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Planning for the East Coast Banks Future - Term Paper Example

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The author of this paper "Planning for the East Coast Banks’ Future" will emphasize the relationship between the labor cost in business and employees performance. Furthermore, the paper discusses several questions regarding this theme and related business strategies…
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Extract of sample "Planning for the East Coast Banks Future"

Download file to see previous pages Where the teller/customers agents recorded a33% turn over whereas the assistant managers recorded the lowest turnover of 17%. This holds an indication that, the customer teller agents level, has got the highest percentage of employees leaving the bank and hence, signifying a labor shortage at the teller/customer agent level. Whereas, the assistant manager’s level indicated a 17% turnover, which implied that the employees at the level of assistant managers hardly left the bank, indicating a surplus in this positions (Ivancevich, 2006).
I would embark on the Recruitment strategies as one of the techniques to curb the labor shortages in the East Coast Bank. It involves the process of attracting, screening and also selecting the competent individuals for the positions experiencing shortages within an organization. Recruitment is one of the key activities carried out by management in the attempt to secure an efficient workforce. Apart from curbing employee shortage, recruitment enables the top management to identify the potentiality of the labor market (Riley, 2012).
Employee retention is another strategy that I would embark on to curb labor shortages. The hiring of employees constitutes only the first step. But creating awareness on the significance of employee’s retention is extremely essential. Costs that are linked to employees turnover include losing of customers together with damaged employee morale. Retention of the employees is thus, the ability of an organization to both attract and ensure retention of their workforce. A retention practice ensures a diverse workforce, where obstacles are eliminated, allowing workers to have a full participation at their places of work. This results in employee’s commitment and high productivity levels. ...Download file to see next pagesRead More
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