The following strategies could be implemented in both Hong Kong vehicle companies, as well as within all companies facing the challenges of high employee turnover rates. Yet, what should be remembered is that the following suggestions are merely theoretical and that they should be customized to fit the specific particularities of each separate entity. These being said, the suggestions to improving employee retention are as follows:
Increasing salaries; higher wages will generally determine people to be more committed to the job and to the employer
Offering other financial incentives, such as premiums and bonuses; these should be offered based on performances, but also based on efforts
Offering various non-financial incentives, such as flexible working schedules or the organization of social events outside the firm, through which the employees and the employers interact on a less professional level
Offering training programs as a means of professional development, and then recognizing the development of employees through promotional opportunities
6. Conclusions
The employers within the highly developed western communities are incrementally focused on recognizing and treating employees as the most important organizational asset. This situation, most common within the service industry, has translated into a state of events of more pretentious staff members, continually looking to enhance the quality of their lives through better paid jobs,...
Human Resource Management Practice Certain combinations of human resource management practices lead to superior outcomes for organizations. The HR combination department is at the heart of organizational performance, productivity, turnover, profits, and market value outcomes. Employees are considered a source of non-duplicable and sustainable competitive advantage. By using the combinations in capabilities, resources, relationships and decisions presented by employees, organizations strategically position themselves thus avoiding threats and maximizing opportunities. Organizations and
Frank and Taylor (2004) warn that motivating employees is highly dependent on their specific wants and needs. An accounting firm that mostly hires conservative, serious-minded employees who value efficiency above all else are not likely to be motivated by the offer of a life coach or a concierge. They would probably be much more motivated by a good 401k plan. However, that does not mean that all types of
Human Resource Management: An Attitude Survey on Employee Satisfaction The dynamic nature of the current business environment has made human resource management a complex task. Very often, companies of all types and sizes strive to attract and retain quality employees in order to outperform competitors in their respective industries. According to Guarav (2012), employee satisfaction is one of the most critical aspects in ensuring long-term association of the employees and the
When it comes to stability and growth, challenges encountered by small and medium enterprises include but they are not limited to hiring of skilled manpower, etc. (Cooper and Burke 2011, 17). In my opinion, all these are challenges can be handled effectively by a human resource management department. Yet another critical or important role that human resource management plays has got to do with employee training and development. In the
Role of Human Resources in Organization Realization of Importance of Human Resource Vision for using Human Resources for Organizational Success Role of HR Manager in Workplace Environment Creation and Motivation Importance of Merritt-based Promotions Realization of Importance of Human Resource Companies and organizations can gain market leverage and achieve competitive advantages through effective management of its human resource. Thus, it plays a critical role in an organization or a company. Given the cut-throat competition in the
Human Aspect Within a Corporation In the fast paced and hyper competitive environment most companies find themselves embroiled in, the human aspect critical to a company's success can often be brushed over or in some cases, overlooked altogether. In the strategic planning process, many organizations fail to realize that their own employees are their most valuable asset. In fact, employee satisfaction and motivation are so critical to an organization's success
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now