Sample Term Paper
This is a term paper on human resource management of Nokia. Nokia is one of those organizations which invest in its employees who encourages them to develop their own development programs and supports on-job learning initiatives and other learning opportunities.
Investing in People (IIP) is the organization’s performance management system, and it is associated with the overall strategy and planning system. There are formal discussions twice a year between employees and their superiors and, individuals are encouraged to own” their IIP—that is to recognize what is expected from them and how their own performance would sustain the Nokia’s overall strategy (Pollitt, 2004)
Nokia is one of those organizations which invest in its employees who encourages them to develop their own development programs and supports on-job learning initiatives and other learning opportunities. Coaching is a very significant part of the learning process especially continuous learning which is provided by skilled staff-members who have very abundant source of familiarity and understanding. (Pollitt, 2004)
Compensation and Benefits
Nokia has a compensation package which is designed to suit the host country, and is based on base salary, incentives, bonuses, possible participation in equity-plan and other local benefits. However the total compensation is tied to job performance. Reliable Performance and established, appropriate competencies are rewarded. The reward structure is of international standards yet in other countries it depends on local market information too and also the position of the employee. (Pollitt, 2004)
Pay and Incentive Systems
The pay and incentive packages usually can be divided into fixed and variable parts—the variable parts may be in the form of incentive, bonuses and overtime, in addition they can be short term like individual, team, project and program incentives, and the Nokia Connecting People bonus. The equity plans and incentive bonuses which are long-term benefits are also there however they are based on the nature of the job and the position of each individual in the organization. (Pollitt, 2004)
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