Strategic Human Resource Management: 360 Feedback and Compensation

This report provides an analysis of 360-degree feedback systems, detailing their advantages such as increased awareness and multiple perspectives, and disadvantages including the potential for biased opinions and technological reliance. It emphasizes the importance of selecting relevant individuals for feedback and illustrates this with an example. Furthermore, the report discusses the latest developments in compensation practices in Australia, highlighting salary trends across various industries, the demand for specific professions, and government-introduced incentive programs like wage subsidies and disability financial assistance. Additionally, it covers various employee benefits including healthcare, social security, and retirement plans, alongside a focus on improved health and safety measures within the workplace, providing a comprehensive overview of contemporary HRM practices.

Strategic Human Resource Management

1. Advantage and disadvantage of 360 feedback systems
360 degree feedback is regarded as the multi source assessment where main focus is on
assessing performance of the employees present in the workplace and in turn feedback is
obtained from different individuals like customers, subordinates, managers etc.
The main advantage associated with this type of feedback system is that it allows
individuals in knowing about they are perceived by others. It leads to rise in level of awareness
and competencies. Feedback obtained from different individuals is considered to be valid and it
is considered to be reliable also. Apart from this individuals are able to know about the real areas
where their performance lacks.
On the other hand disadvantage of this feedback system involves absence of honest
opinion and this can adversely affect individual performance (Advantages and Disadvantages of
360 Degree Feedback, 2015). Sometime stress is put on different individuals for providing
feedback. Lastly in the 360 feedback system high reliance on technology.
Further, organization must decide to take feedback of those individuals whose
performance has direct impact on organization’s performance like manager, top officials, sales
manager etc. Role of all these individuals is quite crucial within the workplace for instance if
Tesco obtains feedback of its customer care executive from customers and other employees then
in such case it will become possible to know performance of customer care executive. The role
of customer care executive is quite significant in the workplace and in case if individual does not
carry out operations properly then it will become difficult to satisfy need of the customers.
2. Latest development in the compensation practice
Salary trends in Australia have been undertaken where it has been found that digital and
consumer products are the optimistic industries with the respondents over 36% expects bonus of
6-10%, government 90%, transport 63% and not for profit 87.7% are the most pessimistic
industries where bonus is not given (Human resource management country profiles, 2012). The
five leading professions that are in demand involves layers, risk and compliance, IT, construction
engineers and sales and marketing.
Considering the compensation development different schemes along with the incentive
programs have been introduced by the government that involves restart wage subsidy where
financial help is provided to the company that hires people aged 50 years or older. Disability
financial assistance is also provided to the companies so that they can develop their workplace so
1

that disabled people can be hired easily within the workplace. Apart from this, new type of
overtime and incentive scheme has been introduced by every company operating in the market so
as to provide financial support to the employees. Some other additional form of benefits are also
covered that involves death and disability, healthcare, social security, retirement etc and the main
motive behind introduction of all these type of benefits is to provide proper assistance to the
people so that they can easily work in the organization (Skene, Perry, Brennan and Shaw, 2017).
The latest development in the compensation practice also involves improved health and safety
where proper safe working environment is provided to the people within the workplace so that
they can work efficiently.
So, in this way these are some of the recent development that have taken place in the
compensation practice so that people living in Australia can be provided proper support in terms
of both monetary and non monetary.
2

REFERENCES
Advantages and Disadvantages of 360 Degree Feedback, (2015). [Online]. Accessed through <
http://www.mnestudies.com/human-resource/advantages-disadvantages-360-degree-
feedback>. [Accessed on 23rd Nov 2017].
Human resource management country profiles, (2012). [Online]. Accessed through <
https://www.google.co.in/url?
sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=0ahUKEwj3pqvfrdTX
AhXFPI8KHWD2DCEQFggwMAE&url=https%3A%2F%2Fwww.oecd.org%2Fgov
%2Fpem%2FOECD%2520HRM%2520Profile%2520-
%2520Australia.pdf&usg=AOvVaw1_R5U8s8PmC0s6hl9atkYl> . [Accessed on 23rd Nov
2017].
Skene, H. Perry, D. Brennan, M. and Shaw, S, (2017). Employment and employee benefits in
Australia: overview. [Online]. Accessed through <
https://uk.practicallaw.thomsonreuters.com/3-503-3758?
transitionType=Default&contextData=(sc.Default)&firstPage=true&bhcp=1> . [Accessed on
23rd Nov 2017].
3