Managing Employee Benefits.

1 Managing Employee Benefits Student's Name Institutional Affiliation Course Name and Number Professor's Name Date
2 How Organizational Culture and The Use of Performance Criteria and Standards Affect the Remaining Components of a Performance Management System According to Valentine et al. (2020), businesses should seriously consider investing in a performance management system that accounts for the wide range of employee actions contributing to optimal business results. Recognizing employees for their ethical behavior, especially when it leads to excellent results for the firm, is one way to drive home the idea that employee actions and business outcomes matter (Snell & Morris, 2022). Companies can increase the likelihood that their employees will exhibit the desired behaviors by emphasizing them in their value statements, raising awareness of the significance of constructive on-the-job action, and encouraging more. Valentine et al. (2020) state that performance indicators might be subjective or objective. For example, an objective indicator may include the number of cars sold, whereas a subjective may entail the number of bills sold in a particular financial year. Subjective measures are more challenging to evaluate since they require the evaluator's judgment. For instance, the manager's opinion of an employee's "attitude" is an example of an intangible quality (Valentine et al., 2020). Therefore, care must be used while employing either objective or subjective metrics. Performance measurement requires focusing on the work's most essential features. Customer service reps' responsiveness may matter more than their ingenuity. Hansen and Pihl- Thingvad (2019) recommend highlighting and communicating each position's most important characteristics in job descriptions. Performance evaluation is only flawed with essential duties. Valentine et al. (2020) advise managers to use only acceptable or contaminated metrics. However, overemphasizing one metric can be harmful (Snell & Morris, 2022). Hard effort, timeliness, and organizational contribution should be rewarded (Valentine et al., 2020). Bonuses, promotions, and other rewards may be granted when goals are met. If an employee underperforms, they will receive coaching and constructive feedback. Evaluations encourage staff growth and ongoing improvement. According to Valentine et al. (2020), organizational cultures include performance stress, impacting performance criteria, standards, and other performance management system components (Snell & Morris, 2022). Organizations affect the management system because performance criteria evaluate employees' most important job duties (Valentine et al., 2020).
3 Performance standards define worker expectations. Benchmarks, goals, and targets help companies define job performance. Classmate Response CLASSMATE 1 This classmate claims that company culture affects performance, for better or ill. It contains the company's core principles, beliefs, and conventions. Performance criteria and standards in an organization's culture affect several performance management system components. These include self-awareness, unbiased work evaluations, direction toward organizational goals, and constructive criticism. These elements help leaders create an aspirational and collaborative business culture. CLASSMATE 2 This student states that strategically offering optional benefits can help firms retain their workforce and control budgets. Dental, long-term care and life insurance reduce employees' financial anxieties. A comprehensive benefits package is essential to attract and retain talent, increase employee engagement and productivity, set the company apart from competitors, manage costs and risks, take demographics and employee preferences into account, research industry norms and competitors, and strike a balance between benefits and budgetary constraints. Strategically creating benefit packages can help employers recruit and retain top talent, enhance employee satisfaction and productivity, and save money.
Uploaded by UltraMusic7262 on