PLEASE READ THE INSTRUCTIONS. This is Doctoral work!! Provide one response to EACH student’s POST. Each response should be 150 words. PLEASE KEEP IN ORDER; the responses must be relevant to the student’s post. LET’S MAKE SURE ALL QUESTIONS ARE COVERED AND ANSWERED, and no negative responses to each student’s post.
Kilburn Fulton (he/him/his) Marcus The most valuable resource to an organization are the human performers responsible for creating organizational value. To retain efficient, qualified capable performers an organization must inspire, motivate, and stimulate the human resources within the organization. Motivated performers can help make an organization more competitive, add value and improve profitability. (Danish & Usman, 2010) In implementing a reward system into an organization, how does the system get monitored so that it is applied fairly to the performers? What part of the organization should make help keep the reward system fair and fresh? V/r Kip References Danish, R. Q., & Usman, A. (2010). Impact of reward and recognition on job satisfaction and motivation: An empirical study from Pakistan. International journal of business and management, 5(2), 159-167. Ashley Cedeno Hello Class, Benchmarking is when data is compared to that of other organizations that are within the same industry. Benchmarking allows human resource managers to compare and contrast what they offer to employees and what other organizations are offering. It is important for an organization to remain competitive and implement strategies that allow them to gain a competitive advantage. It is important for Human Resources or any other leaders within a company to make changes where needed that ultimately benefit the employer and employee. Compensation and benefits Organizations must understand the importance of crafting and implementing an effective compensation and benefits plan. Today, employees want to work for companies that offer good pay and great benefits, especially those with families. People would rather work for a job that offers better benefits and slightly less pay than a job that offers more pay but little to no benefits. It is essential to pick the right benefits, because every employees needs are different. It is also important to factor in what competitors are offering. “Not only can benefits potentially be worth more monetarily over time, they may also offer priceless piece of mind that can alleviate some of the stress your employees feel at work and at home” (Paychex, 2017). Below are a few benefits employees seek: Work life balance PTO Life insurance Health insurance 401k When organizations offer great flexibility and show they care about employees' wellbeing and understand that employees have lives outside of work, there are greater chances of employee retention. Employee turnover rate Employee turnover is something that all companies deal with. It becomes a challenge when the employee turnover rate is high. To mitigate a high turnover rate, organizations must think strategically and brainstorm different ways to retain top talent. One thing that can assist in employee retention is compensation and benefits along with work perks. Work perks can include discounts for rental cars, flights, hotels, amusement parks (beneficial for families), and more. Compare and contrast the differences between the benchmark and your organization. The largest auto insurance company in the country by market share is State Farm. The insurance companies that follow are Progressive, Geico and Allstate. Premiums written. Market share State Farm 46.7 billion 16.8% Progressive 38.9 billion 14.1% Geico 38.1 billion 13.8% Allstate 29.6 billion 10.7% Salary Statefarm Claims Adjuster Salary (average annual salary) Range: $56,558-$70,831 Median: $63,490 Top 10%: $81,370 or more Progressive Claims Adjuster Salary Total estimated pay for a Claims Adjuster at Progressive Insurance is $67,117 per year. *It is important to note that salaries vary based off state* Benefits It appears that both companies offer similar benefits. Statefarm employee benefits Insurance Health and Wellness Perks at Work Tuition Assistance Competitive pay Professional support Progressive employee benefits Health and Wellness Dental benefits Medical Insurance Disability Insurance Life Insurance Health Savings Account Vision Benefits Perks at Work Explain how human resource leaders could benchmark diversity and inclusion in your organization. Progressive Insurance can research and analyze how organizations participate in DEI and what resources, if any, they provide to their employees that encourage them to celebrate and promote DEI. I can say that Progressive is all about Diversity, Equity, and Inclusion. Employees can participate in several ERGs (employee resource groups). For example, they have a group called PLANetA, which stands for Progressive Latin American Networking Association. Another group is DAWN, which is the Disabilities Awareness Network. Another beneficial one is the Parent Connection group. "At Progressive, our ERG participation is much higher than other market-leading companies. Close to half of the Progressive people are members of at least one" (DEI, n.d). I am not part of them because I am too busy to dedicate time to them. However, I have heard good things about the ERGs. Explain how benchmarking effects HR decision making. Benchmarking typically involves a company comparing its practices and other factors with those of a leading company within the same industry. It could affect HR decision-making because an HR manager may have decided on something or implemented a strategy but now may have to alter that decision based on external factors such as competing industries. "By discovering what a successful competitor does differently, the company can pinpoint areas that need improvement in its policies or processes" (Thompson, n.d). This could pose a challenge because making specific organizational improvements could be time-consuming or costly. It is essential to ensure that whatever changes are being made align with the needs of the business. References Diversity, Equity & Inclusion. (n.d.). Www.progressive.com. https://www.progressive.com/careers/difference/diversity-inclusion-programs/ Paychex. (2017). Why Some Employees Consider Benefits More Important than Salary. Paychex. https://www.paychex.com/articles/employee-benefits/benefits-more-important-than-salary Thompson, S. (n.d.). What Is Benchmarking in Decision-Making? Small Business - Chron.com. https://smallbusiness.chron.com/benchmarking-decisionmaking-51738.html Tiffany Pescini (she/her/hers) Hello Professor and Class, Benchmarking Employers frequently undertake benchmarking to compare their organization's human resource (HR) metrics with metrics from similar organizations. HR benchmarking uses both quantitative and qualitative data to make comparisons between and within organizations, sectors, industries, roles, practices, and processes. It is used to provide feedback to organizations for continuous improvement to their people practices and challenge existing processes. Benchmarking can also be done internally, by comparing data from different points in time or across different divisions or locations. By linking HR metrics with the overall business strategy, leadership can more easily see how HR practices impact the organization's performance. Position Summary – HR Specialist To enter the occupation, human resources specialists typically need a bachelor’s degree in human resources, business, or a related field. By working in an internship during college, students gain relevant experience that may be helpful in competing for human resources specialist jobs. Internships in human resources departments may help prospective specialists to increase their understanding of the occupation and to network in an industry. Some positions require human resources specialists to have relevant work experience. Candidates may gain experience as human resources assistants, information clerks, customer service representatives, or in related occupations. Employers also may prefer to hire candidates who have experience in areas such as personnel recruitment, staff training and development, employee relations, and compensation and benefits. Candidates sometimes get this experience while in college, either through courses or by volunteering. Professional associations that specialize in human resources offer courses to enhance the skills of their members, and some offer certification programs. For example, the Society for Human Resource Management (SHRM) offers the SHRM Certified Professional (SHRM-CP) and SHRM Senior Certified Professional (SHRM-SCP), and the HR Certification Institute (HRCI) offers a range of certifications for varying levels of expertise. Certification usually requires that candidates pass an exam that covers human resources knowledge and asks candidates to apply their knowledge to different situations. Candidates for certification also typically need to meet minimum education and experience requirements. Although certification is usually voluntary, some employers prefer or require it. Human resources generalists may benefit from certification because it shows knowledge and professional competence across all human resources areas. Benchmarking Factors Salaries Salary benchmarking allows organizations to make a comparison of their salaries offered and benefits provided within specific industries, organizations, and geographies. It is a crucial way to understand if an organization has under or overpaying employees. There are reports specifically produced per industry and geography to provide relevant data. Benefits As the workforce evolves so do the preferences and expectations of employees. In today’s talent-demand economy, you need to go beyond a traditional benefits package to catch the attention of talented job seekers and retain your current employees. It collects all benefits information (Health & Wealth) and is able to provide insights into prevalence, values, and total remuneration. It provides critical insights to support the design of a top-notch total rewards offering that will support an agency’s talent strategy. Employee benefits are a crucial wedge for recruitment and retention. However, many businesses neglect this important part of their employer value proposition by adopting an overly traditional, ‘check-the-box’ approach to their benefit offerings. This mentality not only leaves potential savings on the table, but also forfeits a strong employee incentive in today’s exceptionally competitive labor market. Turnover The annual overall turnover rate is the rate at which employees enter and leave an organization during the year. A 100 percent turnover rate from year to year means that as many employees left the company as were hired. Employers often break down turnover data by voluntary and involuntary separations, length of service, department, and other criteria the employer has identified as important. Employment of human resources specialists is projected to grow 6 percent from 2022 to 2032, faster than the average for all occupations. About 78,700 openings for human resources specialists are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire. Inadequate total compensation was the most common reason employees leave their employer. A lack of career development and advancement, and a lack of workplace flexibility round out the top three issues propelling workers to exit. Compare and contrast the differences between the benchmark and your organization. Benchmark Benefits USDA Benefits Health Health Wellness Well-being Flexible Schedules Work-Life Balance Retirement Career Advancement PTO PTO Professional Development Retirement Education Education Leisure Benchmark Salary – HR Specialist USDA Salary – HR Specialist $64,240 per year $59,319 - $92,429 per year (decided based on GS Grade level (federal pay scale)) Benchmark Turnover – HR Specialist USDA Turnover – HR Specialist 15% 7% Explain how human resource leaders could benchmark diversity and inclusion in your organization. Diversity encourages broader perspectives and understanding of market needs enabling business to better address and resolve business problems. Judging diversity and inclusion outcomes requires looking at your organizational strategy, thinking about what matters most to your people, and letting that be your guide. Once you know where you're at, you can start benchmarking against yourself. Diversity and inclusion thus demand an organization’s attention if it is to be realized. Measures must be put in place to spur these efforts on, track their progress and evolve them over time. This helps to erase often unconscious blind spots that we all possess. It’s vital to first diagnose then continually track your organization’s progress against these metrics. To assist in benchmarking diversity and inclusion, consider the following: Set and track targets: Your journey needs a destination. Set specific and measurable goals using the metrics. Assign responsibility, ensure accountability: A party must be responsible for achieving those goals. If your diversity and inclusion efforts are treated as an afterthought, they’re doomed to fail. Incentivize success and hold the responsible party accountable. Report, review and evolve: Declare your successes and admit your failures. Get to know what works and what doesn’t. Your diversity and inclusion efforts must also evolve with your needs, so regularly review your objectives, metrics, and targets. Diversity is important for improving business outcomes. To ensure you are moving the needle, start measuring—once you start measuring, you will know how you are moving the needle. If you don’t have metrics that you look at and review, you will not know how you are making a difference and moving forward. Define the metrics, communicate them, and then measure progress. Explain how benchmarking effects HR decision making. Industry benchmarks are standards of performance or quality that can help you compare your business to others in your sector. They can help you identify your strengths, weaknesses, opportunities, and threats, and guide your decision-making process. Industry benchmarks are quantitative or qualitative measures that reflect the best practices, norms, or averages of a specific industry or market. They can be based on various indicators, such as revenue, profitability, customer satisfaction, innovation, productivity, or sustainability. For example, you can use industry benchmarks to compare your sales growth, profit margin, or customer retention rate to your competitors or peers. Industry benchmarks are essential for evaluating your performance, identifying gaps, and setting realistic goals. Moreover, they can improve your decision-making process by providing relevant, reliable, and actionable data. For instance, you can use industry benchmarks to assess your current situation and performance against industry standards and expectations, identify areas of improvement and prioritize actions and