Human Resource Management Simulation Paper
BUS541: Human Resource Management | The Human Resource Management Simulation | Raymond Becich |
April 18, 2012 |
Our major focus at the beginning of the Human Resource Management Simulation was to implement programs and policies that would balance the needs of employees and the needs of the company while creating a profitable company that we would be proud to work for. A major part of balancing these needs was to carefully manage the budget allocated for the simulation. We created a budget spreadsheet to achieve this goal and used the spreadsheet to run various models each week. Our six goals for creating a superior workplace included: reducing turnover and increasing morale, diversity, quality, safety, and productivity. Our …show more content…
Our three-year target was an increase of 14.78%. The additional benefits offered to employees included: Dental & Legal (0.10%), Average Health Plan (6.81%), EE funded 401K (0.40%), Term Life Insurance & Eye Care (0.20%), and two additional vacation days (3.21%). Future scheduled benefit increases included Tuition Reimbursement (0.80%) and Merit Incentive Pay Plan (3.26%).
The effect of using internal promotions to fill positions was to save over $120,000 in hiring costs, which we offset against the $420,000 spent on training new hires, promotions, managers, and supervisors over the two-year simulation. Our hiring policies also lead to an increase in diversity amongst the company’s staff. At the end of the simulation, 18% of the employees were women and 13% of the employees were minorities.
Unsafe workplaces lead to increased accidents and absenteeism which can be very costly for a company. Low quality leads to lower sales prices or lost business as competitors with higher quality steal market share. The expenditures for safety and quality benefited both the company and the employees. The company lowered overall costs and employees had a safer workplace and produced products they could be proud of …show more content…
The first category was overall performance and included the Balanced Scorecard Value and the Balanced Scorecard Rank. The second category included items that measured results from the employee’s perspective and included Morale, Grievances, Absenteeism, and Turnover. The final category included items that measured results from the company’s perspective and included: Accident Rate, Quality Index, Unit Labor Cost, and Productivity. In the first category of overall performance, our team scored near the top of the class throughout the simulation. Although our final Balanced Scorecard Rank was five, we were in the top three for six Quarters. We believe that with minor corrections to our plan, we would be able to reestablish our top ranking if the simulation continued for another simulation year. We are pleased with our overall results. An examination of results from the employee’s perspective shows marked improvements in Morale, Grievances, Absenteeism, and Turnover. Our results showed an improvement in each successive Quarter except for Quarter
April 18, 2012 |
Our major focus at the beginning of the Human Resource Management Simulation was to implement programs and policies that would balance the needs of employees and the needs of the company while creating a profitable company that we would be proud to work for. A major part of balancing these needs was to carefully manage the budget allocated for the simulation. We created a budget spreadsheet to achieve this goal and used the spreadsheet to run various models each week. Our six goals for creating a superior workplace included: reducing turnover and increasing morale, diversity, quality, safety, and productivity. Our …show more content…
Our three-year target was an increase of 14.78%. The additional benefits offered to employees included: Dental & Legal (0.10%), Average Health Plan (6.81%), EE funded 401K (0.40%), Term Life Insurance & Eye Care (0.20%), and two additional vacation days (3.21%). Future scheduled benefit increases included Tuition Reimbursement (0.80%) and Merit Incentive Pay Plan (3.26%).
The effect of using internal promotions to fill positions was to save over $120,000 in hiring costs, which we offset against the $420,000 spent on training new hires, promotions, managers, and supervisors over the two-year simulation. Our hiring policies also lead to an increase in diversity amongst the company’s staff. At the end of the simulation, 18% of the employees were women and 13% of the employees were minorities.
Unsafe workplaces lead to increased accidents and absenteeism which can be very costly for a company. Low quality leads to lower sales prices or lost business as competitors with higher quality steal market share. The expenditures for safety and quality benefited both the company and the employees. The company lowered overall costs and employees had a safer workplace and produced products they could be proud of …show more content…
The first category was overall performance and included the Balanced Scorecard Value and the Balanced Scorecard Rank. The second category included items that measured results from the employee’s perspective and included Morale, Grievances, Absenteeism, and Turnover. The final category included items that measured results from the company’s perspective and included: Accident Rate, Quality Index, Unit Labor Cost, and Productivity. In the first category of overall performance, our team scored near the top of the class throughout the simulation. Although our final Balanced Scorecard Rank was five, we were in the top three for six Quarters. We believe that with minor corrections to our plan, we would be able to reestablish our top ranking if the simulation continued for another simulation year. We are pleased with our overall results. An examination of results from the employee’s perspective shows marked improvements in Morale, Grievances, Absenteeism, and Turnover. Our results showed an improvement in each successive Quarter except for Quarter