001)) ((94.9*81185)) + ((101.6*122265)) / ((94.9* 60814)) + ((101.6* 96954)) ((7704456.5 + 12422124)) / ((5771248.6 + 9850526.4)) ((20126580.5 / 15621775)) 1.288367071 Laspeyres Price Index for 2009 = 1.288367071 Then, naturally, the cost is multiplie d by 100. Therefore, the base year cost of the index will at all times be equal to 100. Index value 2009 = 1.288367071* 100 = 128.8367071 =128.84. PART B: ‘Quantity proxy’ for food and transport for 2001 and 2009. ... ansport price index Transport spending Transport index Quantity proxy for transport 2001 96954 101.6 954.2717 2009 122265 99.7 1226.329 The graphical representation of Quantity proxy for Transport proxy: Quantity proxy’ for a household with the same food & transport budget, but which spent its entire budget on food. Food spending Transport spending Entire budget Food price index Quantity proxy 2001 60814 96954 157768 94.9 1662.466 2009 81185 122265 203450 123.2 1651.38 Quantity proxy for a household, which spent no money on food, but spent its entire (food & transport) budget on transport Food spending Transport spending Entire budget Transport index Quantity proxy 2001 60814 96954 157768 101.6 1552.835 2009 81185 122265 203450 99.7 2040.622 The indifference curve is a graph, which shows the different bundles of goods. In the different bundle of goods the consumer also has indifferent choices. At each point on the indifference curve the consumer has different preference choice , which varies according to the income of the consumer, the change in price of a product and the change in prices of products. A budget line symbolizes the mixture of combinations of two commodities, which can be procured with a given income, taking into account the assumed prices of goods. The quantity proxy for household with the food and transport budget together and spent its entire budget on food is more in the year 2001, compared to the entire budget spent on transport in the year 2001. Similarly the quantity proxy for household with the food and transport budget together and spent its entire budget on transport is greater in the year 2009 as compared to the entire budget spent on food in the year 2001. â€Å"The index numbers of prices may be calculated for a certain locality, for a certain