...Employee Retention “October 2010 marked the first time in 15 months that the number of resignations in a month surpassed the number of layoffs” (Porter, 2011, p. 56). This data illustrates just how big problem employee retention can be. This is not relative to any one industry or company; it is a problem for everyone in the business world. This paper will discuss employee retention before, during, and after an employee has been employed by a company. Hiring for Retention First, employee retention prior to hiring will be discussed. While this may seem like a strange concept the strategies covered in section will make it clear. Julie Porter, senior vice president of professional services for Ledgent, suggests that: “When the time comes to fill an open position, be very specific about what it takes to be a top performer in that position – the skills, knowledge, experience, and personal characteristics – and don’t settle for anything less from a potential candidate” (Porter, 2011, p. 61). This will assist in weeding out candidates that may not be as serious about the work they are applying for. It will also give a better chance of getting the best person for the job. Another factor to look at during the hiring process is personal characteristics. According to the book Harvard Business Essentials: Hiring and Keeping the Best People potential employees should be look at for their analytical and creative abilities, decision-making style, interpersonal skills, and motivation...
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...Driving Employee Retention Through Engagement Georgina Shores Florida State College at Jacksonville One of the key topics in Human Resources today is employee retention. Retention is defined by businessdictionary.com as “an effort by a business to maintain a working environment which supports current staff in remaining with the company.” (Business Dictionary, 2013) In today’s business world, the cost of hiring and training new employees is high. It is essential to an organization’s bottom line to attempt to keep quality, valued employees happy and employed in order to keep turnover rates down. Retention is a theme that should be kept in mind from the point of hire. There are several drivers of employee retention that should be looked at when discussing the topic. Employee engagement, satisfaction or dissatisfaction with management, unrealistic employee expectations of the job upon hire, compensation issues and advancement issues are just a few that all factor in to whether or not an employee decides to stay or to seek other employment elsewhere. In the course of this paper I will examine each of these topics and what an organization can do to decrease turnover rates within. Employee engagement is defined by investopedia.com as “the level of enthusiasm and dedication a worker feels toward his or her job.” (Business Dictionary, 2013) An employee that is engaged is his or her work is more productive in day to day tasks and is more likely to take a personal interest...
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...for companies in regard to managing employee turnover. Working for several companies during the lifetime of an employee’s career is no longer an unusual occurrence (“How Managing Employee Turnover Impacts the Bottom Line,” 2005). According to Goessl, (2009), “There are many benefits to retaining a good staff. Companies that can effectively hire strong candidates and keep them on staff add value to their business over the long run” (Staffing issues, para. 1). Employee turnover is very costly to an organization. Employees are a valuable resource and when a qualified employee leaves a company, the productivity, efficiency, and profits of that company will be affected. Calculations by retention/turnover experts that it costs a company 150% of an employee’s base salary to replace him or her. For example, it will cost $90,000 to replace a $60,000 a year employee when costs for recruiting, interviewing, training, and lost productivity are taken into consideration (“How Managing Employee Turnover Impacts the Bottom Line,” 2005). Although employee turnover can have a major impact on the financial bottom line of a company, the same could be said for keeping low-performing employees. Instead of merely retaining employees for the sake of keeping the turnover rate low, attention should also be given to the type of employee who is desirable for the company. Proper documentation of costs and savings produced by employee turnover can result in financial gains...
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...University of Phoenix Alejandro Granados Keeping the Hacker Out CMGT / 440 Oct/3/2011 Keeping the Hacker Out Knowledge is the best way to keep systems secure. According to an article on Security News Week Magazine, knowing what methods the hackers use to attack is the best weapon a CEO can use to protect its company data. And whether or not he can prevent an attack knowing a Hacker “know how” Is the best way to identify future potential treats to a company’s network. According to Terry Cutler in an article posted on Security Week magazine . People responsible of company network are familiar with web defacing and executive spear phishing They have become aware that hackers are waiting and gathering information and concealing themselves Also known as footprinting. When hackers attack it doesn’t just cost millions to a company but also earned reputations can be compromised or destroyed. SIEM or Security Information and Event Management software are necessary automation tools for a company network security, That determine the severity of treats . SIEM is capable of detecting suspicious employee activity which is extremely important. Let’s say a swipe card system identifies an employee entering the company office after business hours in Montreal, then it identifies the same employee entering another company facility 20 miles away. If each entrance occurs within a space of 20 minutes, something is off because it is impossible for one person to travel 20 miles...
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...MANAGEMENT SKILLS DEVELOPMENT 1 SECTION 2 TANYA CHAPMAN MARCH 12, 2014 Contents Abstract 3 Introduction 3 Literature Review 4 Good People 5 Attracting Good People 5 Retaining Good People 6 Developing Good People 7 Application in the work environment 7 Cash Money Cheque Cashing Inc. 8 A Tradition of Excellence 8 The Cash Money Promise 8 What is a payday loan and who uses it? 9 What Cash Money Employees Are Afraid Of ….. 9 Implementation Plan 10 Reference………………………………………………………………………………………………………………………………………………………………………….. 17 Abstract Good people are hard to find, the saying goes. "Without loyal, dedicated, competent workers, no company can satisfy the expectations of its customers - internal or external. Employee retention to build a stable, productive workforce will be the competitive advantage in this decade." (Roger Herman, 2014). Attracting and keeping good people has become a challenge for a lot of companies. One would think that changing jobs during economic down times is difficult but the fact is that good people will always find jobs during strong or weak economy. Both business leaders and senior managers agree that it is becoming increasingly difficult to keep good people as employees seek greater mobility in the market place (Sexton, G., 2007). This report looks at attracting, keeping and developing good people in Cash Money Cheque Cashing Inc., a financial services company headquartered in Toronto, Ontario. Introduction The current...
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...the chances of being successful at any venture the business may pursue. However, in today’s society, most businesses have a difficult time keeping their employees happy and motivated to work hard. As a result, it is difficult for the manager to keep things going. To be a successful manager, one must be able to meet the needs of everyone on board individually, while offering incentives and rewards to keep the team motivated. Motivation is the biggest factor in ensuring that you have a productive team. Though this seems to be a very obvious thing, the big problem is that a manger needs to determine what keeps each individual employee motivated. It is the manager’s responsibility to get active and determine what your team would require to keep them motivated. It is vital that you ask the questions needed to determine this. It can be a variety of things, such as offering bonuses for reaching a goal, having contests to see who can achieve bigger numbers, or an extra day off. It is vital that the manager determines what the employees would like to see; otherwise the manager will have a difficult time keeping their team motivated to do a good job. One step that a manager can take in keeping a team motivated is to use “Maslow’s Hierarchy of Needs” (Kettner, 2002). Maslow explains that there are five different levels of achieving a motivated employee, and they are in order the physiological needs of the employees, security and safety in the workplace, social affiliation, recognition and...
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...important? II. How to motivate? b. Setting goals c. Showing growth and progress III. Communicate to Motivate d. Why is communication important e. How does it motivate? f. How does it help improve employee motivation? IV. Employee Surveys & Evaluations g. Conducting research and surveys h. Why is a survey designed? i. Employee evaluations j. Questions to ask yourself when evaluating. V. Conclusion Introduction The question when it comes to motivating people is what motivates and how to motivate people? The last but not least is how to keep people motivated? There are many jobs people work and they’re just working for the money and nothing else. The key to keeping good/great employees and to have a low turnover rate is keeping people motivated. Not only that but also engaged with the work, having a positive work environment and wanting employees to help build, grow, and increase productivity. That’s why setting goals, monitoring employee’s growth and progression is the main theory for motivating employees. Also, modeling an evaluation program for the employees to advanced and enhances their job/career with the company to decrease employee turnover rate. Leaders of modern-day organizations must know how to motivate each of their employees in order for them to thrive in dynamic work environments. Understanding the various motivation theories is the first step to putting them into practice...
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...How employees are managed in an organization is important to the workflow of the workplace. Human resource management has several roles that encompass employee management, which include staffing, employee relations, training, benefits, and workplace safety. These roles are vital to the success of an organization. Human resource management in the health care industry is especially important because this department is responsible for hiring the best and most qualified health care workers. The ability to recruit exemplary health care workers is essential to providing the best patient care. The following paper will discuss the functional roles of the human resource department in a health care organization. Roles of Human Resource Management Staffing Human Resources is the initial staffing decision maker on hiring and promoting the best people from a pool of potential candidates (Balkin, p. 156). Researching potential employees for hire and current employees for promotion take special consideration and decisions must be based on sound reasoning and background information. The HR department must make inquiries into the candidate and perform background checks to ensure a solid decision. Employee Relations Maintaining good employee relations between management and co-workers is essential for a good workflow and consists of good, and clear communication. When there is an understanding about how the workplace is managed and the procedures and policies to follow when conflicts...
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...will attract a lot of employees once they get more familiar with the online program. Investing in our employees’ education is an excellent idea, especially with the reasons provided. The company’s profits could partially be used towards helping our employees with their tuition reimbursements. The most important thing about this idea is to keep advance our current employees to a higher education and then apply them to business in a profitable way. Expenses such as spending it on hiring new employees through outside agencies could be prevented if the company to retain them. Earning a degree could open all sorts of doors for current employees. For example, a pay increase, and this could be a good incentive for the employees to obtain a degree. Also a potential promotion once the employee is done with obtaining a degree. For our employees that already have a degree, they could be interested in taking a class that is related to their jobs, just to get updated information and apply it to their current jobs or positions. Our non-managerial employees could start to think of applying for a managerial position once completing their...
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...department, which in turn used these invoices as basis for their journal entries and to Account Payables as the basis for payment. He was acquitted of taking a total of $475,000. Internal control that Aesop University should have used is segregation of record-keeping from physical custody. An accountant should have neither physical custody of the asset nor access to it. Likewise, the custodian of the asset should not maintain nor have access to the accounting records. The custodian of the asset is not likely to convert the asset to personal use when one employee maintains the record of the asset, and a different employee has a physical custody of the asset. The separation of accounting responsibility from the custody of assets is especially important for cash and inventories because these assets are very vulnerable to fraud. Segregation of Duties Segregation of duties is vital in an internal control system. There are two common applications of this principle: 1. Different individuals should be responsible for related activities. 2. The responsibility for record-keeping for an asset should be separate from the physical custody of that asset. The rationale for segregation of duties is this: The work of one employee should, without a duplication of effort,...
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... They would have to purchase shoes at local stores that were at a lower cost to them. Another challenge to them would be trying to keep good help. They said that only one in 100 applicants pass their criteria then they offer $2000 in the training process for a person to quit. Some people might decide to try to get hired just to get that offer to quit. If more and more people do that, they wouldn’t be able to have enough people to work for their company. Human resource management practices can help meet these challenges by keeping an eye on the economy and listening to the employees when they talk about not being able to afford the products themselves. With the keeping good workers, they need to again listen to their employees better and if it seems like they are getting unhappy about something, maybe they can find out if there is something that would help make it better. A good employee would be bad to lose over something small that the company could have taken care of. I think that the employees of Zappos have a high level of engagement because the company seems to take care of them. The training is extensive and their benefits are good. Zappos takes care of their employees so that they will be more productive for the company. They provide them free breakfast, lunch, snacks, coffee, tea, and vending machine snacks. They want their employee to be happy and have great job satisfaction. They want their employees to be creative and open minded. Not all companies want this. This...
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...Benefits of Using Employee Education With development of information technology, employee education has been making many changes in the business fields. Employee education means that when companies hire employees, companies will provide employees with specific training and development education. This education is designed for employees, and helps employees increase their productivity and efficiency. This will also help employees understand what real business is. I have experience by gaining benefit from employee education in order to help me deal with my jobs in international business. My previous job was a business administer in a manufacturing company for dealing with every tasks, such as shipment, quotation, and communication with American and European companies. I take advantage of using my company’s employee education to run my jobs much well-organized and smoothly. Therefore, in my point of view, using employee education can improve the efficiency of business by fully understanding complex work, by revising previous business knowledge to match current job, and by keeping up with current trend and saving amount of time. By using employee education in international business, it can help me to have fully understanding of my job. Most international businesses are not only selling products to other countries but also providing good service to them. When I was a business administer, I have taken a great advantage of using my company’s employee education. This...
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...Planning MGT 510 Dr. Janice Spangenburg October 2, 2012 Problem Statement Worksheet - Lowe's Companies, Inc. Introduction | In 2008, Lowe’s Companies, Inc. have failed to ensure a sustainable safety environment, put in place a health program, and maintain adequate record keeping on work-related injury and illnesses claims for certain locations in the state of Ohio. This employer has been made aware of OSHA requirements for its industry and has been cited many times for similar infractions. OSHA regulators have imposed stiff penalty fines that have cost Lowe’s Companies Inc. thousands of dollars. The record-keeping violations at the southwest Ohio stores were willful and intentional because the company had failed to correct the problems after OSHA found similar violations at the stores in the southern part of Ohio (Lewis, 2011). | Problem Statement | There are record-keeping violations for failure to report employee injuries and illnesses within Lowe’s Companies, Inc. located 24 southern and southwest Ohio stores. Since 2008 to 2009 the Federal agency has issued citations with fines totaling $110,000. This is a problem because Lowe’s continually fail to document and report employee injuries and illnesses, and the number of repeated violations by OSHA standards and regulations continue to increase and costing Lowe’s money in penalty fees (Nolan, 2010). There were an estimated 13 alleged safety violations and 10 of them were repeated (Sheppard, 2011). | Purpose...
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...Record Keeping has been around for a long time now. Depending on the laws that governed us, we are requiring to maintain records. A good document retention policy could last up to seven years. A litigation hold is basically keeping all records pertaining to the case, or until the case is over. Depending on the records at hand, state and federal laws require organizations to maintain records. During litigation hold notice a good checklist to follow, is a good idea. A document retention policy basically establishes a policy that keeps records of documents and files for a certain amount of period, so that a court can examine a business practices over a time period. Courts and juries don’t have little tolerance for organizations that don’t maintain their records. They often give penalized corporations for keeping their records, by handing out big fines. A document retention policy is established after a litigation hold is given to an organization. Depending on the litigation hold certain documents must be maintain in order to prevent penalties. So if the litigation hold is pertaining to a HIPPA violation at a college, the college must maintain all records to include, emails, documents, faculty involvements, telephone conversations, backup tapes, hard drives, flash drives and etc. The policy has to be clear and understanding to faculty. The files must be in preserved in original format, and cannot be altered at any time. The Sarbanes-Oxley Act of 2002 was passed through the senate...
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...Once an employee is ableto understand, and empathize with the overall aims of the organization, they are generallymore motivated towards achieving them. Having ensured that the organization and theemployees are working towards the same objectives, managers can then focus on exactly whichmotivational techniques can be implemented to facilitate the achievement of these goals.It is clear that there are both positive and negative motivational factors which can lead to theachievement of objectives. These can be summarized as either fear or reward factors. This fearfactor can indeed lead to good results in the short-term but, in the long-term; the employeesare likely to be more focused upon whether or not they will be keeping their jobs, rather thanupon fulfilling overall business objectives. Positive motivational factors are also many andvaried and, although these may lead to long-term gains, they too can have negative aspects tothem. Offering rewards and incentives is indeed motivational, but it is important to make surethat these are deserved and that recognition is given to the right person at the right time. 1. Discuss the long-term relevance of motivational techniques used by Baheti in the light of prevailing environment in the organization. Answer:- Baheti used good techniques to motivate their employee to overcome the current situation. a. Announcing the performance of the month was very good strategy to keep the performance up and also to sweeten the good relation...
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