PERFORMANCE & REWARDS
Today, organisations are showing a high degree of commitment toward reinforcing reward practices aligned with other HR practices and the organisation’s goals for attracting, retaining, and motivating employees. Efficient reward practices help attract result-driven professionals who can thrive and succeed in performance-based environments.
Constantly changing business environment, workforce demographics, expanding operations, pressure for business growth, and continuous demand from the Malaysian job market has, like many organisations today, put pressure on organisations to address the following in the management of their human capital:
- The need to retain its top talent through a planned career growth path and ensure effective development at the various job levels and grades.
- The need to motivate its employees and create opportunities to progress with good performance accordingly rewarded.
- The need to manage its non-executive workforce to have a purposeful and planned career progression and their competence developed to meet new industry demands.
To address the above, organisations would embark on a performance and rewards review, which will ensure the following deliverables:
- Properly documented Job Descriptions in terms of responsibilities and work deliverables, ensuring clarity and ownership of job roles.
- Accurately-sized jobs and correctly correlated to industry practice so that job-holders feel recognised value for their output and equitably compensated, that a job-grade structure can thus be effectively constructed and levels effectively described, which will facilitate smooth person-job fit initiatives;
- Well-constructed Job Matrix to manage internal job equity that will lay the foundation for job progression, succession & developmental interventions, and programs.
- A precise Reward Management structure will enable organisations to implement an internally equitable and externally competitive Salary Structure to attract, retain and motivate their best talent.
HCR Malaysia’s proposal would outline the steps, processes, and deliverables to undertake this exercise, the scope of which will cover jobs and employees.
