Comment 1: Compensation is a key factor in employee retention. No one wants to continue working for an organization they feel aren’t paying them enough for the work that they do. With that being said this is not a universal ideology of retention and compensation though. in some lines of work the employees are less concerned about salaries and perks so it’s safe to say that not always do employees leave or stay with organizations because of salary and compensation factors. I do believe for the vast majority of the workforce its the exact opposite. Leigh Branham, CEO of Keeping the People, notes that 89 percent of managers believe people leave their jobs due to compensation, but 88 percent of employees actually leave for other reasons. I think the higher up you climb in an organization the more compensation starts to matter to you. Benefits play a major role in retention because most of the workforce is willing to work hard every day and stay with an organization if they feel like their benefits are good for the level of work they do.
Sources and references:
Bean-Mellinger, B. (2016, October 26). How Does Compensation Affect Employee Retention? Retrieved from https://smallbusiness.chron.com/compensation-affect-employee-retention-61399.html
Learning, L. (n.d.). Principles of Management. Retrieved from https://courses.lumenlearning.com/principlesmanagement/chapter/chapter-14-motivating-employees
Comment 2: Part A-
Total Rewards Philosophy is a breakdown of an organization’s vision and how it plans to design and decide salaries, incentives, and benefits. Rewards and compensation go hand in hand when the rewards are monetary but when they are not, the two are different. Rewards can be non-monetary like plaques given for hard work, extra time off, and free oil changes. Compensation is all monetary.
It is important to understand what motivates your employees so you know how to retain them. If you were a manager at a pizza delivery place and knew your employees would be motivated to make more per delivery. you could make it a competition where the employee who competes for the most deliveries and has the highest customer satisfaction gets paid $2 more per delivery for a week. Organizations provide monetary and non-monetary rewards to employees because for some employees it’s not completely about the money so rewards like extra days off and certificates presented in front of coworkers to recognize hard work would be better.
Paid time off, ability to work from home, flexible work schedules are my top three benefits discussed in chapter 7. These are my top three because in this life things happen. Sometimes you want or need to have a flexible work schedule to handle real-life situations which is why this one is number one for me. Paid time off is a must-have benefit for any organization trying to keep their employees. During the year you want to go on vacations or simply just not have to work for a week or so. That is why this one is in my top three. Having the ability to work from home is something I have yet to experience but this is still in my top three benefits because if you give someone the ability to work from home as a benefit I guarantee that person is going to work hard each and every day to keep that benefit. As far as the employee, this is a great benefit to have because every so often you get to relax at home and not be in a stressful work environment while still getting the job done.
Sources and references:
Chapter 6 & 7
Learning, L. (n.d.). Principles of Management. Retrieved from https://courses.lumenlearning.com/principlesmanagement/chapter/16-5-the-roles-of-pay-structure-and-pay-for-performance/
Comment 3: With external recruitment, businesses source candidates outside of the organization. Job seekers who are not currently employed with the business are hired. Businesses can use recruiting skills and large candidate pool to make finding external applicants easier. Recruiters can use external recruitment methods to find candidates for their clients. There are several methods for finding candidates outside of your company. Such as Social media, web boards, recruiting events and referrals. Businesses can use internal recruitment to source candidates within the existing workforce. External recruitment gives you a larger candidate pool than sourcing within a business. By increasing the number of potential hires, businesses get more options to fill open positions. With internal recruitment, a job is offered to someone who already works for the company. One big internal is promotion, when need to fill a higher-level position, managers could promote an existing employee. Since managers already work with the employee, they would best know the worker’s capabilities and work ethic. Others can be internal advertisement, referral, and temp to hire. A big advantage to internal recruiting is that the employee knows the business, managers, and higher ups. The same goes with the managers promoting the employee, they already know what production he can bring to the table and the advantages they will have promoting such employee.
Comment 4: My 3 that to me are relevant are turnover rate, cost benefit ration, and cost per hire. Metrics report current, year to year numbers for areas of HR such as turnover, employee engagement and performance, and many organizations base incentives on management’s performance to HR metrics. HR metrics that are with corporate and business strategy add value and organizational effectiveness.
- Human Capital Analytics; Gene Pease, et al.
- Managing Human Resources; Scott A. Snell and George W. Bohlander
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