Explain whether you will or will not implement a formal performance evaluation process and defend |My homework helper

Posted: February 12th, 2023

Company — Hello Fresh

Construct a plan that you feel would most effectively motivate the human capital in the company you have been researching for your final project.

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Your third milestone submission should address the following requirements:

1.  Explain whether you will or will not implement a formal performance evaluation process and defend why or why not.

2.  Describe reward system you will use to motivate your employees, in detail, and why you have included each element (base pay, commission, bonus, stocks, benefits, holiday, vacation, etc. (the list is endless, so be creative!).

3.  Describe your approach to rolling out and managing the change process required to transition from the current reward system to your new system.

a.  What strategies will you use to manage the change?

b.  Will you be transparent in your communication or does some compensation information remain confidential?

c.  What are the most likely roadblock or resistance to change and how will you plan proactively for success?

Your third milestone submission should follow APA format, be well supported with a minimum of five recent sources, and be a minimum of five pages long.

Remember: The goal is to demonstrate critical thinking and application of concepts as well as how they interact. Key to this assignment is human behavior and how people respond to reward, motivation, and change. Be specific in your responses and defend why you chose the approach you did. It’s easy to create a list of rewards, but more challenging to really defend why they are most appropriate and how you will manage the change effectively.

SOLUTION
  1. Formal Performance Evaluation Process: I will implement a formal performance evaluation process as it is a crucial component of employee motivation and development. The performance evaluation process will help to identify areas where the employees need to improve and where they excel, and provide constructive feedback to help them grow both professionally and personally. This will create a sense of accountability among employees and give them a clear understanding of what is expected of them.
  2. Reward System: My proposed reward system will have a multi-faceted approach and include the following elements:
  • Base Pay: The base pay will be set based on the industry standards for the respective positions and will be reviewed annually to ensure competitiveness.
  • Commission: Commission will be offered to sales and customer service personnel to encourage them to exceed their sales targets and deliver excellent customer service.
  • Bonus: A performance-based bonus system will be introduced to reward employees for their exceptional performance, teamwork, and contribution to the company’s success. The bonus will be determined based on the results of the performance evaluation process.
  • Stocks: Stock options will be offered to employees as a way to incentivize them to think like owners and align their interests with the company’s goals.
  • Benefits: A comprehensive benefits package will be offered to all employees, including health insurance, retirement plans, paid time off, and flexible work arrangements.
  • Holiday and Vacation: Generous holiday and vacation policies will be implemented to help employees maintain a healthy work-life balance and avoid burnout.
  1. Change Management: To transition from the current reward system to the new system, the following change management approach will be used:
  • Communication: Regular communication with employees about the changes to the reward system and the rationale behind them will be key to ensuring a smooth transition. This will help to build trust and transparency and dispel any rumors or concerns.
  • Training and Support: Employees will receive training and support to help them understand and make the most of the new reward system. This will help to ensure that everyone is on the same page and working towards the same goals.
  • Phased Implementation: The new reward system will be rolled out in phases to minimize any disruption to the business and allow for a smooth transition. The initial phase will focus on the key elements, such as base pay and performance bonuses, and additional elements, such as stocks and benefits, will be introduced in subsequent phases.
  • Ongoing Review: The effectiveness of the new reward system will be regularly reviewed and adjustments made as necessary to ensure that it continues to meet the needs of the employees and the business.

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