Performanceappraisal is the systematic evaluation of the performance ofemployees and assessment of the abilities of a person to performcertain duties and their abilities for further growth and developmentin relation to the organizations objectives. In most cases,appraisals may rely on self-assessment and assessment by otheremployees where various tools are employed.
Employeeturnover refers to the rate at which employees in an organizationleave and are replaced by new ones. It is captured as the percentageof workers who leave out of the total and are replaced by newemployees. Under normal circumstances, employers are interested inthe turnover rate as it helps capture the budget of hiring process,training costs and even knowledge erosion rates in the organization.Higher turnover rates are associated with higher recruitments andtraining costs as well as knowledge erosion which fall under HHmanagement.
2).Law governing compensation.Fair labor standards act. This actsets specific regulation on minimum wage, overtime payments, childlabor and hours worked. One of the most common subset of laws underthis category is the minimum wage law. This law requires employers toobserve a minimum hourly wage payment for employees. The federalgovernment sets the minimum wage level although state governmentshave the freedom to set minimum wage levels.
3).Pay vs benefits
Atthe moment, pay is more important to me than benefits. I am at theearly stages of my career development and at the moment my needs arelargely financial. I need a healthy pay that will enable me offset mystudent loans and also finance further training to enhance myemployability and skills level. This way, I can secure myself and myfuture. On the other hand, I believe benefits at the moment do notmeet my goals in life. Currently basic needs such as my own house,investments, a good car and the like are more necessary than what thebenefits from employment can provide.
Ivancevich,J. & Konopaske, R. (2012). HumanResource Management12thEdition. New York:
McGrawHill Higher Education.