OL 600 3-2 Final Project Milestone One Employee Engagement and Retention - Copy
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3-2 Final Project Milestone One: Employee Engagement and Retention
Felicia
Williams
Department of Criminal Justice,
Southern New Hampshire University
OL-600-X2073
Strategic Human Resource Management
Instructor David Johnson
December 24, 2023
Introduction
2
What follows is a discussion of the best practices for talent acquisition, retention, and
engagement,
learning and development, and overall rewards as they pertain to human resource
management. The capacity to attract and retain top talent depends on the company's ability to
successfully implement these tactics, which in turn will allow them to attract and retain top
talent. While simultaneously guaranteeing that every single employee knows how much they
mean to the organization.
A company's success
depends on its ability to retain its talent and
ensure that its employees are happy and fulfilled in their roles. One way to achieve this is by
providing them with possibilities for progress. This paper will provide techniques that can assist
a corporation accomplish just that
.
Talent Acquisition
According to SHRM,
Talent Acquisition entails developing, implementing, and
evaluating efforts
for sourcing, recruitment, hiring, and orientation (SHRM, 2022). Finding, hiring, and retaining
the right people is an integral part
of talent acquisition, which also encompasses techniques,
strategies, and processes.
While human resources departments have many options for talent
acquisition tactics, each firm must find what works best for them. As a result, no two companies
will ever use the same tactics. Quality staffing planning is the responsibility of human resources
professionals, and this responsibility can be improved by familiarity with labor market data.
Human resources can use labor market data in three ways, according to Maurer (2017): first, to
learn more about trends in the creation and change of new jobs; second, to find out how long the
talent supply will last in different regions; and third, to get crucial market intelligence
on
competitive wages. Having this information allows HR to search for
the most qualified
candidates in the labor
market, who can fulfill their present and future demands. Following this,
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HR experts have the option of utilizing internal or external sources, contingent upon the
company's requirements.
When looking to hire new employees, whether from within or outside the company, there are
numerous viable options. Currently, everyone uses the internet at least once a day. So, it is
reasonable to acquire talent via online means such as job boards, social media, and electronic
recruitment tools. Instead of using more traditional methods, an increased number of people are
turning to the internet to find employment. Business owners may reach their younger workers by
using social media sites like Instagram, Facebook, and Twitter (
Noe et al., 2020). They might
also
advertise on popular job boards like Monster.com, LinkedIn, and Indeed to find qualified
candidates. Strategies that increase internet use, such as e-recruiting, are very advantageous. But,
when held at educational institutions, government agencies, and community centers, job fairs can
be a great way to meet many prospective employees (
van Zadelhoff, 2017). As a result, HR may
access a large
pool of qualified candidates through
a variety of channels. The business' objectives
and personnel requirements significantly impact the optimal approach.
Employee Engagement and Retention
Any company's bottom line will benefit from employee engagement and retention rates
that are high. Low retention rates can be disastrous for a company. Employee engagement is
defined by the SHRM as "the degree to which an individual feels a personal investment in and
contribution to the success of their employer." According to the SHRM (2021), highly engaged
employees help businesses attract and retain top talent, increase customer loyalty, boost
productivity, and benefit all stakeholders. When workers are invested in the success of their
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employer, they are more likely to remain put and have a deeper connection to the company's
larger purpose and objectives. High turnover rates are costly for businesses, but they drop when
retention rates are high. Human resource experts must implement ways to engage and retain
employees if the organization is to succeed.
Improving employee engagement and retention is possible through the implementation of
several suitable tactics. Human resources experts can boost productivity through performance
management, strategic remuneration plans, and employee recognition initiatives (SHRM, 2021).
When workers are appreciated and acknowledged, it boosts morale. Strategic remuneration can
be based on this, but
it should be more than just a
"good job" from upper management; it should
be apparent
to all employees. In addition to the recognition program, monetary incentives (like
bonuses) and non-monetary incentives (like more
paid time off) can encourage
employees to feel
valued and committed to the organization. Also, a big concern inside a company is
open
communication between
all levels of staff. This is because it is vital
for employee engagement
and retention. People are more committed to their work and devoted to their employer when they
feel valued and appreciated.
Learning and Development
Both the business and its workers benefit from opportunities for training and education.
To stay ahead of the competition, businesses should implement learning
and development
programs that help their employees grow professionally and personally (Noe et al., 2020).
Formal education, evaluation, work experience, and people skills are the four pillars upon which
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Noe et al. (2020) build their theory of learning and employee development. Depending on the
needs of both the firm and the person, one can choose from these excellent options for
professional development.
Again, the demands of the business and the method that will work best for the personnel
determine whether formal education takes place on-site or off-site. Employees' present strengths
and areas for improvement can be better understood through assessments, which
can also help
decide
which training and education
programs would be most beneficial. Employees get most of
their skills through on-the-job training, according to Noe et al. (2020). Employees
pick up useful
knowledge and abilities
from their coworkers in this setting. Because it should not cost the
company anything, this is a great chance for those people who learn best by doing. A mentorship
relationship is a terrific way to gain experience and knowledge, much like a job. Collaborating
with other employees, mentors can impart knowledge and skills to mentees. Opportunities for
professional growth, such as those associated with employment, are essential for attracting and
retaining top talent. Displaying investment in learning and development resources does double
duty: it draws in talented individuals and keeps them around, and it demonstrat
es
that the
company values its employees' professional growth and development.
Total Rewards
One way to keep good employees around
is to implement a total rewards strategy. If a
company wants to motivate its workers to reach certain objectives, it can use a total
rewards
strategy, which the Society for Human Resource Management defines as a system that uses
monetary, benefit, and development rewards (2021). Employees might be encouraged to
constantly excel in their roles and feel appreciated through a holistic incentives program. As a
result, businesses see an uptick in employee retention rates, as deserving workers are more likely
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to stick around and perform their best for the company. Rewarding employees for their hard
work is a great way to keep them motivated and employed by the company. Total rewards
strategies aimed at increasing employee retention include monetary incentives like bonuses or
more vacation time, non-monetary incentives like
catered lunches or the opportunity
to leave
work early, and recognition rewards like
celebrations for
employees who have achieved
organizational goals (2022). These tactics help companies achieve their objectives, since
employees are working toward both the whole incentives programs and the company's business
goals. Overall, it helps the organization achieve its objectives since it retains more personnel.
Completely remunerative methods keep workers engaged, fulfilled, and committed to the
organization, which boosts retention rates.
Conclusion
To sum up, human resources professionals have a lot of leeway within an organization to
find and hire top talent, keep workers invested in the firm, help them advance in their careers,
and recognize and appreciate their efforts. To enhance their current and future workforce,
businesses can make use of a variety of techniques and opportunities. It is the goal of every
organization to recruit top talent, and once they are on staff, they want to keep that talent around.
More employees will remain with a company if they participate in what they do for a living.
Companies that invest in their employees' professional development are better able to adapt to
changing market conditions. Incentivizing employees for achieving organizational goals boosts
morale, which in turn promotes productivity and keeps valuable people from leaving. When
implemented correctly, each of these tactics can help a business thrive for years to come,
benefiting not just the firm but also its employees.
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References
Indeed. (2022, January 3). What is a rewards system? (Plus, types and tips to use).
Indeed Career
Guide.
https://www.indeed.com/career-advice/career-development/reward-systems
Maurer, R. (2017, January 11). Improve Workforce Planning by Applying Labor Market
Context. https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages
/improve-workforce-planning-labor-market-context.aspx#:
~:text=Using%20labor%
20market%20data%20will, intelligence%20on%20competiveness%
20wages.
Noe, R. A., Hollenbeck, J. R., & Gerhart, B. A. (2020). Human resource management:
Gaining a competitive advantage.
SHRM. (2021, September 13). Developing and sustaining employee engagement.
https://www.shrm.org/resourcesandtools/tools-andsamples/
toolkits/pages
/sustainingemployeeengagement.aspx
SHRM. (2021, August 19). What are total rewards strategies? Can you give me some
idea on
how to develop a total rewards strategy?
https://www.shrm.org/resourcesandtools/tools-
and-samples/hr-qa/pages/totalrewardsstrategies.aspx
SHRM. (2022, January 7). What is talent acquisition?
https://www.shrm.org.resourcesandtools/
tools-and-samples/pages/what-is-talent-acquision.aspx
8
Van Zadelhoff, M. (2017). Cybersecurity Has a Serious Talent Shortage. Here’s How
to Fix It.
Harvard Business Review Digital
Articles, 2-5.