This is the 7th blog of the ongoing series. This blog is written by Syed Asim Habib. Please read this blog for provide your valued comments.
Management of Human Resource Management has transformed into a more essential and integral part of any organization than it had been so earlier. Every organization believes and strive to attract, retain and impel intellects to meet its strategic objectives. In modern day and age, people working in an organization, are considered as primary assets of that set-up. Therefore, much like an Asset Management NBFC, every organization engages in diversified policies for efficient and effective workings.
Broadly speaking, most organizations pick either of the following two model to maintain a relatively longer retention it its employees. The first of this model is based on “Cash” only. In this, every responsibility of each employee is tried to be rewarded with cash. i.e. Salary. This model has its own built-in advantages like building more motivation and develop hunger for better performance.
It is also perceived that this model is rather derived from a Capitalistic School of Economy. Because, in this model organizations put a ‘Price Tag’ for each of its employees. Few would argue this as beneficial for the monetary growth of the subject individual, but from a Holistic point of view, people of such environments only use lenses of economy, hence, social and emotional viewpoint lose their relevance altogether.
The other model which is now getting more and more popular is to provide employees more non-monetary benefits / fringe-benefits. These benefits include, Insurances, Adequate medicalization of self and family, Transport and fueling, and pension funds etc. These benefits may not add the ‘face-value’ of the salary package but as a matter of fact, they provide ‘value additions’. It is not a rocket science to understand this policy.
An organization has not at all used any pressure tactic for retaining that individual at all. However, it has made him realized through its sheer actions that more he stays with this organization, higher will be monetary value of his benefits. Such a realization plays critical roles given the present job-market scenarios of our country, if the people are realized to this, they will not change their employment regularly.
Employees would be happy with their jobs and would love to work for you if they get fair rewards in the long run in exchange of their services. Unlike, few other social sciences, Human Resource Management like its name sake has one “Human” angle as well. Most of the employees do not necessarily work for Salary alone. There are few other attributes as well which employee wish to cater significantly but is employers. They are counted as Job satisfaction, opportunity for learning and prospering and most significantly able to blend his/her responsibilities of job with those of family.
In the next edition of this blog, the topic will be carried forward from the point it has left.
Syed Asim Habib