‘- Please use APA (7th edition) formatting
– All questions and each part of the question should be answered in detail (Go into depth)
– Response to questions must demonstrate understanding and application of concepts covered in class
– Responses MUST be organized (Should be logical and easy to follow)
– Use in-text citations and resources per discussion from the school materials
-Â The use of course materials to support ideas is HIGHLY RECOMMENDED
â€œNeed at minimum 1Â½â€
Many Chief Executive Officers (CEO’s) and Chief Financial Officers (CFO’s) complain that their Human Resource professionals do not report metrics about Total Rewards or otherwiseÂ that matterÂ to the organization.Â Instead they report metrics that are very general and not specific enough to be helpful or they are metrics that are important mainly to the HR team and not linked to the organizational capabilities or employee competencies. We want you to be able to provide metrics that are relevant to the organization – metrics that matter to the CEO or CFO and all other leaders in the organization.
After selecting a metric for this discussion, ask yourself what does the metric that I am proposing tell me about the effectiveness of the Total Rewards program (or if relevant, a specific reward)? The metric must relate to the Total Rewards package to be a relevant metric for this discussion and for your next presentation.Â Revenue, profit, customer satisfaction are good data to know, but they are not relevant metrics for this assignment.
Further, the percentage ofÂ turnover is not important, by itself, as a metric, but the metric of the percentage of the highly valued employees who are leaving the organization andÂ why they are leaving is helpful to know since the data should tell us if the rewards currently offered are a factor in those valuable employees decision to resign.Â Whether employees are happy is not a helpful metricÂ (nothing against having happy employees but the organization would be better informed if it knew whether the employees are engaged in their work because of the total rewards). A metric that reports the percentage ofÂ the employees who are satisfied with the organizationÂ is not as helpful as knowing by individual segment of employee which benefit is of most value, through a forced ranking of the benefits. Therefore,Â do not select turnover as a metric on its own, do not select employee satisfaction on its own, and do not select revenue, profit, customer satisfaction, or productivity as a metric.
Give an academic definition of the term metric (with an in-text citation and full reference).Â Discuss why, in general, metrics are important for HR professionals to report. For example, they can assist the HR professional in achieving their goals and objectives while also assisting the whole organization. For example if innovation is a core capability of the organization, tracking the level of turnover of the individuals who have had the most success innovating would be important along with knowing why these individuals are leaving. This metric would allow the organization to change incentives or other rewards, if needed, or look for other ways to retain the needed talent.
Share the following:
Â· A metric you are considering for the next assignment (Â assignment 2) (typically a metric is an outcome and is presented as a percentage or index).
Â· What the metric tells the organization about the effectiveness of the total rewards program or a specific reward
Â· How the metric helps to support the organizational capabilities (what the organization does best) or how the metric helps to support the employee competencies (the knowledge, skills, and abilities)
Â· How the data for the metric will be collected (for example, through an electronic survey, exit interviews, data from the Human Resource Information System (HRIS), focus groups or something else)
A metric will be acceptable for the second assignment if it:
Â· Evaluates the effectiveness of at least one element of the total rewards program of the organization
Â· Helps toward achieving the organization’s capabilities or employee competencies
Â· Data can be collected for the metric (you do not have to collect the data but you will describe how you could collect it)
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