The company’s annual revenue is $10 million, with a $1.5 million expense in replacing employees due to the company’s high turnover rate. The company’s concerning areas, according to the HR Director, include inadequate recruiting techniques, inadequate training, deficient compensation, no career development, and others. The XYZ Company, as a whole, needs to develop an employee retention plan. The company has already taken the
Employee Motivation also known as employee engagement is one of the fastest growing business topics these days around the globe. There are millions of dollars of revenue and countless man hours lost each year due low or no motivation of the workforce. Motivation is defined within the text as “the forces within a person that affect the direction, intensity, and persistence of voluntary behavior” (McShane & Von Glinow, 2014, p. 124). Employee performance and determination are led by their motivation towards completing the task assigned. Keeping employees motivated not only saves the company time, but money as well.
This practice brought about one of the worst financial meltdowns in American history. Shareholders were making substantial profits during the financial meltdown of 2008. Many companies were recording profits and executives were also reaping the benefits of well-constructed pay compensation. Shareholders got executives to act in their best interest; in lay the problem, no one was acting in the best interest of the company. Underestimating the deterioration of the economy many CEO’s continued to ignore the falling interest rates, the signs of the stock market potentially going into a free fall and the growth of the economy.
In Search of Excellence Thomas J. Peters and Robert H. Waterman, Jr., wrote “In Search of Excellence” as a model covering all elements of operations and functions of businesses big and small. In Search of Excellence gives great analysis and interesting examples to back up their theories. This book discusses eight core principles and McKinsey 7-S framework chart provided to companies for success. The authors break down the topics into specific themes with thoughts and charts for knowledge. Their findings suggest that eight core principles are common for excellent organization; bias for action, close to the customer, autonomy and entrepreneurship, productivity through people, hands on, value driven, stick to knitting, focus on what you do best, simple form lean staff and balance between centralized/decentralized organization.
Changing Times Make for Unhappy eBay Customers How much is too much, or how much is enough? This is an economic question that every successful business will have to evaluate in order to remain an icon in the marketplace. Today’s business world is unlike any time in comparison. There has never been more opportunity for small ventures to turn into major financial companies overnight with the use of the World Wide Web. It is true that many of these overnight wonders are short lived and go unnoticed; however we do have the elite group of companies that have made their mark in our everyday lives.
Having an incredibly high turnover rate of reps is a waste of time, resources, and money. If only a couple reps that make it to the 4-year mark Northwestern is just squandering sales reprehensive potential. Giving these reps a starting salary of $70,000 and slowly decrease their salary to be more reliant on commission. This will increase the positivity in the office and create a culture that Northwestern wants to organically grow its sales force and have more reps have a full long lasting career at Northwestern
Marcel M. Robles has identified through research the top ten soft skills, some of which are communication, flexibility and professionalism (Robles, 2012, Page. 455). The research undertaken by M. Robles highlights the importance of soft skill attributes by business executives, in which they categorised each skill from the list as for example, 100% of the 57 candidates suggested that integrity and communication are very significant skills for employees to have so they can easily integrate with the existing workforce as this will enable them to swiftly be productive and play a key role for the company (Robles, 2012). Hence, therefore accounting students must learn soft skills through early stages of their education as employers will try their best to remove any delays, caused by new employees adjusting to the company, which will have a knock-on effect with company to complete their common objective. Not only does M. Robles highlights the importance of soft skills through his research but so does the Economic Times.
The most highly successful companies have three top goals for their employer brand: helping employees internalize the company’s values, achieving a reputation as an employer of choice, and recruiting and retaining employees.4 In fact, global brand success of major corporations is now tracked, with results published annually by BusinessWeek A 2006 study on employer branding, conducted by EMERGE International and Rada Advertising, revealed that a majority of organizations view employer branding as a recruiting tool for competitive advantage. In fact, two-thirds believe their brand assists them to attract attract and retain top talent, 85% said that employer branding is important to their organization and 49% identified the employer brand as one of the top five strategic initiatives for their firm in the next year.6 The strategic role of the employer brand in staffing management is supported
I believe managers can set up a presentation on this book for their employees and this would put everyone on the same page toward their goals. This book covers exactly what employees need to deliver extraordinary results, and the four key things managers need to do to create the environment that makes those extraordinary results possible. The insights of these managers are not just for certain companies or a fad, they work in the real world. These ideas, thoughtfully implemented, have created workplaces where high productivity, high profit, low employee turnover and high customer satisfaction.
Those benefits include pension, stock, and bonus payouts. Retention is the ability of an organization to retain its employees (Merriam-Webster 2016). It is a company’s goal to attain the employees in their current workforce (Knotter 2008). Since, employee turnover is a concern for most companies it is their goal to keep the current workforce. Research shown that cost related to directly replacing an employee can be as high as 50-60% of the employee’s annual salary, but the total cost of turnover can reach as high as 90-200% of the employee’s annual salary (Knotter 2008).