Name cash as well as any other company

Name of StudentName of InstitutionSubject: Best HR Practices.Employee Compensation and BenefitsEmployee benefits are non-salary compensation that usually varies from company to company. Employee compensation may include salary, wages, incentives and commission. Moreover, total compensation encompasses cash as well as any other company benefits. Research assets that proper compensation and benefits schemes are essential for both organizations and employee development.

When employees are rewarded for their hard work, it motivates them and this in turn makes them more productive.Every organization aims at having the best employees and retaining them. However, to retain quality employees calls for providing the right compensation and benefit package. Therefore organizations have, to create a competitive employee compensation strategy, and use a mix of salary, benefits and incentives.

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Apart from the basic salary the employer should pay to an employee for specific purposes other than doing the job. These include transport allowance, housing meals, cost of living, seniority, medical and pension benefits.In consideration of this therefore, it is the goal of firms to have a well-designed compensation plan which should ensure that there is equity for all employees. A compensation plan should include commissions, bonuses, stock options and a comprehensive benefits package.

A fair compensation plan is designed with a system of components such as job descriptions, job analysis and evaluation, and pay structures. It is essential in maintaining internal and external equity.Internal equity occurs when employees perceive their pay in comparison to their coworkers in the same organization. External equity is the employees’ perception of the organization’s pay as compared to the pay offered by other organizations for equivalent positions.The compensation strategy should be designed in order to meet individual organizations’ needs. It is vital to put into consideration options that attract and retain quality employees.

Startups that may not compete with large organizations but should strive to ensure that employees are rewarded fairly and in the most cost effective ways, so that they can in turn be motivated to sustain high performance.However compensation and benefits have a direct relationship with market charges. A good compensation and benefits package leads to attracting top talent to the organization, increased motivation among employees, increased employee loyalty, increased productivity and job satisfaction. Every organization should strive to come up with a competitive compensation package that puts it ahead of others.Business leadership strategyResearch asserts that there is no known leadership style that can be said to be the most suitable. Therefore, an effective leader takes time to know the subordinates and know the type of leadership strategy to which to respond positively. Studies have developed some leadership strategies to adopt in various situations. Firstly, is the transformational leadership which is an ideal strategy, for all organizations that are restructuring, expanding globally or changing owners? Transformational leadership is a strategy that aims to inspire people to embrace change and transition and also internalize the organizational vision.

Transformational leadership strategy calls for assessment of employees to know their needs and how to value and satisfy them in order to respond to your leadership. As such, transformational leaders must possess inspirational, motivational and creative qualities which help employees to perform their jobs effectively. It is a people oriented strategy.

Another strategy is autocratic leadership which takes the authoritative approach. It is directive, task driven and results oriented. Leaders do not spend time analyzing their subordinates’ needs and instead they concentrate on giving the tools and resources that they should use to improve productivity. Decision making is left to the leaders.

The leaders however decree objectives, timeliness and deadlines. They tell others what to do. It lacks personal touch, autocratic leaders get the results they want and researchers say it is an effective strategy for getting things done.Last in the list is Transactional leadership strategy, which says that employees who are good performers and exceed expectations should be rewarded. More so, underperforming employees should also face the consequences of underperformance. Transactional leaders do motivate employees using bonuses, raises and promotions to entice them.

Transactional leaders embrace the reward system. This form of leadership has proven to be an effective management strategy.DiversityIt refers to the act of understanding that each individual is unique, and therefore we need to recognize and understand our differences.

Diversity can be explained along the line of race, ethnicity, gender, sexual orientation, socioeconomic status, age, physical activities, religious beliefs, political beliefs or other ideologies.It entails acceptance and respect, in spite of our individual differences. In HR, it features a mixed workforce to provide a wide range of abilities, experience, knowledge and strengths.

It also encompasses situation with decrease distributions, channels, product mixes and distribution channels.Research shows that there are varying characteristics of different generations. Diversity refers to the condition of differing elements especially the inclusion of different races or cultures in a group or organization. In the work place diversity refers to the inclusion of things, people and places that are different.

For instance, to have people of different genders, ages and ethnicities in one work place show great diversity.To cultivate a diverse work force is every individual biggest priority though people often misunderstand or underestimate its power both internally and externally to the organization. Research concludes that diversity is all that sets an individual apart from another. It is about including different ideas, backgrounds and opinions in the mix when making key decisions, developing and generating new ideas and solutions to one internal challenge.However, diversity is not about compliance.

It is therefore viewed as a burden or a source of challenge or problem. It is not about tolerance or even sensitivity that comes from lack of leadership or dysfunctional cultures nor is it about special treatment for a certain group of people. According to research, creating a diverse workforce can be a source of increased of increased productivity and leads to better retention of talent. It leads to organization’s ability to respond to different customers and have an improved relationship with the community. We should understand diversity as an opportunity. Organizations ought to think about diversity in recruitment, development of talents, mentorship in our communications and partnerships.

In the work place, we value diversity by creating a work environment that includes and respects differences. Individuals can make unique contributions and thus maximize the potential of all employees.Employee relationsIt refers to an organizations’ effort to manage relationships between the employer and the employees.

An organization with a healthy relationship has a fair and consistent treatment of all employees, and they are in turn committed to their work and are loyal to the organization. The aim of employee relationship is realized in identifying and resolving issues in the work place, determining employee satisfaction and morale and also providing support to the organizations’ performance management system.Every organization needs a solid employee relations strategy. To build strong employee relations entails a variety of duties to promote employee welfare.

These include duties such as resolving human relations issues and promoting employee health and well-being. It also includes the development and implementation of programs, policies and procedures related to Employee relations.Employee relations also include developing and administering progressive discipline policy and procedures.

It helps in building employee morale, as well as in recruiting and training of new employees. It deals with issues related to resolving human relations problems. It encompasses duties such as counseling of employees, regarding work, family or personal problems.

As employees strive to realize organizational goals, they must also share a good rapport either each other. When employees are in a healthy relationship, they deliver their best performances. An employee specialist is responsible for managing an organizations relationship with its employees.Therefore, employee relations helps in consultation, facilitation and resolution of organizational issues by providing proper guidance in communication between employers and employees, disciplinary measures and I planning, explanation and clarification of organizational policies and ensures that there is harmony in the organization.Organizational Ethics and corporate social responsibilityEthics encompasses the moral principles and standards that guide behavior in the world of business, corporate social responsibility. It is an integral management concept that establishes responsible behavior within a company, its objectives, values and competencies.

Therefore, business ethics and social responsibility are two concepts that deal with the business environment.Corporations have a responsibility to individuals or groups that its operations affect. This include: stakeholders and also the wider society. Corporate responsibility is about being consistent with ethical principles and conducts that shape the decisions of the people in organizations make .when we talk about ethics, it is a difficult topic because ethics is based on conscience. However, even though organizational ethics have to follow related regulations and laws, it focuses on corporates and society.

Research attempts to differentiate between Ethics and social responsibility. Ethical principles are the values which guide how to behave, and are considered as moral values such as respect, honesty, fairness and responsibility.Corporate responsibility on the other hand spreads into areas of ethics, legalities and regulations.

Emphasis in sound responsibility and ethics is vital because there is a challenge for organizations to balance the financial demands of stakeholders and the need to enhance profits as well as carter for well-being of employees and the environment. By integrating social responsibility and ethics, organizations can make a big difference in the world and thus create a name.Since ethics and social responsibility also deal with individual conscience, organizations differ in the way they want to give back to the society in terms of safety and care of the environment as well as in being involved in activities that lead to making the life of other people better. Some invest in education of less fortunate or other development activities. Organization and Employee Development.To build an organizational and employee development plan is essential since it enables managers to determine the performance of its employees and establish the key areas to concentrate on for improvement.

Employee development is a human resource function whereby employees get encouraged to increase their skills, knowledge and competencies so as to obtain additional career development training. Employee development refers to the resources that the employer gives to workers to equip them with new skills and accreditations.Employers do this in order to increase the efficiency of employees and thus acquire improved performance. By developing its workforce, a firm gains a competitive mileage since employees are responsible for all the results that the firm enjoys. It is thus the dream of organizations to have competent employees in order to achieve its goals. Organizational development practitioners are involved in various practices such as consultation to know the needs of employees and recommend solutions.

They also carry out training and development, which entails exposing the employees to learning experiences so that they may acquire knowledge and skills related to professional development, leadership and technological skills. Moreover, they perform facilitation duties which involve guiding participants to generate and analyze ideas, as well as come up with solutions and effective activities.Thus workplace development and learning practices are aimed at promoting employee and organizational growth.

Employee recognition programs leads to supporting the organization’s vision and core values by helping build a positive working environment that increases motivation and performance. It also leads to high motivation levels, optimum performance and good results in the work place.Talent managementTalent management involves managing ability, competence and the power of employees within an organization.

It entails those procedures to do with recruitment, development, retaining and recording employees so as to make them perform better. The basic aim of talent management is to hire and maintain a superior workforce. The first step in talent management is the recruitment, development, retaining and rewarding employees so as to make them perform better. The basic aim of talent management is to hire and maintain superior workforce.The first step in talent management is the recruitment process which deals with identifying the organizations aim to achieve and the characteristics, qualifications and skills that recruits should possess; so as to realize the organization’s goals. The firm then puts measures in place to attract those qualified to take part in the recruitment process.

Organizations that wish to get the best out of their employees and attract new talents must put in place an efficient talent management process. The first step is to put proper channels and paths from expectation setting, training and a continuous cycle of talent management and performance. Once the skills and abilities are matched with goals and objectives, then the next step is to plan a competent workforce. This is determined by the skills one needs to hire or built through training and coaching.

Development of talent ought to be integrated in the day to day performance, management and feedback. Training is to be done in line with the company’s goals and objectives. The management thus involves studying and evaluating individuals on skills, knowledge, personality and character as related to the vacancy within the organization.It can be concluded that talent management is a process of getting, developing employees with skills that best align with the needs and goals of the organization. The goal of talent management is to have the best employees and organization can afford to propel it to achieve maximum potential for success.TechnologyTechnology management refers to a set of disciplines that help an organization to manage their technological fundamentals with a view of creating competitive advantage.

It is important for an organization to manage its technology strategically to avoid incurring loses. It involves planning, designing, optimizing operations and control of technological products.Technology management is important for it aims at maximizing the cost effectiveness of investments in technology development which contributes to the value of an organization.

Failing to plan technology leads to data loss or misuse of technology. By managing its technology, the organization will improve on its operations and reduce operational costs of the organization. If technology is well managed, the organization improves on its operations and reduces operational costs.

It also leads to an automate information flow in an organization.Strategic technology management takes a long term view of technological resources and how to use them for competitive advantage. Technology management is as important as the technology itself. This is so because in the dawn of a new age of technology, there are new ideas and ways of solving problems that are essential to the success of organizations. Management capitalizes in the good ideas that we possess to ensure that it is properly implemented.

An organization may have the right people and right position yet fail for not embracing the new technology. Technology deals with driving down a culture to get people to do things automatically thus empower them by increasing their risk taking abilities.Technology management deals with the selection of technologies to adopt, and the innovative ways to manage performance. It deals with developing effective communication and skills.

Technology manages link the engineers, manufacturers with the other employees as well as the customers. It is the engine that holds the organization together.Best practices in HRThe human resource department is very essential in every organization. One of its practices is to anticipate future HR needs. This enables an organization to identify jobs that need to be filled in the short, medium and long term. This long term vision helps the organization to recruit the right people in the right time and prevent costly layoffs.

Another practice is managing employee competency and development. It involves making the needs of the business with the available skills. It also customizes the type of competencies and skills to fit the organization’s needs.However, a good HR practice is taking availability and competency into account when giving employees the projects. This practice ensures the right employees are assigned to the right activities.

HR practices also ensure that employees are given the right work load. Overworking employees leads to exhaustion and underperformance. The HR department thus ensures that employees have the right workload.

HR also entails management of hiring as a project. It is good to determine the time it will take to hire and train an employee as well as who should be assigned different tasks at different time. This saves the organization time and money.HR practice also encompasses gathering all employee date in one place. This can also include information on how to manage human resource, termination date, and performance reviewed employee satisfaction.

Lastly is to keep the organizational chart up to date. This enables one to define managers and the employees that work under them in a glance.RefereesArmstrong Michael (2011) A Handbook of Human Resource ManagementBelcourt Laura Monica Et Al (2000) Strategic Human Resource PlanningNoe A. Raymond (2003) Human Resource Management Gaining a competitive Advantage