An evaluation of human talent retention strategies in La Cámara de Comercio de Medellín – Colombia, Case Study Introduction To identify and maintain a competitive advantage is imperative for every company and this task finally is achieved by committed employees. In fact if a company decides to compete by innovation, are employees who have the capacity to create and innovate or if a company decides to compete by quality it is not possible without people, that is why several studies had emphasized in the importance of a satisfied human resource which is a competitive advantage difficult to imitate (Mejia et al 2015). To enhance it, it is crucial to link competitive advantage strategies with human resources practices and retain human talent …show more content…
Talent retention is critical for companies, because employee turnover make companies loose knowledge, even if companies have their process and knowledge documented, an employee takes with him skills, efficient or better ways to do his job, experience, and depend on the area where he used to work, he takes with him customers if he was a salesman, industry secrets if he was in a management position or in a key process of the business, and finally all those factors make companies stop their innovation process, delay their growth up, and compromise the achieving of their objectives (Ntshangase and Brijball, 2013). Besides some studies had stablished that the cost of replacing an employee is about one and a half or twice years of his salary, which includes experience and abilities of the employee, recruitment process, training and new employee´s learning curve, that could take minimum tree months. (Irshad, 2011 cited by Ntshangase and Brijball, 2013) (Hale, 1998, Fitz-enz 1997 cited by Ramlall, …show more content…
However it is important to understand compensation as a wider concept that can mix with rewards. Indeed, several professionals evaluate systems of compensation when receive an offer, which could include variable salary, profits participation, bonus and additional aids to study, to practice a sport, among others (Ntshangase and Brijball, 2013). On the other hand, companies have to consider that “best employees are career oriented” (Ntshangase and Brijball, 2013); that is why it is necessary apply several practices that allow employees to reach professional development. Some of this practices could be stablish a clear policy of promotion opportunities (Schuler and Jackson 1987), stablish career paths and support their development (Mejia et al 2015), identify people with leadership skills and help them develop them and give people the resources they need to improve themselves (Low, 2010). In addition to develop a good relationship between leader and employees and give employees support are vital factors to engage people. Those factors require leaders communicate constantly with employees, evaluate them and give feedback (Mejia et al 2015). In fact, for engaging people it is required a good leadership. It is needed a lead who care about people that can coach and train them, actually (Low, 2010) affirm that is better if leader is more focus on people needs than in
First when a leader focuses on the strengths of the employees the odds of the employee being engaged will increase dramatically. This compares to chapter one of our text book in that it says an effective leader is one who helps group members attain productivity. The second key is that the most effective leaders surround themselves with the right people and maximize their team. The book suggest when leaders try to be good at everything they will not be great at anything. Although it is often preached to be well-rounded this results in mediocrity. So instead trying to be good at everything, find and know your strengths and hone those skills to be a more effective leader. The authors say there are four domains of leadership with thirty-four themes that break-down under the domains and these explain the actual strengths of the leader. The domains are executing, influencing, relationship building and strategic thinking. In our text book all but influencing are listed as one of the ten roles of leadership. ...
Competition for talent is a constant if a company is looking to be competitive in the industry. They need to utilize the latest means to attract the best talent or they will find another employer that will be in line with the attributes of the candidate. One way companies are looking to be more competitive in hiring candidates in to develop a Human Capital Management (HCM) system that
Organizations or businesses are successful by the people who work in it. If they are treated with respect and dignity then the organization will thrive and will be able to operate globally. The Talent cycle is a form that assists with hiring, training and the retaining process that helps the employer to ensure that all the necessary steps are taken care of in order for them to be a successful business. Red lobster has a unique strategy that assist with retaining employees and are effective in terms of reducing law-suits. (Wirtz, Chew, & Lovelock, 2012).
Employee turnover costs are very costly to a company. Turnover not only affects the bottom line but also affects the company’s morale. We are analyzing the problems within our company that are causing our employees to become unsatisfied with their job. Then we are going to find solutions. And then do the cost estimates of the turnover costs and the turnover savings after our solutions are implemented.
In the fields of management and business, Strategic Human Resource Management (SHRM) has been a powerful and influential tool in order to motivate employees to perform productively. (Ejim, Esther, 2013). According to Armstrong (2011), SHRM refers to the way that the company use to approach their strategic goals through people with a combination of human resource policy and practices. The purpose of SHRM is to produce strategic capability that the organisation must ensure such that employees are skilled, committed, and well-motivated in order to achieve a sustainable competitive advantage, (Armstrong, 2011). Particularly, the organisation must be able to carefully plan strategic human resource ideas, aimed to increase the productivity.
Talent management has been used more narrowly either as a new term for an existing HR function or to focus on a select group of employees. The term talent management could include a long list of HR processes and components and cover only some, most, or all employees. Varied definitions are being used. Some definitions are very narrow and focus only on a single process or employee group—the “pivotal talent”, while other definitions are so broad and all inclusive that it is difficult to know what they intend to include.An
To become a truly effective leader, one must encapsulate the various behaviors related to the aforementioned course learnings in his/her persona and demonstrate such behaviors daily. This course has allowed me to identify four behaviors that all leaders must portray to be effective. The first of which is that a leader must be inspirational. To do so, a leader must set the appropriate vision and direction for the organization and provide a path to achieving defined goals. Additionally, a leader must induce the proper levels of motivation so that each employee has sufficient incentive to work towards the organization’s goals. As discussed in the class, motivation can be accomplished by factors such as rewarding hard work and providing the correct opportunities to employees. While these are motivating in that employees desire to be fairly compensated and to be doing work they deem valuable, inspiration comes more from organizational culture. A leader will be inspirational by setting a tone that appreciates each employee’s contribution, no matter how small in scale it is. Further, employees are inspired when they work collaboratively in a group setting and can capitalize on individual strengths to drive organizational goals.
Actively and effectively engaging employees builds the foundation for success. You can’t stop people from moving on in their careers, but if you can get a good run out of a top performer, then the return on investment is immeasurable. You'll be rewarded, not only with a strong employee retention rate, but also with loyal employees who contribute to your organisation's success - for the
The talent management is defined by the Five STAR program where managers “begin a process of cascading, aligning, and translating these imperatives into clear goals and SMART (specific, measurable, attainable, realistic, and timely) objectives that relate specifically to each of the five STAR points” (NCHL). The programs institutes and refines goals, stipulates accountability and heighten company objectives correlating with each employee’s potentials. The principles of the succession planning and talent management strategy are to review and assess key talents to foster innovation and advancement in their careers.
It is important for today's business to attain and maintain talented human work forces; therefore, many companies strive to seek methods to reinforce human work forces. I think that diverse recruitment and career development actives are good ways to reinforce human work forces because these are motivate employees to increase organization's productivity as well as employees' loyalty to their companies. As diversity flourishing, the most successful companies have tried to deal with diversity toward inside customers, employees and outside customers, real customers. It is not only bringing advantages to them but also practicing affirmative action. It is not easy for a company to maintain their human work forces and find their employees' potential which can be used to increase productivity. However, many companies have solved their these concerns through career development activities. Needless to say, diverse recruitment and career development activities are one of important practices of companies to motivate, inspire loyalty in employees , and improve organization's productivity.
In this article, Meyers & van Woerkom(2014) arguments are based on the fact that, so as to explain how and why talent management can lead to a business’s sustained competitive advantage, there is need to gain insights into certain philosophies about talent that underpin management of talent. The article gives an introduction of four talent philosophies that are different in the talent’s perception as a universal or rare and stable or developable that is the stable or exclusive; developable or exclusive; stable or inclusive, developable or inclusive talent philosophy. Discussions are made on basic assumptions, practices on talent management, challenges and opportunities for each of the four philosophies given in the article. On the basis of this discussion, development of propositions that are testable for future research is done (Mathis & Jackson, 2009).
...an approach of partnership is critical for organizations that want to gain competitive advantages. Butler, Ferris & Napier (1991) state this as, “the more management believes that HRM contributes to corporate success, the more its role will be integrated into the firm’s strategic planning process.” (as cited by Rose & Kumar, 2006, pg. 3). Additionally, organizations that apply energy and resources to HRD benefit from an increase in human capital. López-Cabrales, Real & Valle (2011) state the benefits of building human capital as, “If the company adopts appropriate procedures of personnel management, human capital can be orientated to the achievement of sustainable competitive advantages” (pg. 5).
By allowing for employees to be increasingly engaged in workplace activities, they are then given the opportunity to develop new skills. Most leaders also encourage for employees to participate in team building activities so that any employee would be more comfortable and have stronger chemistry when working with other members of their respective departments, and with other employees in the company as a whole. Leaders are capable of motivating their subordinates through a series of actions, such as words of encouragement, acts of appreciation, and allowing for employee involvement in key decision making processes in the company. For instance, leaders who appreciate, constantly encourage and assist in the improvement of the tasks performed by their subordinates will be able to build a strong and healthy employer-employee relationship. This good relationship instils the traits of confidence in employees and motivates them to enhance their performance. Excellent leaders commonly try to develop a dialogue or establish open communication with their subordinates. Employees who are well
In the 1980’s, the birth of a new concept called ‘Human Resource Management’ was born. This trend comes after an intense period of Taylorisation, Fordism and now, McDonaldisation. HRM came to counter balance these trends and to consider the concept of the Man as a Man and not as a machine. For the last several decades, the interests of companies in "strategic management" have increased in a noteworthy way. This interest in strategic management has resulted in various organizational functions becoming more concerned with their role in the strategic management process. The Human Resource Management (HRM) field has sought to become integrated into the strategic management process through the development of a new discipline referred to as Strategic Resource Management (SHRM). In current literature, the difference between SHRM and HRM is often unclear because of the interconnections linking SHRM to HRM. However, the concepts are slightly different. Thus, we can ask, what is strategic human resource management? What are the main theories and how do they work? What do they take into account and how are they integrated? What are the links between SHRM and organization strategy? In order to answer to these questions, we will precisely define strategic human resource management, followed by a look at the different approaches built by theorists, and finally, we will see the limits between the models and their applications depending on the company’s environment. Discussion Strategic Human Resource Management: definition Strategic human resource management involves the military word ‘strategy’ which is defined by Child in 1972 as "a set of fundamental or critical choices about the ends and means of a business". To be simpler, a strategy is "a statement of what the organization wants to become, where it wants to go and, broadly, how it means to get there." Strategy involves three major key factors: competitive advantages (Porter, 1985; Barney, 1991), distinctive capabilities (Kay, 1999) and the strategic fit (Hofer & Schendel 1986). Strategies must be developed with a relevant purpose to sustain the organizational goals and aims. SHRM is one of the components of the organizational strategies used to sustain the business long-term. SHRM defined as: “all those activities affecting the behaviour of individuals in their efforts to formulate and implement the strategic needs of the business. (Schuler, 1992)” or as “the pattern of planned human resource deployments and activities intended to enable the firm to achieve its goals.
The human resource management stands for the management of an entity’s workforce and all that relates to the workforce. The significance of human resource management includes recruitment, orientation, and the ability to retain employees. The human resource management with other managers utilizes these practices in order to produce a solution that relates to challenges. A competitive advantage refers to the business ability to gain the advantages of its economic activities that, it recognizes the organization’s ability to survive and overcome competition in the marketplace. This paper will discuss the concept of competitive advantage in human resource.