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Week 7 Checkpoint.jspa - I would have to say incentive pay...

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Week 7 - Check Point: The Impact of HRM A good idea for improvement would be incentive plans. There are numerous ways to use bonus pay as an incentive for employees. If companies are not able to offer merit increases they can use bonuses not only to motivate employees but reward them for jobs well done. A lot of companies have done away with bonuses due to economic times but as a retention tool they are invaluable. Companies need to realize that instant reward can go a long way in the eyes of employees. By presenting a bonus throughout the year there is more incentive to perform. In addition to bonuses being offered as incentive pay they can also be issued through other forms like profit sharing or stock options. A lot of companies use these options as retirement benefits. The benefits might not always be readily available but they do offer incentive for employees future well being. Knowing your future is taken care of is a great relief, a relief that can be more valuable to some than instant gratification.
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Unformatted text preview: I would have to say incentive pay and training are the keys to human resource development. These areas of HRM can be used to create a very competent and productive workforce. An HR department can use training methods to create a good workforce. In order to maintain and retain the resources they invest through training they can use incentives. If a company makes changes to either of its training processes or incentive plans it can directly affect their workforce. A situation where a company fails to train its employees properly can result in poor performance and ultimately poor employees. If a company doesn’t utilize an incentive plan they can lose highly skilled employees. Companies can spend a lot of time and money training their workforce but if they don’t keep the employees then they’ve invested a lot for nothing. In the end a company needs to create a good training program followed by proper incentives for employee retention....
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