Leveraging on Human Capital
Human capital refers to the human resource base of the organization. In other words, it is a term that refers to the employees in an organization. In any organization, it is the employees that give it its identity as well as define its organizational culture. The status of an organization and its place in the industry with regard to competitive advantage is determined by the performance of its employees. This is the reason why every organization would want to recruit the best talent that is available within that field so that they can benefit from it. Leveraging on the human capital that an organization has therefore means that the organization derives the maximum benefit from the employee’s skills, expertise, and knowledge to perform better than the competition. Leveraging on Human Capital Essay
However, it is not easy to achieve this and some parameters need to exist before this can become a reality. One of these is that the organization must have transformational leadership within its ranks. This is leadership that is pro-employees and that empowers employees besides motivating them to perform beyond expectations (Asiri et al., 2016; Cheng et al., 2016; Choi et al., 2016). When there is transformational leadership within an organization, employees feel wanted and appreciated and tend therefore to perform better. The fact that the employees feel appreciated and wanted transforms the work environment to a likeable place devoid of stress. Such a workplace is said to have psychological safety. A workplace that does not have psychological safety and especially a healthcare workplace presents a risk to patient safety because stressed employees and employees that are afraid of reprisals and victimization will always be prone to making mistakes and errors. In fact, they will be reluctant to even report errors they commit and this is not good for the organization (O’Donovan et al., 2019). The purpose of this paper is to outline how human capital can be leveraged within healthcare organizations. Leveraging on Human Capital Essay
Tasks and Performance Indicators
The tasks and performance indicators that contribute to the overall employee performance on the job are well delineated. The first task is leadership as described in the introduction above. A leader in a healthcare organization such as a nurse is a team leader. She is not a boss and should never come across as such. The task of leadership in these circumstances requires that the leader be approachable and friendly. This way the employees will be free with them and will let them know whenever there is a problem that has occurred. This includes when the said employees have committed errors. These employees will only be willing to do this if they know that the leader will not victimize them. The other task is effective communication. Communicating effectively starts with recruitment and orientation of the new employee. Informing the employee who has just been recruited of the organizational mission, vision, objectives, and strategic plan is paramount in this. It is at these initial stages that the new employee gets incorporated into the organizational culture which should be positive.
Some of the performance indicators that contribute to the overall employee performance in the healthcare workplace include the rates of readmission, mortality rates, the rates of hospital hospital-acquired infections, and the length of hospital stay amongst others. Hospital-acquired infections include ventilator-associated pneumonia or VAP, central line associated blood stream infections or CLABSI, pressure ulcers, and catheter-associated urinary tract infections (CAUTI) amongst others.
Identifying an Employee’s Strengths and Skills to Leverage Performance
As a leader, one of the tasks required of one to perform is evaluation and assessment of employees. This assessment or evaluation should be continuous. It enables the leader to identify an employee’s strengths and skills that can then be leveraged to improve their performance. Delegation of tasks is one of the ways in which the nurse leader can identify an employee’s strengths and skills. By giving them specific tasks to perform, the leader can then evaluate their performance with specificity and determine if they have performed the task delegated to satisfaction or not. This way, the leader will know who to give which task next time as they will have identified the employees with particular strengths and skills. This kind of evaluation is continuous.
Scrutinizing incident reports as a leader is another way that the leader can identify strengths, weaknesses, and skills. For instance, the report may indicate that a particular procedure had gone wrong or a particular patient had suffered an unexpected occurrence and it is so and so who was able to take care of the situation. Lastly but not least, periodic performance evaluation of each employee will also reveal their strengths and skills. This is usually a structured process in all organizations and may happen bi-annually or annually. It allows the leader to get an insight into what motivates an employee, what areas they feel they require improvement in, and what areas they feel that they are not performing up to expectations. Leveraging on Human Capital Essay
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Strategies to Improve Employee Performance
As a leader, there has to be strategies one has developed to help improve employee performance. Some of these include the provision of rewards and incentives to the employees (Northouse, 2019). Granted, most of the employees will be motivated by these but a few will require greater appreciation to achieve the same satisfaction (Lee et al., 2018). A simple and common reward that works to improve employee performance and that I would use is immediate and public positive reinforcement. This means appreciating and congratulating an employee in front of everybody when they have done something exceptional. Another form of reward is giving periodic recognition for exceptional employees and this may take the form of a certificate given annually to the best employee voted by the rest of the employees. The voting may also be done by heads of departments. This makes an employee want to perform even better because they know that it comes with recognition and appreciation. Incentives that I may use as a leader to improve employee performance include suggesting to the administration to set aside a grant for further training (professional development) for employees who have shown fidelity and commitment to the organization. This can also be accompanied by a review of remuneration upwards for such performing employees.
Integrating Rewards and Incentives
I would integrate rewards and incentives to remain competitive in the marketplace by making them realistic and attainable. There is nothing worse than promising something that then becomes difficult to deliver. That will cause demoralization and resentment among the employees and that does not bode well for the organization. This will enable recruitment and retention of employees and will also involve giving remuneration that is competitive by industry standards.
Vision for the Overall Culture
The vision for the overall culture that I aspire to develop in my organization is that in which employees are seen and treated as the biggest asset that the organization has. It is a vision that would see the organization become the best in terms of healthcare provision within the state and the nation at large.
Employees within an organization are its biggest asset. They form the human capital of the organization without which the organization will remain a shell. It is in this context that human capital within organizations such as healthcare organizations should be leveraged for the best possible performance. This requires transformational leadership, rewards, and incentives.
Leveraging Human Capital
Throughout this course, you have analyzed your current work environment to identify the acquiring, developing, and training practices. Employees are the biggest asset and contribute to the culture and overall performance of the organization. This project requires you to determine how to leverage the human capital within your organization. Use the research you have complied throughout this course to determine how to appropriately develop and motivate your employees.
Develop a written proposal (1,000-1,250 words), discussing performance indicators, rewards and incentives, and a plan for motivating employees. Your proposal must include the following:
- Describe tasks and performance indicators that contribute to the overall employee performance on the job.
- How will you identify an employee’s strengths and skills to leverage their performance?
- Develop strategies to improve employee performance. How will you provide employees with rewards and incentives for performance improvement?
- How will you integrate rewards and incentives to remain competitive in the marketplace and recruit and retain the employees?
- Describe a vision for the overall culture you aspire to develop in your organization, relative to the employees being the biggest asset.
Prepare this assignment according to the guidelines found in the APA Style Guide, located in the Student Success Center.
This assignment uses a rubric. Review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
Leveraging on Human Capital Essay