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(solved) Human Resource Management- Assignment

   

Added on  2020-04-15

7 Pages1419 Words76 Views
Running head: HUMAN RESOURCE MANAGEMENTHUMAN RESOURCE MANAGEMENTName of the StudentName of the UniversityAuthor Note

1HUMAN RESOURCE MANAGEMENTTable of ContentsIntroduction:....................................................................................................................................2Company Background:....................................................................................................................2Internal Equity:................................................................................................................................2Compensation Alignment with Marketplace:..................................................................................3Employee Benefits:..........................................................................................................................3Compensation Program:..................................................................................................................4Likert Scale:.................................................................................................................................4Conclusion and Recommendation:..................................................................................................5References:......................................................................................................................................7

2HUMAN RESOURCE MANAGEMENTIntroduction: Human Resource Management is one of the major aspects of business for succeeding inthe market. The human resource management of the firm refers to the management of the peopleof the organization for effective and successful business outcomes (Hendry, 2012). Among allthe aspects of HRM, the compensation approach is one of the vital parts needs to be discussedwith detail explanation (Jiang et al., 2012). The compensation approach is a part of theremuneration package which is considered to be necessary elements for the multinationalcompanies practicing expatriation. The following section discusses the important aspects ofcompensation highlighting the Aon Hewitt company. Company Background:Aon Hewitt is one of the leading multinational human resource outsourcing companiesthat provide management consulting service and human capital to various organizations. Thebasic function of the company is to provide service on outsourcing, consulting and reinsurancebreakage service. The company was founded in 1940 and headquartered in United States. Thenumber of employees of the company is approximately 29,000 (Aon plc, 2017). The companyhas its offices in 120 countries and the number of offices is 500. Internal Equity:Through the job evaluation process the company ensures the internal equity of thesalaries among the employees. The company uses the JobLink methodology for the jobevaluation for measuring the size of the jobs against consistent and appropriate criteria (Aon,2017). Aon uses the job evaluation system to determine the fairness and consistency. Thecompany uses the job evaluation system for defining the internal relationships of jobs within theorganization. The factors through whoch the company uses the job evaluation system are basedon the measurement of knowledge and application, problem solving and innovation, interaction,impact and accountability. The process of the job evaluation objectifies the internal equity interms of the rate of pay for the new hires.

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