HR Strategies

  What is Employee Retention? Employee retention is the steps or processes taken by HR professionals and managers to ensure the organizations retain employees. If employees terminate an organization affects the organization’s productivity, morale, and employee engagement. A leading interviewing technology solution provider states that 80% of business managers feel that staff retention is a major issue that companies are facing these days, as 27% of employees change jobs each year, 17% are actively job-hunting, 46% are passively looking (ADP), and 35% of the employees consider giving up their current role in a year (Mercer). Due to this around 75% of companies are considering redesigning their hiring and staff retention processes. What are the reasons for employee turnover? Employee retention strategy Let's familiarize ourselves with the term "employee retention strategy". It refers to the collection of procedures and practices adopted by a company to keep employees retain

  Performance Management Performance Management can be defined as a strategic and integrated approach to delivering sustained success to organizations by improving the performance of the people who work in them and by developing the capabilities of teams and individual contributors (Armstrong, 1988). Performance Management is one of the key processes that, helps employees know that their contributions are recognized and acknowledged. Further, it is an ongoing process of communication between a supervisor and an employee that occurs throughout the year, in support of accomplishing the strategic objectives of the organization. The communication process includes clarifying expectations, setting objectives, providing feedback, and evaluating results. Moreover, performance management is a process that is designed to improve organizational, team, and individual performance and is owned and driven by line managers. Performance management systems vary enormously in their complexity-from an occ

  Employees are more likely to be motivated, productive, and dedicated to their work when they feel valued and recognized for their contributions. Keeping the employees interested and inspired should be one of the top goals of an organization. T he best way to do this is by recognizing and rewarding the employees for their hard work and contributions.  Through this article I’m supposed to elaborate more on the best practices for offering recognition and rewards, including the importance of a structured program, aligning rewards with company values,  and providing both monetary and non-monetary rewards. Employee Rewards and Recognition: What are they? The initiatives and programs implemented by organizations to establish a productive environment at the workplace that encourages employee engagement, motivation, and loyalty are called Employee Rewards and Recognition. Recognition can take many forms, such as verbal praise, trophies, certificates, or public acknowledgment. Rewards may

  Introduction to Strategic HR Planning Strategic HR planning predicts the future HR needs of the organization after analyzing the organization's current human resources, the external labor market, and the future HR environment in which the organization will be operating.  A Strategic HR plan allows making HR management decisions now, to support the organization's future direction. Strategic HR planning is also important from a budgetary point of view so that HR, can factor costs such as recruitment and training into your organization's operating budget. Through an HR plan, we can formally assess measurable, specific elements like staff turnover, the number of open positions, employee complaints, and employee satisfaction and dissatisfaction levels. With an HR plan, you can formulate what is required of you to take care of your employees’ needs. It also keeps a check on morale and measures productivity and your employees’ sense of commitment. The overall purpose of stra

  Traditional HRM Traditional HR handles fundamental HR duties including managing administrative procedures associated with hiring and terminating people and enforcing company standards. The systematic management of human resources is known as human resource management, or HRM. It is a method designed to increase employees' performance, or to make them more effective and productive. It is focused with using management concepts to manage organizational personnel while taking into account the entity's policies and processes. It involves making the greatest use of the organization's small pool of skilled workers. Traditional HRM is lightly coupled with organizational goals. They help organizations in the form of ; Recruiting new resources when required, Terminate employment. First point of contact for basic employee questions over benefits & their limitations, payroll, culture, and work ethics. Broadcast messages to the entire organization on its

  What is an Employee Stock Ownership Plan Employee Stock Ownership Plan (ESOP) or Employee Share Option Plan or Employee Share Ownership Scheme is a form of qualified retirement plan. It is similar to a profit-sharing plan, except that an ESOP is required to invest primarily in ‘employer stock’ instead of marketable securities or mutual funds (Dunkle et al. , 2010). It allows eligible employees to gain an ownership interest inside the plan in their corporate employer on a tax-deferred basis. Because of the tax advantages that have been granted to an ESOP, it is beneficial to the owner and the company. The basis of employee share ownership is built in a variety of perceptions such as Finance, Financial Economics, Labor Economics, Corporate Finance, Human Resource Management, and Industrial Relations. In principle, by tying worker pay more closely to firm performance and involving workers in decision-making, employee ownership arrangements can help reduce the principal-agent problem