Relevance of Scientific Management and Equity †MyAssignmenthelp

Question: Discuss about the Relevance of Scientific Management and Equity. Answer: Introduction The advent of globalization has revolutionized the way the various companies as well as the business organizations conduct their overall business (Wright 2016). Therefore, in the modern context strategy and effective planning form an important part of the overall business program. It is commonly seen that the various companies as well as the business organizations develop their strategies and overall business plan taking into consideration the needs and the requirements of the business and also the customers. It is seen that with this particular view in mind the various companies as well as the business organizations spend considerable amount of time and resources on workforce planning, strategic remuneration models and costing, strategic rewards and incentives, industrial relations strategies and practices and HR evaluation (Daley 2012, pp.120-125). This report will take into consideration these aspects of the company Johor Insurance and its partner company CUAP. It is to be noted t hat the company Johor Insurance was at one point of time one of the largest insurance companies of Singapore however with the advent of the latest technologies and the rise of other competitors the company has lost much of its market value and is now on the point of bankruptcy. A new lease of life was infused in the company with the creation of a separate branch of organization which is called by the name of CUAP. It is to be noted that in view of the diminishing business of the Johor Insurance the workforce planning upsizing, downsizing, reallocation has become an important aspect of the entire business plan of the insurance company (Williams 2013). Therefore, the company should try to focus on the effective utilization of the workforce at their disposal. It is normally seen that there are several sections in the company were the work required of the employees is very less and the employees therefore just while away their time. The company can minimize the amount of staffs in these sections to mitigate the amount of economic expenditure incurred by it (Beach 2014). One particular segment of the Johor Insurance deals with the adjusters as well as the claims section. It is to be noted that the company sends the employees who are unable to perform better to the claims sections as well as the customer care section where the work pressure is minimum ("JOHOR 1980" 2018). It is often seen that the work pressure at the claims as well as customer sections is minimum and the night staff of the company receives less than three calls every night. However, the company shells out a significant amount of extra capital to make the employees work night. Therefore, if the company reduces the number of staff in this particular section it will be able to save significant amount capital. Another segment is the adjuster. It is to be noted that the company employees full time adjusters to deal with the adjustment of the claims ("JOHOR 1980" 2018). However, if the company employs freelancers then instead of paying them regular salary it can just pay incentives depending on the amount of work which they complete. Strategic remuneration models and costing Another factor which the company needs to take into consideration is the strategic remuneration models and costing. It is to be noted that the company Johor Insurances pays a higher salary to the employees in order to retain them ("JOHOR 1980" 2018). However, in the light of the current financial crisis which the company is facing at the moment the company really needs to start taking into consideration the kind of work which the particular employee under consideration is doing and then pay him or her salary as per that (Al-Zawahreh, Abdelghafour, and Faisal Al-Madi. 2012, pp.158-170). It is here that the concept of equity payment comes into significance. It is to be noted that the present day companies use the concept of equity payment to determine the salary of the employees on the basis of the amount as well as the kind of work which they perform (Bell, Reginald, and Jeanette Martin 2012). In the context of the company Johor Insurance for example, the employees belonging to the sa les section should be getting more salary than the ones belonging to the claims or the adjusters section as the amount of work which they are required to do is much more significant as well as difficult in comparison to the ones which the claims and the adjusters section does (Bell, Reginald, and Jeanette Martin 2012). It is to be noted that the company provides almost equal amount of salary to all these sections. However, this should not be case as the person or the section of the company which is doing more work or giving more productivity should be given a higher amount of salary. It is to be noted that equity between men and women in terms of salary which they get also forms an important aspect that the various companies need to take into consideration (Daley 2012, pp.120-125). The company Johor Insurance pays almost equal amount of salary to all its employees irrespective of the kind as well as the amount of which they do in the company. As already mentioned earlier the company needs to introduce equity payment for the employees and at the same time the company also needs to take into consideration the fact of the gender equity payment for the process. Here also, the company can take into consideration the amount as well as the kind of work which the female and the male employees of the company are doing and if the contribution of both of them is similar then the company should pay them equal salary irrespective of gender and other factors. Strategic rewards and incentives Strategic rewards and incentives are another aspect which the company needs to take into consideration for the retention of the skilled employees. This section of the paper will take into the one employee from the Johor insurance and one employee from the CUAP section. The employee selected from the Johor insurance sector is the sales personnels or the members of the sales team. It is to be noted that the sales personnels do the most siginificant amount of work in the company in comparison to the other employees of the company as they are imbued with the responsibility of sale of the insurance packages ("JOHOR 1980" 2018). However, it is to be noted that they a salary package which is on par with the salary of the other employees of the company. Therefore, the company needs to come up with rewards as well as incentives in order to motivate the sales personnels and also to reward the extra hard work which they put in for their work. In case of the CUAP, the sales personnels are again the most important employees of the company as they are imbued with the responsibility to bring in more customers as well as clients ("JOHOR 1980" 2018). Therefore, they should be getting a higher salary as well as incentive package in comparison to the other employees of the company keeping in view the kind as well as the amount of work which they need to do. In short, the company basically needs to follow the concept of equity payment for the rewards as well as incentives which are provided to the employees. It is to be noted that according to the precepts of the equity payment a person is doing lesser amount of work and is less productive to the company should not be a salary which is almost equal to the salary which a person who is doing more amount of work and is more productive to the company (Al-Zawahreh, Abdelghafour, and Faisal Al-Madi. 2012, pp.158-170). However, it is to be noted that the amount of work which the employees of the Johor insurance need to perform is compara tively lesser in amount to the work which the employees of the CUAP need to do since the company CUAP works on a global basis and the kinds of insurance which they offer to the customers is much more varied than the ones offered by the company Johor Insurance. Therefore, as the precepts of the equity payment system the salary of the employees of the CUAP should be higher in comparison to the employees of the Johor Insurance. The organization should try to provide team incentives in addition to the individual incentives to the various employees of the organization on the basis of the kind of performance they give. TAFEP and NWC It is to be noted that the various companies as well as the business organizations of the country of Singapore need to follow the precepts of Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP), National Wages Council (NWC) and others for providing the equal wages as well as incentives to the employees (Poole 2013). The company Johor Insurance and CUAP also follows these stipulations of the government of Singapore for the wages which they provide to the employees. However, it is to be noted that these stipulations calls for equal amount of wages to almost all the equal and if the company Johor Insurance and CUAP follows these stipulations then are likely to incur a considerable amount of economic loss as all the employees belonging to the company do not perform the same kind of work or give equal amount of productivity to the company (Kelly 2012). Therefore, the company needs to break away from these legislative norms and introduce equity payment norms which sta tes that the employees should be given salary based on the amount of productivity or work which they are providing to the company. It is significant to note that the major contributors in the company are the employees belonging to the sales team and the other teams just perform the background jobs or the follow. Therefore, if the company goes on to follow the equity pay system then that would not only be unfair to the employees belonging to the sales team but would also be a huge loss to the company as it would be paying salaries to the employees not on the basis of their performance. It is significant to note that the CUAP is a new company and therefore it needs to take into consideration the minimum wages rates offered by it. It is often seen that the companies offer a higher lower wage to the employees in a bid to retain them and also to attract more employees. However, if the company CUAP follows a higher low wage policy of NWC then the company is likely to incur a significant l oss. HR evaluation It is to be noted HR evaluation is another thing which the various modern companies as well as business organizations take into consideration in their overall business plan. It is to be noted that in the present times the HRs need to take into consideration the human performance that will enable effective decisions to be made regarding the function and value creation in organizations (Beach 2014). It is commonly seen that an effective HR system is considered to be one which leads to the overall growth as well as the development of the organization or the company considered. It is to be noted that there are several measurement criteria for the evaluation of the HR system namely, types of costbenefit analyses, HR Activity Index and several others (Williams 2013). There are several impediments to the effective evaluation of the HR system as well like time consumption, resources, difficulty in the data collection and others. It is to be noted that the data required for the effective eval uation of the HR system can be collected through various ways like survey, interviews, questionnaires and others. Therefore, the companies Johor Insurance as well as CUAP need to develop effective HR systems which will introduce the concept of equity payment system in the company which forms an important part of the modern day business organizations and companies. It is to be noted that for this particular evaluation various information will be collected like the resignation and retention rates and others on a periodical basis like after every three months. In addition to this, surveys will also be done to get the opinion of the employees to about the performance of the HR. The HR will also be required to manage the stress level of the employees in the best possible manner. The HRM can conduct regular surveys with the employees in a bid not only to check the satisfaction level of the employees but also to monitor the performance of the various HRs of the company. Furthermore, the co mpany can take the help of the various medical clinics to monitor the level of stress faced by the employees in the workplace. This will help the HRM to devise effective strategies for the mitigation of the level of stress faced by the employees. The HRM can also collect the relevant amount of data regarding the MC rates of the employees from the various contracted clinics. It is significant to note that the employees with higher rate of MC will have lesser chances of promotion and therefore the HRM as well as the employees will have to take this into consideration. Conclusion Therefore, from the above discussion it becomes clear that there are various aspects which the modern day companies as well as business organizations need to take into consideration. One of the major things which the present day companies need to take into consideration is the concept of equity payment. As seen in the case of Johor Insurance and CUAP the company provides equal payment to all the employees which should not be the case. The company should provide salary to the employees on the basis of the kind as well as the amount of work which do and the benefits which they provide to the company or the organization concerned. It is to be noted that policy of equity payment will also help the various companies as well as business organizations to retain their top performing employees. The various companies in the nations of Singapore also need to follow the diverse precepts of the TAFEP and NWC regarding the conduct of their business operations. 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