Free Research Paper On Human Resource Management: Capital One Financial Corporation
Compensation and Benefits
Capital One’s desire to attract the best talent in the market and retain it for maximum productivity has revolutionized the company’s compensation and benefits plan. The organization is keen in ensuring that its employees receive maximum motivation for maximum productivity. The company has an elaborate benefits and compensation plan, aimed at attracting qualified employees and retaining them in the organization, with the ultimate aim of maximizing profits through maximizing productivity (Cummings and Christopher 1).
The company has various benefits plans, such as the insurance of its entire workforce. Any of the employees of Capital One Financial Corporation enjoys insurance coverage in all aspects from their first day of work. The company also allows for vacations and holidays, where employees can take some time out for resting and recovery. These include three weeks of vacation in the first full calendar year and eleven statutory paid holidays (Compensation and Benefits 1).
Another package of the company’s benefits is the company’s savings plan, where a 7.5% match of the salary goes into a savings account. There is no vesting period in the plan. For investment purposes, the organization allows its employees to invest easily, by offering a 15% discount on the prices of the company's shares as depicted in the market. In this case, too, there is no vesting period, enabling the employees to maximize the level of benefit (Compensation and Benefits 1).
The company also expands its role in bettering the morale of the employees by issuing a $5,000 reimbursement each year for tuition. It helps lower the expenses covered by employees as they seek more knowledge in the relevant field. All courses are obliged to beginning on the work start date and must be company-approved. Additional benefits include subsidized gym membership, fun days, onsite Barista Lounge, gaming rooms, and casual dress code. The benefits help maximize the productivity of the organizational workers to their maximum level (Compensation and Benefits 1).
Communication in Capital One Corporation is a key feature, and much of the company's efforts aim at bettering the system. The organization believes in a coordinated working system, where both the employees and the management help generate working procedures. The information is then transmitted from the company's headquarters to the employees. The organization focuses on improving their inbound relations, to help centralize all the organizational activities to objective achievement (Smith and Pamela 26).
Capital One believes in cohesive working and aspires to conjoin all employee efforts to maximize productivity. The company’s internal communication system is much democratic and ensures that all the employees receive the intended information or news. The management alone does not generate the information, but the full participation of the company’s workers does. The system’s focus is bettering the relations between the organization and its workforce. In this approach, the company is in a position of ensuring that its productivity team is motivated and that they have the morale to improve the company's service and profitability (Smith and Pamela 26).
In Capital One, dispatch information is quite peculiar since the organization abandons the cliché system of mailing the employees in regards to any changes or aspirations. Capital one has a call center, where there are messengers in charge of dispatching information to the premises through carrying it around. The structure allows employees to feel like part of the organization, through receiving of a detailed overview of any changes or amendments to be made, face-to-face (Smith and Pamela 26).
The company appreciates notifying its employees in regards to any arising news, such as performance or other changes. Consequently, the organization runs an intranet aimed at bettering the communication within the company’s premises. There are also face-to-face briefings with the managerial board, aimed at informing the employees on any urgent issue or notification. The company also upholds the use of newsletters and occasional video calling. The overall internal communication process helps the employees and organization remain focused on the company’s objectives for maximum productivity (Smith and Pamela 26).
The organizational activities of Capital One prove that the company is keen on ensuring that employees are motivated fully. The company has an elaborate employee relation system, where the company aims at resolving the organizational disputes and maximizing productivity. Capital One’s workforce is majorly young, owing to the variety of benefits that maximize workforce retaining (Such include the allowance to dress casually to work). The company focuses on bettering relations within the organization through putting in place a democratic system. In all aspects, all the employees pass their remarks and opinions, making them part of the decision-making board. The company’s working environment allows for recreation and interaction, maximizing both employee-employee and management-employee relations (Cummings and Christopher 12).
The company democratically sets out all the requirements and obligations of its employees, minimizing misconduct and lack of adherence to the organization’s principles. The system has helped the organization minimize conflicts and maximized its coherence to objective achievement. Through the company’s HRM system, there have been notable improvements. They include the placing of Capital One among the top financial institutions in the country, as well as joining the list of the 500 most valuable companies as number 129 (Cummings and Christopher 2).
Cummings, Thomas G, and Christopher G. Worley. Organization Development & Change. Australia: South-Western/Cengage Learning, 2009. Print
Compensation and Benefits. Capitalone.ca. Capital One. Web. 27 Mar. 2015. http://www.capitalone.ca/careers/benefits
Smith, Lyn, and Pamela Mounter. Effective Internal Communication. London: Kogan Page, 2008. Print.
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