Following the guidelines of the course ID guidelinesStudent’s NameUniversity
Introduction
Job planning is an essential factor for the success of an organization in the competitive business environment. It is important to design a compensation plan that will help to motivate an employee toward his job to improve the productivity of the organization. The compensation package is the necessary element for the success of human resource management. It helps in appraising the performance of the employees and keeps them happy with their job. The paper has been developed to understand the job of a Human Resources Representative for the PenFed Credit Union and prepare a job description for the position. The paper aims to present the strategies that will be used to evaluate the job and measure the performance of the employee working in this role. A compensation package will be presented along with intrinsic and extrinsic benefits for the position. Along with that, a discussion will be presented regarding the compensation strategy and appropriateness of the proposal according to the present market status.
Job Description
The primary role of the job is to complete the administrative work related to human resources in the PenFed Credit Union. The role of the Human Resources representative includes benefits administration, event organizing, and wellness planning, recruiting and another task. Hence, it can be seen that the HR representative will be responsible for representing the company to its customers. They need to control the HR activities of the organization. A detailed job description of an HR representative has been presented herein below:
Duties and responsibilities:
A Human Resources Representative is responsible for assisting the organization in various HR procedures and programs. They will assist the entire credit union and employees of the subsidiary companies.
The Human Resource Representative need to participate in the benefits administration that includes and are not limited to long term or short term disability, FMLA, COBRA, worker’s compensation, and program changes and enrollment.
The Human Resource Representative will assist in the administration of compensation packages and program by participating in the performance appraisal process.
The Human Resource Representative will take part in the sponsored events of the organization such as community service events, wellness events, blood drives and sports activities.
The Human Resource Representative will assist the organization in the recruitment process. They will perform activities such as preparing the letters and communicating with the applicants to fill the vacant position in the company. They will schedule appointments, choose qualified candidates and coordinate with other HR representatives to complete the employment process.
The Human Resource Representative will be responsible for assisting the HR managers in doing all sort of activities that are related to the HR management in the organization.
Method of Job Evaluation
There are different job evaluation methods that can be used to understand the importance of the position in the organization. The importance of the post helps to decide the compensation packages that will be offered to the individuals who are recruited to the particular position. The job evaluation methods are discussed herein below:
Ranking or job comparison method: It is the easiest form of job evaluation. The jobs are ranked in accordance with the importance from the simpler to harder jobs in the organization. The importance of the job is a judge regarding responsibilities, duties and demand for the job holder. On the basis of the job ranks, the compensation packages are decided (Moynihan & Wells, 2010).
Grading or job classification method: The grading technique is also known as job classification. The grades of the jobs are classified by an authorized body that is appointed for the purpose of judging the class of the job (Chen & Fu, 2011). The classes or grades are created by identifying common denominators life knowledge, skills and responsibilities of the job.
Point factor rating: The point rating is used to break the jobs into various factors that are rated on the basis of its importance. The major factors that are used to allocate points on the job are an effort, skills, training, hazards, knowledge, and responsibility (Risher, 2013). The points are given to the factors that judge the importance of the job to decide the compensation package.
Intrinsic and extrinsic benefits
For a Human Resources Representative working in the PenFed Credit Union can be considered as one of the significant jobs available in banking market industry. Being one of the biggest financial banking and investing corporation of the USA, the corporate financial organization has offered convenient intrinsic and extrinsic benefits towards the employees. As the paper has been specifically designed to make an outline of the employee compensation plan, a discussion on the intrinsic and extrinsic benefits of the identified job position have been made herein.
In terms of intrinsic reward benefits for a human resources representative working for the PenFed Credit Union, it is the challenging of the job position, responsibility towards the job position, job satisfaction, personal as well as professional development and significant achievements at the workplace. By identifying workplace challenges and knowledge resources of the human resources representative, the particular job position offers a person self-esteem and achievements (Conlin, 2008). Motivated by the comments and feedbacks from the customers as well as team members, human resources representatives of PenFed Credit Union can set an influencing career in the financial business industry. Extrinsic reward benefits, on the other flip, can be considered as the benefits and rewards to be given by the employers on account of completion of a particular target. For a human resources representative working for the PenFed Credit Union, the organization offers satisfactory employee rewards such as pay increment, promotions, merit bonus, and other indirect outlines of benefits to appreciate the productivity and effort of the human resources representatives work for the PenFed Credit Union.
The credit card company has identified the responsibility and efforts of a human resources representative and according to the performance of the employees; the company offers high wage payments to them. Significantly, the company has offered crucial psychological rewards such as job security and career prosperity towards the employees to improve their performance. Besides, the extrinsic reward system of the firm has delivered compatible employees with high talent and knowledge resources. Such reward facilities has helped the organization to retain the best human resources representatives.
Compensation package and rationale for same
In the employee compensation package of the human resources representative working in the PenFed Credit Union, the company should offer massive salary such as $52,000 per annum. Apart from the salary, the company offers health insurance; life insurance and other bonus and parks to the employee occupied the specific job position in the organization. As there are massive responsibilities attached to the post of human resources representative, it is the duty of the organizational management to figure out the best compensation plan for the responsible post. By identifying the various benefits attached to the job position, an employee can give its maximum efforts to make a successful work environment.
As a motivating factor, such efficient and highly valuable compensation package should be required for a human resources representative working for the PenFed Credit Union. Apart from the tangible reward system, the financial institute must deliver intrinsic reward benefits such as challenging jobs, judgment efficiency, job satisfaction and significant opportunities to achieve a competitive career to the employees. By realizing the purpose of the job and motivating factors associated with the most, human resources representative of the organization can influence the performance of the rest of the departments (Giancola, 2014). Therefore, such effective and high-range reward system can be recommended for this particular job position. Widespread benefits of the compensation package can help the credit card organization to introduce a high level of performance and decision-making strategies that can add extra energy to the human resources.
Performance measurement
The performance of an HR representative needs to be measured to see that the individual appointed to the position performs his or her roles and responsibilities appropriately. There are different methods of measuring the performance of an HR representative. Some of these methods are discussed in the points given below:
Performance appraisal: The performance appraisal process can be used to measure the performance of an HR representative. A performance appraisal form will be provided to the employees to provide their feedbacks on their roles, responsibilities, and achievements. The PA form will be evaluated by the HR managers to measure the performance of the HR representative.
Customer feedback: Clients and customers feedback is another way of measuring the performance of an HR representative. The feedbacks can be collected through a survey with the help of a feedback form. The views of the clients can be used to measure the performance of the HR representative.
Judging work ethics and individual achievements: The accomplishments and work ethics of the HR representative can be used to measure their performance. The achievements will portray their learning and skill development capabilities.
Random methods of quality control: A random method of quality control can be used to judge the performance of the HR representative. The HR managers will keep a watch on the activities of the HR representative to measure their performance.
Suitability of the proposal for the present market
In a competitive credit card market, it is important to hire the best talent and retain the best in the business. By identifying the responsibility and accountability of the job position of a human resources representative, PenFed Credit Union must deliver most significant compensation plan to recruit the efficient professionals most compatible to the job position. Both the high-range intrinsic and extrinsic reward benefits will enhance the engagement work profile of PenFed Credit Union Company towards the targeted talent pool (Moynihan & Wells, 2010). Considerably, such efficient compensational proposal plan can bring out the best recruits for the financial institute. By showing the competency of the talent resources, the organization can ensure the highest productivity on a regular basis. Apart from that, such compensation proposal can improve the hiring culture of the firm as significant talent pool can be interested in joining the organization. On the other hand, to retain the experienced and knowledgeable workforce, such compensation proposal can be highly effective. There is particular meaningfulness attached to the settlement proposal plan that can eventually lead the credit card company to achieve the organizational goals and objectives.
Compensation strategy
In order to design the most significant compensation and reward strategy for human resources representative, PenFed Credit Union must drive inspirational principles so that efficiency of the employees can be influenced automatically. By realizing the existing practices of the industry, the company must set something new to the target employees so that they can select the firm. By defining the criticality factors associated with the different employee category, better governance must be developed through efficient compensation policy (Weinberger, 2010). On the other hand, in order to motivate the best workforce available to the industry, regional commonalities such as psychological needs, culture, and local legislation must be taken into consideration to set a reward and compensation strategy suitable for the PenFed Credit Union. By identifying the value of the HR representative post, it is important to have a significant compensation policy so that an employee can get the most appropriate compensation for his contribution and efforts to the organizational development. Therefore, the organization needs to map a complete compensation strategy as briefed herein to design a unique compensation plan supportive for a post of human resources representative.
Conclusion
It can be seen that the HR representative plays a major role in a service organization. They are responsible for assisting the HR managers in carrying on all activities related to the human resources of the organization. Hence, it is important to develop an excellent compensation package for the HR representative to retain them in the job. A good compensation package will help to motivate the employees and enhance employee satisfaction. It will further increase the performance and productivity of the employees helping the organization to seek a competitive advantage and growth in the market.
References
Chen, H., & Fu, P. (2011). Perceptions of Justice in Extrinsic Reward Patterns. Compensation & Benefits Review, 43(6), 361-370. http://dx.doi.org/10.1177/0886368711423802
Conlin, B. (2008). Best Practices for Designing New Sales Compensation Plans. Compensation & Benefits Review, 40(2), 50-55. http://dx.doi.org/10.1177/0886368708314077
Giancola, F. (2014). Should HR Professionals Devote More Time to Intrinsic Rewards?. Compensation & Benefits Review, 46(1), 25-31. http://dx.doi.org/10.1177/0886368714537446
Moynihan, D., & Wells, S. (2010). Designing Compensation Plans to Manage Today's Risk Environment. Compensation & Benefits Review, 43(1), 17-22. http://dx.doi.org/10.1177/0886368710390490
Risher, H. (2013). It's Not That Simple: Extrinsic Versus Intrinsic Rewards. Compensation & Benefits Review, 45(1), 3-6. http://dx.doi.org/10.1177/0886368713485033
Weinberger, T. (2010). Assessing the Situational Awareness of Employees for Pay Practice Adherence to Compensation Philosophy. Compensation & Benefits Review, 42(4), 215-221. http://dx.doi.org/10.1177/0886368710374388
