Topic 7: Pay And Benefits Incentives

Topic 7: Pay And Benefits Incentives

Human capital is defined as an employee’s economic value based on their experience and skills. It comprises intangible assets such as intelligence, education, skills, training, health, and other employee qualities that employers value, like loyalty and reliability. Human capital is thus considered an intangible asset or quality that is not outlined on a company’s balance sheet (Boon et al., 2018). Besides, it increases productivity, economic growth, and profitability. Therefore, human resource managers can improve human capital by investing in their employees through education, training, and benefits. HR managers should note that human capital can depreciate if exposed to prolonged periods of unemployment (Boon et al., 2018). The purpose of this paper is to discuss how to leverage human capital at VA Health Care System and describe performance indicators, rewards and incentives, and the motivation plan.

Tasks and Performance Indicators That Contribute To the Overall Employee Performance

Tasks that contribute to employee performance at VA Health Care System include coaching, performance appraisals, constructive feedback, and assigning employees goals and development plans. Coaching has been a major approach to improving employee performance in the organization. Employees are assigned coaches who take them through a non-judgmental and interactive process that enables the coach and an employee to develop a performance plan focused on specific performance areas. Performance appraisals in the organization also include employee self-appraisal, which gives employees a perceptive of the job performance and increases their engagement, thus improving their performance. Giving employees feedback after appraisal helps them identify their strengths and weaknesses. Consequently, they tend to improve on the weak areas, which improves their performance. Furthermore, supervisors assign employees goals and development plans that align with the overall organizational goals.

Setting individual goals for employees has been key to improving their performance.

Performance indicators refer to objective measure performance for a specific objective. Performance indicators that contribute to employee performance include ER wait time, which identifies the number of times patients wait before receiving care at the ER (Burlea-Schiopoiu & Ferhati, 2020). Average patient stay is an indicator used to assess the hospitalization period, thus motivating employees to improve their job performance to reduce patient stay. Readmission rates indicator monitors how many patients are being readmitted, reflecting the quality of care provided in the hospital (Burlea-Schiopoiu & Ferhati, 2020). Readmission rates promote employee performance as the healthcare professionals implement best practices and provide high-quality to lower readmission rates.

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

Recognizing an employee’s strengths and skills is crucial to increasing their efficiency. A key component to promoting success in an organization is leveraging every employee’s strengths and skills to contribute to the overall organization’s goal. I will identify an employee’s strengths and skills by conducting a performance appraisal to help identify the strengths and weaknesses (van Woerkom & Kroon, 2020). Besides, I will have informal interviews with the employees and ask them about their perceived strengths and weaknesses. I will also carry out personality tests, which focus on an individual’s interpersonal strengths and thus help identify strengths such as leadership, motivation, communication, and organization (van Woerkom & Kroon, 2020). After identifying the strengths and skills, I will make a list for each employee and place them in positions or assign duties that they can best apply their strengths and skills and build on them.

Strategies to Improve Employee Performance

Employee performance will be improved by assigning employees individual goals and offering them a framework to achieve them. Employees will be involved in developing their goals to make them more interested in attaining them. Supervisors will arrange for regular face-to-face meetings with employees to monitor their attainment of the set objectives and support them in addressing challenges to improve their performance (Neher & Maley, 2019). Mentorship programs will also be used to improve employee performance. Mentors will be tasked with nurturing their mentees and assisting them in career development. Furthermore, employees will be encouraged to develop innovative solutions that will help them meet their goals and objectives (Neher & Maley, 2019). Employee performance will be improved by offering employees opportunities for career growt