Hiring and Retaining Quality Employees
/Concept Definition
This is basically going out there for the best in the market, bringing them on board by hiring their services. But again hiring the best is not enough; retaining them is a much bigger task that many find it very difficult. This concept further entails going out in the labor market and recruiting quality employees whose portfolios speak for themselves .This requires one to exercise very rigorous interviews in which the best and not just experienced but result oriented employees get hired and given attractive packages that will not only boost their morale at work but also motivate them to increase their productivity and stay longer in the company. This is a very vital topic to research on because its findings are very important for any company that intends to go beyond borders and break through the international market.
Current Research on the subject in the recent past is evidence of the fact that a company or any other organization has to heavily invest in the hiring and retaining quality employees. A number of companies are very good at hiring and retaining quality employees, Merril Lynch and Apple inc. are perfect examples .Compensation is a perplexing and tricky issue. As Milkovich et al. (1999) said that some prestigious companies, such Microsoft, persistently hire top-quality workers for way below the average market salaries and sometimes for little benefit. Yet, workers flock to the company sometimes from places where they are paid far more. The question then becomes: what attracts top quality workers to a certain place if monetary compensation is not always the solution, and, as equally important, what prompts them to remain dedicated to their work of employment without leaving it-for the so called greener pastures. One organization that has a reputation for hiring and retaining quality employees, as earlier said, is Merril Lynch.
Proposal
The proposal of this resource is to basically conduct an intensive case study on the why and wherefore's of ML's success in recruiting and maintaining quality employees. It is my hypothesis that ML succeeds mostly due to the fact that the best companies take their employees into consideration and work around them rewarding them, giving them respect, and conducive working condition, promoting them, and acknowledging their hard work. Autonomy is an essential aspect of motivation and this coheres with Maslow's model of motivation where he ranks creativity as the highest hierarchy on the pyramid. Workers are not only motivated by money but other benefits that make their operations comfortable. Many individuals are motivated as much and sometimes even more by acknowledgment, recognition, and their higher needs being met (Bridgestar, 2009). Both conditions, that of behavioral reinforcement (where incentives play a part) and that of autonomy drive workers in Merrill Lynch.
However, I would like to analyze their treatment of their employees in general and of their FAs in particular more closely in order to test my hypothesis and to see whether I can learn anything new.
Merrill Lynch has received a reputation as being a glorious place for brokers to work for they provide a very conducive working condition. They are also described as the preeminent financial management and advisory company that serve governments, institutions, and investors throughout the world (Oliva et al., 2007). In the year 2003, Merril Lynch became one of the leading international financial-services firm and a major player on Wall Street employing more financial advisors (FAs) than those of its competitors. The fact that so many FAs choose to work in Merril Lynch and that they perform the sort of quality work that they do prompted one executive to remark that: They're the best. They do what we do, what everyone does but the difference is that they do it better. How they execute their responsibilities at times remains like a mystery, many always wonder how they manage to do it again and again (Oliva et al., 2007).
The same case is what goes on at Apple which is also a very successful organization that invests a lot in hiring and retaining quality employees. Like most other serious organization, Apple always hire creative individuals who posses the ability to come up with plans and marketing strategies .These individuals are engaged in very strict programs that ensure their productivity keeps on improving significantly to guarantee quality to customers. This may include marketing strategies in which they incorporate missions, goals and objectives of the organization to ensure that neither the organization's stakeholder nor the employees are at loss. Hiring the best is not just enough,...
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