. In majority of organizations retention of talents acquired overtime is important for the purpose of the company’s viability and attaining a market competitive advantage. Many workers complain of lack of opportunities for advancement of their careers, unsatisfactory pay and overburdening workloads. These have been causes of adverse talents turnover. To overcome these, the company should strive to make all efforts towards retention of their qualified and skilled employees achieved through motivation. The CEOs of the companies should appreciate the existing competition brought about by globalization.
The impacts of retention on the performance of the company have been found to be desirable. Turnover has been attributed to adverse relationship between the task performing workers and their managerial staff. The company should thus initially identify the right talents for specific duties followed by all efforts to retain the talent. In the efforts to sustain the business, the employees should be made satisfied since “people management is the next frontier for extracting and crafting more value from company assets” (Tate 2007, 16).
The talents turnovers are never caused by issues of compensation packages and the relevant benefits entitled to the employees but rather a management issue. Three key areas requiring concentration by the company are the process of the company and the inherent structure, the developments of the people and a conducive environment of working for the employees. It is a great loss to the company in a situation where a talent is hired, internal training offered and all the necessary items required for the job offered to an employee then within a short period of performance, the employee l eaves the company for employment in another company.
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Any company should therefore adopt the simplest and most effective strategy of HRM of getting the right people, keeping these people in the company and developing the people for the benefit of the company (Tate, 2007, Financial Executive, 2007), The simple strategy enhances the rest of the functions such as diversity, compensation compliance etc. (Peterson 2007). The right choice should be made, the reasons why the people quit the company understood and make appropriate use of time to develop the potential in the people while offering opportunities for their development (Tate, 2007).
Labor Productivity The productivity of labor in any company should be cost effective. The input of labor is associated with costs which should linearly relate to the labor output value. Labor management in any business organization should be dictated by the size of the organization. Therefore the highly skilled and expensive labor management modes are best suited for big forms rather than small firms. The level of capital intensiveness is also a clear guide to the HRM practice applicable in any business organization.
For healthy cost effectiveness in labor, the existing workers should be handsomely remunerated, offered internal trainings in the work place, their skills tapped to the maximum and uplift their working morale. This essentially reduces the company’s labor costs on individual perspective and increases productivity (Boxall & Purcell, 2002). Organization Flexibility: The company should target the profit margin while utilizing the labor resource. Much productivity should be achieved while the cost of labor should be competitive.
Flexibility has been taken from the point of both financial and numerical (head count) perspectives. For appropriate coping with the flexibility in the company, both short-turn and long-term measures are at the disposal of the managerial entity of the company (Boxall & Purcell, 2002). Social Legitimacy The citizens and nations to which the workers bear their origin are significant contributors of development and nurturing the talent inherent in these individuals.
The organization employing the talents are therefore submissive to the neighboring society and the government who have the power to regulate the environment the workers are subjected to. Most companies only address the most basic and minimum responsibilities of societal concern such as health issues and safety issues. The companies are duty bound to uphold the ethical practices associated with employment issues of child labor, unionizable rights, forced labor in addition to the safety/ health issues should be accorded significant address and any complaints from employees for lack of compliance looked at (Boxall & Purcell, 2002).
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Recruiting and Retention of Employees. (2018, Jul 28). Retrieved from https://phdessay.com/recruiting-and-retention-of-employees-2/