Job Analysis and Rewards: Keeping Good Talent in Organizations
1. Introduction:
Organizations often find it difficult to keep good talent because they cannot compete with the wages and working conditions that other companies can offer. This is especially prevalent in developing countries where the cost of living is relatively high and companies are trying to save money. In this paper, we will discuss how job analysis and rewards can help organizations keep good talent and how extrinsic and intrinsic rewards are important for different reasons.
2. Job Analysis:
The main reason for carrying out job analysis is to develop job specifications and descriptions. Job analysis involves breaking down a job into its component parts and then describing these parts in terms of the necessary skills, knowledge, abilities, and other characteristics (KSAOs). The purpose of this is to identify what is required to do the job so that the organization can determine who is best suited for the position.
There are two methods of job analysis: the observation method and the interview method. The observation method involves observing workers as they carry out their tasks and then writing down what is observed. The advantage of this method is that it is relatively quick and easy to do; however, the disadvantage is that it may be difficult to observe all aspects of the job and some things may be missed. The interview method involves interviewing workers about their job and then writing down what they say. The advantage of this method is that it can provide a more in-depth understanding of the job; however, the disadvantage is that it can be time-consuming and expensive to carry out.
3. Job Rewards:
Job rewards are payments or benefits given to employees in exchange for their work. They can be either extrinsic or intrinsic. Extrinsic rewards are those that are given by an employer, such as wages, bonuses, and benefits. Intrinsic rewards are those that come from within the individual, such as a sense of satisfaction or achievement.
4. Extrinsic Rewards:
Extrinsic rewards are important because they provide employees with motivation to do their jobs well. They also act as a signal to employees that their work is valued by the organization. Extrinsic rewards can take many different forms, such as monetary rewards (wages, bonuses), non-monetary rewards (vacation days, free tickets), or benefits (health insurance, pension).
5. Intrinsic Rewards:
Intrinsic rewards are important because they provide employees with a sense of satisfaction or achievement from doing their jobs well. They can also act as a signal to employees that their work is valued by the organization. Intrinsic rewards can take many different forms, such as a sense of accomplishment, recognition from others, or opportunities for advancement.
6. Conclusion:
In conclusion, organizations often find it difficult to keep good talent because they cannot compete with the wages and working conditions that other companies can offer. This is especially prevalent in developing countries where the cost of living is relatively high and companies are trying to save money. In this paper, we have discussed how job analysis and rewards can help organizations keep good talent and how extrinsic and intrinsic rewards are important for different reasons