Just in Time for my Laptop to Conk Out!

[dizzojay]

I mentioned a few weeks ago that I've been given a bit of a promotion at work.

At the moment, I'm in about as good a place as I've ever been at work, and loving what I'm doing.  I've been gifted with a Manager who seems to think I'm something special that's worth developuing and investing in and that's such a special feeling.  I even got a nice bonus this month, which was a lovely surprise!

My New Role is as a Reward Manager  I'm stepping away from pure payroll and my assistant is stepping up into my previous Payroll lead role which I'm going to be mentoring her for.  It's a new role, so one I can make my own, and I'm very excited about it.  I'm responsible for formulating a reward strategy for the company, and reward includes everything from extrinsic benefits such as wages and medical insurance to intrinsic benefits such as recognition and work autonomy.

One of the things my Manager and I agreed on was me undertaking some training, and so I have just, this week, started doing a Level 5 qualification in Reward Management.  It's a foundation degree level, and is one module of an overall HR degree.  And so, of course I started it the same week my laptop conked out!  Luckily, I've got a work laptop that I can bring home to study on (and use for other  purposes, such a Livejournal !! ;) )

Just for fun, here's a little bit of my work:  thrilling stuff, I can assure you! :)

Classic economic theory

If there is a surplus of a certain product in the marketplace the price for that product will drop. However, if there is not enough of a certain product in the marketplace the price will increase, because people are prepared to pay more for it just so that they can get it

Skills work in the same way as this.  IN times of high unemployment when there are many applicants with similar skills applying for a job, employers don't have to offer such high reward packages to attract quality applicants.  Conversely where skills are in short supply, applicants with the necessary skills set can demand higher packages.

Efficiency wages theory

This theory says that organisations will pay more than the market rate because they presume that paying more will attract better employees, and hence will lead to better productivity. They also presume that there will be less employee turnover, because employees will have to take a pay drop if they leave and go elsewhere doing a similar job.

This is an important part of reward strategy.  Salary surveys frequently divide the salary range for a specific skills set into quartiles, and organisations need to decide whether they want to be known as an upper, lower or median quartile payer.

This decision is, of course, an economic matter, but it can also be reputational.  An employer may have to pay at an upper quartile level in order to attract applicants because of other factors ie: their location, a potentially dangerous or unpleasant work, or unsociable hours.

Human capital theory

This theory sees the individual as a set of skills that they ‘rent out’ to an employer. In return for renting out their skill set, the individual expects jobs satisfaction, job security and an appropriate level of earnings.

In return for their investment the employer expects performance, productivity and flexibility.

Hence, this theory sees the relationship between the employer and the employee as a straightforward business transaction. The employee has something that the employer wants (skills) and the employer has to pay for this. In return, the employee must ensure that those skills are used effectively. If they are not, the employer might decide to stop ‘renting’ the skills, and hence the employment relationship would end.

Comments

[amberdreams.livejournal.com]

What news on the laptop - is it fixable? I hope you haven't lost too much data!

[dizzojay.livejournal.com]

Laptop is at the repair centre; hopefully it's fixable. I backed up about six months ago, so I've lost a bit of recent data, but most of what I save on my laptop is saved on the internet in some place or another, so I should be able to sort it all out eventually!

[gotaprettymouth.livejournal.com]

Wow! This is so awesome!!!! Congrats!

[dizzojay.livejournal.com]

Thank you :)

[supernutjapan.livejournal.com]

Yay, I understood everything LOL

[dizzojay.livejournal.com]

Yay!!! :D

[sasha-dragon.livejournal.com]

Congratulations on the promotion... Yeah I know but better late than never right?

Fingers crossed the Lap Top is repaired soon, and I actually managed to understand some of your course materia,l so I'm not quite as thick as I think I am *G*

[dizzojay.livejournal.com]

Thank you!
I'm hoping to have the laptop back within the week, then I've just got to work at getting it all set up again *sigh*
I'm very impressed you could do my course for me if you like!! :D

[madebyme-x.livejournal.com]

I hope the laptop is salvageable! And yay for the promotion too!

[dizzojay.livejournal.com]

I hope so too. But if not, it's under warranty so they'll have to replace it!
And, thank you :)

[jj1564.livejournal.com]

I'm delighted that you have a supportive manager who recognises your worth - and must have studied the Human Capital Theory, which it seems to me many employers don't any more! Good luck with your studies and your laptop repair. Your course work has confused Dean, though...