3-1 Milestone One - Grade: A PDF

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Talent Acquisition A good strategy for human resource management (HR) when it comes to talent acquisition, is always changing as they are constantly trying to keep up with the demands of the business market. In today’s extremely competitive economy, one of the most crucial aspects that businesses count on in order to innovate and grow their organizations, is their ability to entice and retain the right job seeker for the positions needed to help and plan the company for the future. Hiring average and inadequate employees causes the company to end up with a high turnover rate; this is a result of ineffective recruiting. Hiring individuals who are not fit for the open positions, cost the company money, time, and resources. According to Miller, HR ‘s strategy for talent acquisition should be concentrating on the organization’s employment practices, as well as the total rewards programs that can be precisely focused on hiring the right applicants with the skills required for the needed positions (Miller, 2010). Perhaps this would in turn assist with the talent shortages within the company in the long term. Contingent labor could also be a strategy if the company is not ready to fill an immediate position, borrowing talent from staffing agencies. There are a lot of staffing agencies who can connect organizations with skilled and knowledgeable workers, who are willing to work all jobs from temporary through permanent, to fill positions in the organizations that are suffering from talent shortages (SHRM, 2015). I believe the first step in appropriate strategies for HR when it comes to talent acquisition should be concentrating on internal sourcing, promoting within is a win-win situation for both employers and employees. Not only does this save the organization money with recruitment fees, as well as time that is spent on searching for qualified candidates externally, but in creates an environment that is full of loyal employees. If companies start off promoting from within, the

employees are already familiar with the goals and expectations of the company, and they would feel more motivated as they see the promotions being made within, which would improve overall morale. Human resources departments are always busy trying to fill positions within the organization. Therefore, they should use the most cost-efficient and practical strategies to fill them. Finding and keeping the right candidates has an extreme effect on the company’s financial performance. If the right employees were under their noses the entire time, money is being saved and loyalty provides long term employees, which help with future talent shortages. Happy employees stay with a business if they know they can grow within it. Employee Engagement and Retention An engaged employee is a person who is focused and enthusiastic about their position in the company. These types of employees are more productive in an organization, as they enjoy being there. According to the SHRM, keeping employees engaged is crucial, since they often lead to loyal employees who stay with the company for long periods of time (SHRM, 2017). HR needs to implement strategies to keep employees engaged, this starts with total rewards as every employee seeks non-monetary incentives, such as benefits and paid time off. Health insurance is a must for job seekers, especially those over 26 years of age and/or with families. A decent benefit package can help the organization attract and retain quality employees. It is not much to ask for, as most businesses get the tax advantage of deducting the plan contributions, which do include health insurance and life insurance. Tuition reimbursement is a great strategy for non-monetary incentives, as it gives employees the opportunity to learn, while acknowledging that the company is making an investment into them and their education. While being able to offer tuition reimbursement, not

only is the employee acknowledging that the company has made an investment in them, but they know they may have a future climbing up the corporate ladder as they become more educated. This is a major incentive to the employees and employer, the employee can receive a quality education, and the employer will have loyalty from the employee looking to climb the corporate ladder within their organization, and know they are educated enough to do so. Monetary incentives are motivating employees with money when deserved to maximize employee productivity and efficiency (SHRM, 2017). There are many employers, who do not give Christmas bonuses or annual reviews. I speak from personal experience in this matter; this eventually wears on the employee and makes them feel as if there not appreciated for what they do and how hard they work for the organization. To increase retention, employers need to recognize that sometimes it is necessary to give the employees, who deserve it, a little something when it is applicable. Giving an employee an incentive is something that can show the employee their hard work has been recognized. Something as simple as a Christmas bonus or an annual raise given to employees who exceed performance expectations is a powerful motivator. Employee satisfaction goes a long way; increasing retention is all about satisfaction. If employees feel that they are needed and not just a number, they would not seek this feeling elsewhere. Having great employer-employee communication paths and consistencies including policies and guidance create structure for employees and the organization. Learning and Development Learning and development strategies are extremely important to an organization, as these strategies will produce the outcome of retaining qualified talent. Training is a long-term investment for an organization, and to be cost effective one of the first strategies should be

utilizing internal resources such as mentoring. Having an experienced employee taking on a mentoring role will allow the trainee to absorb their knowledge and take advice from a highly skilled seasoned employee. This will allow the incoming staff to be more knowledgeable and likely to stick around. By providing mentoring, the seasoned employee and HR manager can customize the training to a specific objective. HR’s strategy with mentoring should be holding both employees accountable for the development of the trainee’s skills and knowledge to ensure the training is staying on track of its goal. Cross training is a good strategy for HR to take into consideration, as it is an effective way for an organization to be more efficient, rather than constantly hiring new employees to fill job positions (SHRM, 2017). If an employee is being trained to perform other duties than what he or she was originally hired to do, this could potentially lead to future job advancement. I think cross training would attract and retain current employees, as they would appreciate being able to expand their skillset, which could assist them down the road with annual reviews and potentially being promoted within. Total Rewards HR should lead the development and implementation of the total rewards strategy and concentrate on incentives and rewards where they are most deserved (SHRM, 2017). Organizations should apply performance management plans, to regulate the methods by how they can measure the performance and payouts across the organization’s employees, in order to successfully retain and afford the total rewards. A total reward system is not just an annual event, it is more so a continuous approach to attract and retain employees, keeping employee satisfaction in mind. Incentive and recognition programs can assist in retaining employees, as

well as supporting the goals of the organization. By providing employees with a pizza party after hitting a productivity goal, or a day of the week employees can come to work dressed casually the employer can have a positive impact on the employee’s state of mind. To ensure quality work, and morale it is important to utilize appropriate rewards for achievements. Sometimes it is the little things that make people happy, simple recognition with pizza parties provide a low-cost way for a company to express thanks and appreciation to their employees. This ensures future morale, provides a positive impact for employees and increases productivity, as employees feel appreciated and want to work harder. This supports the goals of the company by being cost effective with rewarding, and in return results in increased efficiency. As a non-monetary total reward, work and life balance can help employees make a workflow that can be more manageable, which can result in them being able to balance between the stresses and demands of work and personal responsibilities. Creating an environment that is less stressful for employees is critical to keeping them happy. By allowing a little more flexibility and a bit of accommodations for those who have family demands, your employees will not feel overworked and will have a lot of appreciation for their company. This will help retain employees, as they will not feel the need to go elsewhere with the knowledge if something in the future may come up, their leaders will not give them a hard time as long as it is not consecutive. This supports the goals of the company by gaining loyalty from the employee, and providing understanding is certainly cost effective.

References Miller, S. (2010). SHRM. Retrieved from Pay vs. Intangibles: Which Rewards Best Motivate, Engage? : https://www.shrm.org/resourcesandtools/hrtopics/compensation/pages/intangibleincentives.aspx SHRM . (2017). Retrieved from SHRM Body of Competency & Knowledge: https://www.shrm.org/certification/documents/shrm-bock-final.pdf#page=4 SHRM. (2015). Retrieved from Developing Employees : https://www.shrm.org/resourcesandtools/tools-andsamples/toolkits/pages/developingemployees.aspx SHRM. (2017). Retrieved from About the Competency Model: https://www.shrm.org/learningandcareer/competency-model/pages/default.aspx SHRM. (2017). Retrieved from Developing and Sustaining Employee Engagement : https://www.shrm.org/resourcesandtools/tools-andsamples/toolkits/pages/sustainingemployeeengagement.aspx...