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Current event summary - Assignment Example

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It has been found that the companies often hurl financial incentives in order to retain the executives during the changes. According to the article, there are many other ways…
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Current Event Summary Table of Contents Summary 3 Agreement/Disagreement with the Article 4 Rationale for Choosing the Article 4 Bibliography 6 The article ‘Retaining key employees in times of change’ has been extracted from Forbes.Com and it was published on 9th August 2010.
Summary
The article is all about retention of the employees when major changes take place in the organization. It has been found that the companies often hurl financial incentives in order to retain the executives during the changes. According to the article, there are many other ways through which the money could be saved. The companies are rewarding the high performers while overlooking the normal performers who can also play an important part in the success of the organization when the change occurs. The article suggests that there are better and cost effective ways through which employees could be retained when the companies plan to restructure, merge or reorganize. The first step is to identify the key players and target the one who are most important and the one who are at the risk of leaving. They can be offered both financial as well as non financial incentives modified according to their requirements. According to the article, it is important to find out the hidden gems where the HR and the line managers would work together when the changes takes place. These will certainly help the companies to identify the talents that are hidden within the company.
Agreement/Disagreement with the Article
It can be fundamentally disagreed with the article as when the changes takes place, retaining of not only the key performers is essential but also the normal performers or the average performers is very important as they may also play a crucial role in the long run of the organization’s fortune. Moreover throwing of financial incentives does seem to be the best way of retaining the employees. Though, utilization of this method can in turn de-motivate the other performers. It may at times turn out to be an improper utilization of financial resources of an organization. There are other ways through which the employees can be retained during such difficult times and it would also maintain aid in maintaining a balance between the key performers and the others.
Rationale for Choosing the Article
The main reason behind choosing this article was that employee’s retention is a major problem that is faced by almost all the companies during the times of restructuring. The article helps to provide proper understanding of what can be done in order to maintain the talents in the organization. It also highlights the importance of the normal performers in supporting the changes. Such change often makes the employees nervous and frightened. Therefore it is utmost important to win the hearts and minds of the participants and also those who are associated with the change process. Although an employee’s performance can turn out to be not that remarkable but their knowledge as well as skill and expertise must be recognized and their retention must be made possible. There are various hidden talents within the organization who might have not shown their talent while performing in a certain area but could be highly productive in some other area of the organization. Therefore, it must be the duty of the HR managers to locate such hidden talents and retain them during times of restructuring. If the key talents are to be recognized by means of financial incentives then the normal performers must also be rewarded in order to encourage them to perform well. Thus, an organization will be able to completely utilize their human resources for the benefit of the organization.
Bibliography
Cosack, S. & Et. Al. “Retaining Key Employees in Times of Change”. September 29, 2010. Forbes, 2010. Read More
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