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MGMT5947 Remuneration And Performance Management

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MGMT5947 Remuneration And Performance Management

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MGMT5947 Remuneration And Performance Management

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Course Code: MGMT5947
University: University Of New South Wales

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Country: Australia

Question:
Describe the Remuneration and Performance Management.

Answer:
Personal Profile
Mohammad Mubasshir Shaik
My values are to be a consistent performer in whatever job role I have. I have perseverance and I am hardworking. I believe in striving towards perfection in my occupation while helping others to develop their skills and grow at the same time. I have the necessary experience in my preferred job role as an Electrical Engineer. I have another significant value and that is striving for knowledge. I know for certain that this value will help me greatly in my job role. I want to use my educational background and my experience to their optimal potential. I want to contribute to the growth of the organization that I will be working for. My values are very dear to me as I strongly believe they will lead me to constant success and the realization of my ultimate aim of becoming a reputed leader in the organization.
I am an Indian by nationality. I am a single male from Hyderabad. The languages I speak are English, Hindi and Urdu. I have hobbies like book reading, poetry and literature, Cricket and internet surfing.
My aspirations are to work as an electrical engineer for a reputed preferably Multinational and well established firm. I want to grow and develop further the skills that I have been able to acquire through my education and work experience. I want to contribute effectively towards the growth of the organization I will be working for. I want to trade my previous knowledge with my peers, subordinates and managers. I believe that as an electrical engineer I am part of a profession that is always evolving. I want to evolve with the evolving corporate environments concerning the field of electrical engineering and become a strong leader at a given point in time in the future.
I have a strong background in the field of electrical engineering due to my educational background and my work experience. I am a Bachelor of Engineering from the Deccan College of engineering and technology which is under the Osmania University. My grades have been very good throughout the entire course and I passed with distinction marks. Additionally, I have worked for more than 2 years at a reputed company of Hyderabad known as Mechturbo Industries as an electrical engineer. This job helped me to understand the field of electrical engineering further. Mainly as when one is working as an electrical engineer he gets to see the ground level aspects that are connected with the profession. Hence, I was able to garner significant knowledge about drawings and specifications of various equipment. I learned greatly how to handle control panels and mange connections for thermistors. I was able to learn automation and control along with much necessary aspects of isolator connections and the variable frequency of drive connectors. Moreover, I was able to learn about cooling at various areas of the site. Hence, I strongly believe that I will be able to tackle all the major challenges that I can face in my job in the new organization.
Remuneration
The large organizations that employ engineers usually have good remuneration systems in order to help the employees stay motivated throughout their tough job roles. The remuneration model that I will like to be used is that one which will have different levels of compensation. The compensation system will be formed of two major subdivisions of direct and indirect compensation. Within indirect compensation will be included the programs for employee protection. This includes medical and life insurance, pension, social security and other benefits. Indirect compensation will further include pay for vacations, sick leave and other no work days. Lastly, it will include free meals, recreational facilities and other similar things. The direct compensation will be based on many different sub-groups. The base pay will form one part and will be divided into salary and wage. Since, the job requires the use of merit and expertise merit pay will be required and will be a major sub-group. The incentive pay will be the third part of the direct compensation. This will be based on bonus and work related performance parameters.
Companies across the world are finding better ways to remunerate their employees. This is mostly because remuneration is the biggest aspect related to employee motivation. Thus, many organizations are providing profit sharing incentive schemes. Moreover, in many large organizations there are facilities of providing employees with shares at lower prices. However, it can also be seen that many companies in the electrical engineering corporate sectors are greatly underpaying their employees. This is causing a great deal of concern in regards to employee motivation.
There are certain essential practices that are being implemented across the organizations to improve the earning and motivational prospects of employees. For example- I know of companies such as my previous company that provided complete salary to the employees during training processes. This kept the trainees motivated to work better for the company. This also instilled the feeling of returning back the favor among the employees. Thus employees were able to provide their best efforts after making it to the actual operations.
Consultation with staffs is a growing trend among the larger and medium sized corporate organizations. In this the employees are asked about their say in regards to the remuneration. This is mostly done is specific cases, where the employers are uncertain of the market value of remuneration for a particular project. I have searched many companies that are using this system. The remuneration systems are being based on particular projects that are being handled at crucial times of the year. This is a growing trend among organizations.
Another major system that I have witnessed is annual performance based bonuses. In this type of incentive schemes, apart from annual appraisals, the employees are given out pay on the basis of their year round performances. This is important as employees feel greatly motivated as they believe that their whole year’s dedication has paid off.
Performance management
The performance management system that I would like to subject myself to, in order to achieve my personal and professional goals will definitely be dependent upon time. The performance management systems used across the various corporate sectors depend upon data analysis of an employee. This is done on a weekly, monthly, quarterly and ultimately annual basis. The data management systems is my preferred system and I will definitely like the company to evaluate my performances on the basis of the same. However, at the same time I would like the company to keep other performance related data as well, like dedication level, teamwork level, peer coordination and behavioral particulars of myself as an employee. I would like to be judged on a wholesome performance basis.
The performance evaluation approach should be based on how an employee is developing in the work environments and contributing towards the company’s success. An employee also needs to be judged on the basis of how better he is being able to motivate his colleagues. His responsibility towards his reporting manager and ultimately towards the organization also needs to be effectively evaluated for grading him as an employee.
I believe and have widely witnessed some optimally effective performance management systems being utilized across various organizations. As an electrical engineer setting performance goals are the first most important thing. This will be much effective for my personal as well as professional goal setting. I can be judged on the basis of how quickly I can resolve problems related to projects in order to get them finished on time. Moreover, my ability to understand the requirements of projects should also be judged. I will like the organization to set gradually increasing performance goals. I can go from strength to strength in overcoming my weaknesses in this way.
A second important practice that are implemented are performance reviews. This is a very critical aspect and enhances the effectiveness of performance management systems. I would like the company to review my performance from time to time. The first review can be after the first quarter of my work as an employee. The company can review how far I have been able to work in accordance to the goals that were set for me.
The third important aspect of effective performance evaluation is performance appraisal. This is the yearly performance evaluation on the basis of which the promotion or remuneration increase of the employee is determined. I would like the company to evaluate my yearly performance. I can work towards increasing my promotion prospects this way as growth is one of my essential outlook concerning my job role.
Recommendations
I have been part of various recommendations and I think this can help me in my future growth prospects.

I have been important part of various conferences
I am a lifetime member associate of the international management and engineering association
The computer society of India considers me as an esteemed member
The international academy for science and technology evaluation and research highly recommends my services to organizations.

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