Based on Tesco Assignment Example | Topics and Well Written Essays - 2000 words

Based on Tesco - Assignment Example A motivated workforce results in increased performance, thus an improvement of the firm’s profitability. Therefore, Tesco may motivate its staff by way of providing monetary rewards, non-financial rewards, training, and development. Training is of increasing significance of firms seeking to gain competitive advantage amongst the competitors. Various schools of thought have come to a conclusion that training and development is a human resource practice that may considerably influence the success of a company. Tesco’s growth could be improved by use of on the job-training, mentorship programs, coaching programs, use online marketing tools, and evaluating the effectiveness of the training and development programs. The other element that can affect the performance of a firm is reward. The provision of financial and non-financial rewards impact positively on the firm’s performance, financial gain, and employee motivation, and job satisfaction. Both the monetary incent ives and non-monetary benefits, such as work-life balance, flexible working hours, rewards and recognition, leave, and vacation time not only motivate employees, but also staff turnover. As a result, there is proportionate correlation between rewards, training, learning, and development, with firm performance and growth. The universal competition and rapid changes put emphasis on the significance of human capital within a firm. An organisation’s success depends on the performance of the employees. Employees are considered as essential resources in the growth and development of the firm. In this regard, the success and growth of an organisation in any industry is reliant on its human resources. Even though there are numerous factors that play a major role, a firm needs to have effective employees in order to stay competitive and financially solvent. Motivation and satisfaction are viewed as the core element in the development of human capital in any