Managing Human Resources: Theories, Practices, and Examples

Managing Human
Resources

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY..................................................................................................................................1
Definition, explanation, theories and analysis of total reward models........................................1
Example of practice from two named organisations, how they apply theories, best practices
and approaches.............................................................................................................................4
Critical thinking analysis in context of these two firms on matter around fairness and equality 7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Human resource management is the strategic approach to the effective and green
management of people in an employer or organization such that they help their commercial
enterprise benefit a competitive gain. Managing human resources refers back to the capabilities
that a manager plays relative to the agency's employees. Managing Human Resources also can
confer with the act of presenting the control actions the personnel of the Human Resource
Department. This assessment will define information about total reward, theories and analysis of
total reward models by considering their benefits and drawbacks (Szota, 2018). Moreover, it will
discuss about application of theories, best practices and approaches to reinforce manage and
drive effective performance with the consideration of example of two organisations. Further, it
will explain about the analysis in relation to these two enterprises on matters around fairness and
equality in the organisations’ total reward system.
MAIN BODY
Definition, explanation, theories and analysis of total reward models
Definition- Total rewards is the aggregate of benefits, compensation and rewards that personnel
acquire from their companies. This can consist of wages and bonuses in addition to popularity,
administrative center flexibility and profession opportunities. Total rewards might also talk to the
characteristic or branch within HR that handles repayment and blessings, or the mixed intrinsic
and extrinsic rewards (or cost) that an employee perceives. Total reward has components; in its
purest form it is the entire package of blessings, which include finance, pay, bonuses, cars;
worker recognition, opportunities, quality of operating lifestyles and different non-economic
factors. Total praise includes four superb factors:
Base and variable pay- It is a financial element and needs to be consistent with market
expectations for it to live a hygiene element. Depending on supply and contact for and the extent
of opposition your commercial employer is coping with, you could determine to pay constant
with the marketplace, over the marketplace or have the highly-priced to pay beneath marketplace
price (Raudeliūnienė, Davidavičienė and Jakubavičius, 2018). There want to be an element of
equity and a notion that your base and variable pay supplying is regular with marketplace
expectations.
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Pension and blessings- The 2nd monetary thing of overall praise, pension and blessings,
affords extra triggers for people to go back and work to the organization. Most humans revel in
flexibility and desire near pensions and blessings and with the contemporary multigenerational
body of employees, benefit services are expected to satisfy personnel’ individual desires,
irrespective of which stage they are at of their careers or non-public lives.
Learning and development- The 1/3 element of normal praise, studying and
development, specializes in humans’ profession aspirations. Once the financial factors have met
their expectations, they'll turn their interest to growth and development opportunities. They start
to have an take a look at the possibilities their organisation offers (Wilkinson and et. Al., 2018).
They make decisions approximately their subsequent steps and whether or now not they want to
stay of their modern-day role or search for a profession trade or development.
Organisational way of life- The fourth and very last detail of preferred reward –
organisational way of life – represents all your corporation has to provide besides money,
studying and improvement. For an enduring and fruitful dating with their corporation, however
lengthy or brief this courting may be, it is essential that employees feel “relaxed” inside the
workplace to perform to the great of their competencies.
Theories of total reward
The description of some reward or compensation theories is as below:
Reinforcement and Expectancy Theory- The reinforcement concept postulates that a
conduct which has a worthwhile revel in is probable to be repeated. The implication for
remuneration is that high employee not unusual widespread performance discovered by way of
way of a economic praise will make future worker average performance more likely. By the
same token, a excessive usual ordinary overall performance no longer located through the use of
a reward will make its recurrence not probably in future (World Health Organization, 2018). The
idea emphasizes the significance of a person in truth experiencing the reward. Like the
reinforcement principle, Vroom’s expectancy idea specializes within the hyperlink amongst
rewards and behaviour. Motivation, regular with the principle, is the product of valence,
instrumentality and expectancy. Remuneration structures variety in keeping with their effect on
those motivational additives. Generally speaking, pay structures variety maximum of their effect
on instrumentality the perceived link between behaviour and pay. Valence of pay consequences
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