HRM 635 Leveraging Human Capital Essay

HRM 635 Leveraging Human Capital Essay

HRM 635 Leveraging Human Capital Essay

Human capital refers to the individuals who personally and collectively contribute to accomplishing an organization’s objectives. Employees are considered the most valuable asset in any organization. It is thus crucial for an organization’s leadership to take a strategic and coherent approach to manage, retain, and improve the value of human capital (Boon et al., 2018). Leveraging an organization’s greatest and most valuable can offer it a competitive edge in the market. The ability of the leadership team to motivate employees and steer them towards achieving the organization’s goal is a major area of concern for most organizations (Boon et al., 2018). This paper includes a written proposal to the leadership team of Texas Children’s Hospital and discusses the performance indicators, rewards and incentives, and a plan for employee motivation.

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Tasks and Performance Indicators That Contribute To the Overall Employee Performance

Performance indicators refer to metrics employed to evaluate how the human capital contributes to the organization. The metrics measure an organization’s level of success in attaining its goals and promote transparency and accountability, resulting in improved job performance (Al Rashidi et al., 2020). The tasks and performance indicators contributing to the overall employee performance at Texas Children’s Hospital include patient safety, patient satisfaction, length of patient stay, readmission rates, and mortality rates. The metric used to measure patient safety in the organization include hospital-acquired infections, catheter-associated urinary tract infections, patient falls, pressure ulcers, and medication errors. The incidence of these patient safety-related events is a performance indicator of the quality of care provided to patients (Al Rashidi et al., 2020). Patient satisfaction serves as a quality indicator of the quality and safety of care provided in the organization.

The length of patient stay acts as an indicator of employee performance at Texas Children’s Hospital. Prolonged patient stay often indicates poor quality of care and safety incidents in patient care. Readmission rates are also performance indicators of the quality and safety of patient care. High readmission rates indicate poor quality and safety of care, while low rates point to a high quality and safety of patient care (Al Rashidi et al., 2020). Lastly, mortality rates indicate the employee’s performance on the job. High mortality rates often indicate a need for employees to improve their performance and the quality of care they provide to patients.

Identifying an Employee’s Strengths and Skills to Leverage Their Performance

Establishing employees’ strengths and skills is the first step to improving efficiency at the workplace. Every employee brings different abilities and skills to work, and although some may not be applied currently, they can be used in future events (Miglianico et al., 2020). I will identify an employee’s strengths through performance reviews by asking them their strengths and weaknesses. Besides, I will invite employees for an open, low-pressure conversation whereby I first express my strengths and weaknesses and encourage them to express theirs. In addition, I will observe employees in their normal daily work routine and identify their strengths and skills in handling different situations (Miglianico et al., 2020). Another approach will be to create an employee evaluation form, which will assist in identifying and rating the strengths and weaknesses of each employee. I will create a standard evaluation form to ensure that every employee is evaluated using the same rating system. Qualities that will be evaluated will include knowledge, communication, the quantity of work, quality of work, initiative, use of technology, reliability, and orderliness.

Strategies to Improve Employee Performance

Organizations should implement broad-based and individualized strategies to improve employee performance and productivity. One of the strategies to enhance employee performance will be to work with them to set specific organizational goals. Setting goals will convey performance expectations to the employees, thus encouraging them to improve their output (Sendawula et al., 2018). In addition, regular review of goals with the employees will help them focus on the initial goals and help them identify causes for productivity and performance gaps. Regularly reviewing the performance expectations will highlight the performance gaps promptly, allowing the leaders to offer appropriate employee support to improve productivity. Furthermore, employee performance will be enhanced by providing regular employee feedback. Instant feedback on employees’ behaviors and performance has both immediate and long-term effects on employee performance (Sendawula et al., 2018). I will acknowledge the positive aspects of employee performance to strengthen performance results.

Financial and non-financial rewards and incentives will be used to promote performance improvement. However, they will be based on employees’ performance and efforts to achieve organizational and departmental goals (Sudiardhita et al., 2018). The proposed financial incentives include promotions and increments of salaries and overtime wages for employees who meet performance expectations. Financial incentives are a powerful motivator as they target physiological needs. Payment of Malpractice insurance for medical staff, including nurses and physicians, is also a financial incentive the organization can use to motivate employees and improve their performance. Non-financial rewards will include fully-funded or partially sponsored sponsorships for short courses and advanced degrees. The sponsorship will increase employees’ knowledge and skills, resulting in better performance (Sendawula et al., 2018). For instance, the organization can give nurses fully-funded sponsorship for short courses such as ACLS, PALS, Wound management, Diabetes Care, and Advanced infection control. The sponsorship will not only improve performance but will also help retain employees.

Integrating Rewards and Incentives

Rewards and incentives will be communicated to all employees to increase motivation and improve performance for all employees. Constantly communicating to the employees the rewards and incentives the organization offers and ways to take advantage of the incentives motivates and helps retain employees (Sudiardhita et al., 2018). The reward and incentive programs will be based on set departmental goals. Therefore, employees will be rewarded based on their performance in their departments. Departmental teams will also be rewarded to foster teamwork since it is key in improving productivity. I will ensure equity in rewarding employees by comparing an employee’s performance, and the reward given with the performance and the rewards employees in other departments receive (Sudiardhita et al., 2018). Besides, the rewards will be based on an employee’s education level, certifications, and stamina to ensure experienced employees are retained.

Vision for the Overall Culture

            Organizational culture comprises common beliefs and values created by leaders and communicated and reinforced on employees, eventually influencing employee understanding, perceptions, and behaviors. Culture describes the appropriate way to act within the organization (SHRM, 2020). Reward and recognition programs are major approaches employers use to prompt employees to act as per the organization’s values and culture (SHRM, 2020). My vision for Texas Children’s Hospital in relation to human capital is to have a strong people orientation culture. In this culture, leaders will be place employees first during decision-making. Besides, the culture will instill a perception that the employees steer the organization’s performance and productivity. Consequently, there will be a culture of valuing employees to motivate them to put more effort to increase their performance and productivity.

Conclusion

The indicators used to measure employees’ performance at Texas Children’s Hospital include patient safety, patient satisfaction, length of patient stay, readmission rates, and mortality rates. Employees’ strengths and skills will be evaluated through performance reviews, observation, and evaluations. Financial and non-financial incentives will be used as motivation to improve employee performance and productivity. I envision a strong people-oriented culture at Texas Children’s Hospital, where employees are valued and motivated to improve performance.

References

Al Rashidi, B., Al Wahaibi, A. H., Mahomed, O., Al Afifi, Z., & Al Awaidy, S. (2020). Assessment of Key Performance Indicators of the Primary Health Care in Oman: A Cross-Sectional Observational Study. Journal of primary care & community health, 11, 2150132720946953. https://doi.org/10.1177/2150132720946953

Boon, C., Eckardt, R., Lepak, D. P., & Boselie, P. (2018). Integrating strategic human capital and strategic human resource management. The International Journal of Human Resource Management, 29(1), 34-67. https://doi.org/10.1080/09585192.2017.1380063

Miglianico, M., Dubreuil, P., Miquelon, P., Bakker, A. B., & Martin-Krumm, C. (2020). Strength use in the workplace: a literature review. Journal of Happiness Studies, 21(2), 737-764. https://doi.org/10.1007/s10902-019-00095-w

Sendawula, K., Nakyejwe Kimuli, S., Bananuka, J., & Najjemba Muganga, G. (2018). Training, employee engagement and employee performance: Evidence from Uganda’s health sector. Cogent Business & Management, 5(1), 1470891. https://doi.org/10.1080/23311975.2018.1470891

SHRM. (2020, July 29). Understanding and developing organizational culture. https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/understandinganddevelopingorganizationalculture.aspx

Sudiardhita, K. I., Mukhtar, S., Hartono, B., Sariwulan, T., & Nikensari, S. I. (2018). The effect of compensation, motivation of employee and work satisfaction to employee performance Pt. Bank Xyz (Persero) Tbk. Academy of Strategic Management Journal, 17(4), 1-14.

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Assessment Description
Throughout this course, you have analyzed your current work environment to identify the acquiring, developing, and training practices. Employees are the biggest asset and contribute to the culture and overall performance of the organization. This project requires you to determine how to leverage the human capital within your organization. Use the research you have complied throughout this course to determine how to appropriately develop and motivate your employees.

Develop a written proposal (1,000-1,250 words), discussing performance indicators, rewards and incentives, and a plan for motivating employees. Your proposal must include the following:

Describe tasks and performance indicators that contribute to the overall employee performance on the job.
How will you identify an employee’s strengths and skills to leverage their performance?
Develop strategies to improve employee performance. How will you provide employees with rewards and incentives for performance improvement?
How will you integrate rewards and incentives to remain competitive in the marketplace and recruit and retain the employees?
Describe a vision for the overall culture you aspire to develop in your organization, relative to the employees being the biggest asset.