Recruitment, Retention, and Reward - Assignment Example

Resourcing and talent planning By What labour market trends make it hard for these companies to recruit and retain the staff they need? What developments might change the situation? Globalization has resulted in changes in market trends and affected employee retention and recruitment. Changes in labor markets trends have resulted in the turnover of employees hence the need for the organization affected to come up with strategies that will ensure employees are retained. Both companies XXX and ZZZ are finding it difficult to retain employees. The issue related to the increased turn over may be due to employee’s dissatisfaction and the weak company management system (Campbell, 2009). The companies have been functioning without HR directors. Employees are part of the human resources and are supposed to be monitored and supervised by an effective human resource department in the company. The few human resource policies put in place with the informal and relaxed style of management has made it difficult for the company to manage and retain its employees. Retaining employees requires the company to invest and motivate them. These companies have however, invested less toward employee motivation and developments. The location of the company in Gibraltar has also made it difficult to attract new employees, since properties in the town are expensive and difficult for the employees to live here. The companies should come up with effective strategies that are aimed at retaining employees. The two companies can retain employees through investing enough capital in development of employees. An effective human resource department should be set up to help manage the new employees and those already in place. The company has to develop strategic plans and involve employees in making company decision. The companies should also put mechanisms in place aimed at career planning, development and training of the employees and coming up with effective compensation plans. Such plans will boost employee retention which one of the major challenge affecting the company. It is advantageous for a company to retain employees rather than recruiting new ones since; the recruitment process is usually expensive. The new employees need training that is also expensive. The human resource department should be accorded powers to manage the employees (Campbell, 2009). The companies are said to employ two hundred employees each. The number is high and the issue can only be controlled if the employees are retained. Allowances can also be offered to the workers to attract them and allow them to stay in town. The town is said to be highly populated and expensive to live with the family. The retained employees are experienced and will improve the performance of the companies. The human resource management has encountered a lot of challenges due to changes in the business environment as it has become more competitive. Advances in information technologies, international competition demand and changes in consumer demand for products and services has prompted companies to come up with new ways of production and plans for the organization. The demand has affected employee mobility and thereby prompting employees turn over. The two companies should ensure appropriate human resource management is put in place with an intention of recruiting employees that are competent and should come up with good plans that will ensure the staffs are retained. The human resource directors are to work closely with top company management to ensure appropriate measures that will promote employee commitment, retention and productivity (Campbell, 2009). Competition targeting key employees’ talents may also be the reason for the increased employee turnover. The companies face competition from other companies in the United States with the same type of business. The company can prevent employee movement to other competitive companies through motivation and development. The employees should be allowed to raise issues that affect them and the company should be in a position to solve the issue. Used resource is the greatest asset owned by the company and should therefore be treated with more concern. The companies should rely on knowledge, expertise, skills, capacity development and capital resources with an intention of competing favorably in the already competitive business environment. The motivation strategies targeting retention of the employees keep changing from time to time and the company should therefore be up to date with new information pertaining to employee retention and recruitment. 2a) Recommend two differing approaches that could be taken in the short term as means of improving their ability to retain staff effectively The human resource department in the company can come up with short term employee retention strategy with an intention of retaining them. Job satisfaction is one of the approaches that can be applied by the companies to promote employee retention. Job satisfaction targets the attitude of the employee toward their current jobs. Changing the attitude of the employee to a positive one through actions such as training and employee involvement in the decision making process can help change the turn over intention of the employee. Issues such as pays, employee-supervisor relationship and the quality of work environment have been known to cause dissatisfaction among the employees (Srivastava & Rastogi, 2012). The two companies can focus on such issues to change the turn over intention of the workers. Reward strategy can also be utilized as another approach aimed at retaining employees in the companies. The employee’s performance and contributions should be recognized through rewards. Such rewards entail recognition, salary increment, advancement and coworker relationships. Rewarding employees will reduce employee turnover. 2b) what cost savings could be realized as a result? Retention of the employees saves a lot of capital that the company may spend on the recruitment of new employees. The company will also have to spent money in training of the newly employed since they do not posses experience like the employees who have left the companies. The two companies employ 200 hundred workers each. The capital spent on recruitment of such a large number of employees is high. The company is therefore justified to come up with strategic plan that is aimed at employee retention to save on capital. It is beneficial to retain an employee than to lose and recruit another one. Employee turnover is costly to both companies. Some of costs associated with turnover entail; training costs and time search of candidates, additional employee benefit investment, productivity loss and replacement costs. Retention of the employees is therefore vital for company progress (Hannay & Northam, 2008). . 3a) Over the longer term what should be the key features of the resourcing strategies that the companies establish? The two companies employ 200 employees each year. Recruitment of employees is a process and the human resource department has to come up with strategies of resourcing employees of with best skills. Employee resourcing is considered a vital role of human resource department. Companies should ensure the effective plans are put in place to help recruit only the best (Bowen & Sharma, 2007). A successful resourcing process should enable the company to chose a highly skilled employee, reward and motivate them. The major principle of a strategic resourcing process is to ensure the cost of the employee is minimized while at the same time employee value is maximized. The human resource management has to come up with resourcing strategy before recruitment process begins. The employees selected are supposed to posses technological skills required by the company. The employees selected should be supervised and training. Mentorship and role modeling are also vital to ensure the employees adapt to the place of work. The company has to consider a variety of factors before selection process begins. The employees should be informed of the expectation before they are allowed to work to enhance human resource relationship. Promotion of the existing employees promotes commitment and reliability (Bowen & Sharma, 2007). The company should be able to utilize selective recruitment process due to their demand for candidates that are skilled. The company can also source from within as a way of motivation to the existing employees and to reduce the cost spent on recruitment. The human resource department should be empowered to carry out the recruitment process in a more effective manner. The employees within the company should be reallocated because of the skills and expertise that they posses. The company has to invest enough capital in order to tap human resources who are skilled. Recruitment of employees with the best skills is considered a good strategy in dealing with the competitors (Bowen & Sharma, 2007). The resourcing strategy should aim at generating mutual trust and boosting commitment among them. The sourcing process should aim at focusing on selecting employees with the best attitude that can spur organization growth to the next level. Resourcing strategy should focus at; the number of candidates needed to achieve the company needs, the behavior and skills required and the need to change organizational culture while targeting issues such as customer service, quality and performance standard. 3b) what steps should they take to ensure that future skills needs are met? The company often blames the employees when they incur losses. The company is however justified in cases where the employee productivity becomes low. Blaming the employees may not help but the two companies should come up with strategies to improve employee’s productivity (Bowen & Sharma, 2007). Strategies that can promote employee performance in the two companies include; employee among the employees should be established. Accountabilities that are well defined promote good relationship among the employees and make them comfortable. The employees can also be monitored for performance. Performance appraisal can be utilized by the company as a measurement tool for performance. The as approach ensures the employees remain productive. The company has to avoid micro management by putting trust in the individuals. The company should come up with ways directed at encouraging employees through motivation. Employees can also be recognized, rewarded and be involved in the decision making process (Bowen & Sharma, 2007). the employees are to be trained, team building exercises have to be done , written processed should be done, internet access tools have to be checked , communication channels should be kept open by the team, the company should be able to pay well, regular feedbacks and reviews ought to be carried out and emphasize team work. All these strategies can be employed by the company with an intention of promoting the employees skills for the purpose of raising performance. 3c) Explain how the companies are positioned strategically and to what extent their actions affect one another. Location of the company is vital for its growth. Business environment determines the failure and the success of the organization. The location of the company and business is therefore essential for the organizational growth. The location of the businesses can be determined by methods such as, financial, statistical, analog, mathematical modeling and regression analysis. Other determinants entail social economic factors, situational, demographic, site, competition, condition of the establishment and the product services. The two companies XXX and ZZZ run by teams in Britain are headquartered in Gibraltar. Most of the company staffs are located in the Town. The location of the two gambling companies has been determined by two factors. One of the reason supporting their location is due to the fact that, online gambling is regulated in the territory and is considered legal. These are one of the major factors since the company deal with gambling. Gibraltar therefore remains the only for flourishing of the business (Weber & Chapman, 2011). The regulation of the business in the territory is also essential for their prosperity. The second reason that supports their location is due to the fact that tax is virtually nil in the town basing on the fact that the services are not provided to the population in the town. The absence or less tax levied on their services enable the company to save a lot of capital. The capital may be channeled to other company activities hence promoting performance. The two companies are however competing among each other since they deal with the same services. They enjoy nearly half of the current market. One company reduces the market of the other (Weber & Chapman, 2011). 4) Explain why these companies would want to become employers of choice. To what extent would it be possible for them to achieve this? The two companies are competing with other companies that offer gambling services to the consumers in the market. Being employers of choice will enable them attract and retain employees with experience and skills. Performance of a company is determined by the determination and hard work of their employees. The company should therefore invest in activities that will promote retention of the employees and developing a better working environment that will attract them (Rampl, 2014). The employees determine the employer of choice. Companies or employers of choice retain most of their employees throughout their careers. The employees are eager to work with them. For the two companies to become the employers of choice positive employer employee relationship has to exist in the company, the company has to provide employees with job security and opportunity for personal growth. A good company should involve the employee in decision making process. Rewards and other activities such as motivation also make the company an employer of choice. The employee’s salary and compensation package can also promote the company to be the employee of choice. Changes in the structure and culture of the company can help make it a choice among the employees. The human resource manager has to convince the top managers in developing policies and plan aimed at improving the working environment at the place of work (Rampl, 2014).The work place environment should be made a better place for the workers. References Bowen, F., & Sharma, S. 2007. Resourcing Corporate Environmental Strategy: Behavioral And Resource-Based Perspectives. Academy of Management Annual Meeting Proceedings, A1-A6. Campbell, J. 2009. Recruitment, retention and reward. Education 3-13, 24-31. Hannay, M., & Northam, M. 2008. Low-Cost Strategies For Employee Retention. Compensation & Benefits Review, 65-72. Rampl, L. 2014. How to become an employer of choice: Transforming employer brand associations into employer first-choice brands. Journal of Marketing Management, 1-19. Srivastava, V., & Rastogi, S. 2012. Employee retention. Ubiquity, 1-1. Weber, P., & Chapman, D. 2011. Location Intelligence: An Innovative Approach to Business Location Decision-making. Transactions in GIS, 309-328. Wilson, F. 2010. Meeting the challenges of global resourcing. Strategic HR Review, 5-10. Read More