OL 600 Milestone One

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Southern New Hampshire University *

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600

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Management

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Apr 3, 2024

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docx

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Uploaded by lilibrigith14

Analyzing HR strategic engagement initiatives for attracting, retaining, and rewarding employees. Employees are one of the biggest assets for any company. Every single company either public or private needs one thing to run its business, therefore HR departments have to maintain an strategic plan that focuses on talent acquisition, employee engagement and retention, learning and development, and total rewards. The 2018 Employee Retention Report “says that 1 in 4 employees will leave their job and nearly 77% of that turnover could be prevented by employers.” Employers are able to prevent this by implementing strategies for its current and future employees on talent acquisition, employee engagement and retention, learning and development, and total rewards. Talent Acquisition . Talent acquisition is one biggest part for HR professionals, the strategic plan has to be develop by HR professionals with strong business acumen. But we have so many people with different skills that we need an specific strategic plan for the kind of talent we are looking for. And we still need to consider that people will act on their best behavior or even lie on their resumes just to get an interview in the organization. Organizations need to implement different techniques and use different software programs to1 make sure whoever get selected meets the company’s standards and has the skills needed. This part of the HR's strategic planning has different stages which include sourcing, recruiting, hiring and orienting new employees. In other words it has to do with planning for current and

future manpower if needed. There is different factors that have to be counted in such as the organization's stability and profitability to see if it needs to downsize, could expand or it needs to maintain its workforce stable. It needs to consider current market needs and conditions that could influence employment. The companies need to have a set idea of what characteristics the future employee needs to perform specific jobs. Once the company has a clear understanding of what they need, then they add job requirements to it's job description. Recruiting and hiring is the next stage, recruiting is the process of finding qualified and hiring is choosing the best among all applicants. For this to happen, companies have to make sure that all candidates are being treated fairly and fulfill the necessary requirements. Not only the candidate has to meet the necessary requirements but the organization needs to be able to attract them to want to work for them. Implementing work benefits such as health plans, 401k, PTO, and other benefits from working at the organization will encourage the future employee to accept the job offer. Also, being a social responsible and a healthy work environment will encourage them to stay at the organization. Employee engagement and retention . Another strategy that companies have to plan for, is employee engagement and retention. Companies have to make sure that their employees feel value and heard by their organization. Listening and learning about employees, it has become one of the top priorities for companies. In this competitive market they all need to make sure they are able to keep their current workforce but how?

One of the strategies for many companies is to offer health-care and time off benefits so it encourages employees to work for them. But nowadays employees need more than healthcare or time off, they need other things such as healthy work relationships, merit increases, work inclusiveness, culture, rewards and social responsibility. Workplaces are not what they used to be a couple years ago were employees stayed in companies for years until retirement even when these were not providing any benefits but a paycheck. Employee retention is a process undertaken by organizations to keep their current workforce and one of the main benefits for the organization is to lower hiring costs. An employee who feels heard and is treated correctly, will perform a better job than someone who feels that their company doesn't care. Adding other benefits for employees makes them feel heard and understood. For example, at the firm that I currently work for, they offer all of the things mention before. Employee turnover is low and people usually stay for five years or more. I have been there for over six years now and I started at a low level position but with time I went up. The company provides everything for employees to grow their career and now they are offering mental health days, for people to take a day to ease their minds. Employee engagement goes together with employee retention. They both work together to maintain employee turnover low. It is important to keep employees engaged by offering great communication with management, networking between different departments, offering seminars to learn about the benefits/rewards the company offers, and offering merit increases. Adding all of this to employees will create a better work environment therefore companies will have happier employees and happy employees perform a better job.

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Learning and development After hiring the right people, business have to make sure they keep their employees properly trained and offer them opportunities to grow. Most employees are looking for career growth and those whom reached their goals need to keep up to date on the new technology and procedures. From the study performed by the Association for Talent Development in 2019, found that L&D falls into the following three main domains: Personal capabilities, professional capabilities and organizational capabilities. Personal capabilities are skills developed by working with others. Having a full time job means we spend most of our time at work interacting with people, either coworkers or customers. Organizations need to have training for different situations that an employee may encounter, such as interacting with people from different cultures and backgrounds, or difficult situations like robbery, terrorism or threats. This kind of training will help the organization in the long run by ensuring their employees know or have a sense on how to behave with others and in difficult situations. Another way to lower employee turnover is to help employees develop their careers. For myself it is important to be able to grow within my organization because it is easier and since I have been in the company for a while, I don't want to lose all my benefits and start over. In my opinion, it is a lot more stressful to start working for a new company than to move up in your current one. My company has so many departments that could be the next adventure for myself without loosing my current benefits and starting from zero in a new place. Companies need to help their employees grow in their career within the company so they don't go looking for growth somewhere else.

Total Rewards. Everything that makes up the model that includes compensation, benefits, performance management, talent development and recognition. Total rewards is the overall benefits and rewards an employee receives from an organization. The total rewards include anything that is related with employee compensation, work life balance and all other benefits offered to employees. It includes everything starting from the compensation, work- life balance, Others and all the way up to retirement. My company offers everything from onboarding new employees all the way up to retirement. The company I work for, offers everything for employees to keep them happy car discounts, insurance plans, parental help, retirement plans, pet insurance, museums discounts and many other things. But at the moment it lacks one thing which is that it is becoming hard for employees to move up in their career. Their software looks for specific words and automatically disqualifies those whom don't have the specific abilities listed on their profile. The company is working on fixing the problem but it might take a while which can lead to employee turnover. Total Rewards need to be used by companies to prevent their employees from leaving. Total rewards of a company can drive the employee to leave the company or to stay for a longer time. Companies need to focus on every aspect for employee retention, it becomes more expensive to hire new people than to help them grow internally. In conclusion, it is important for companies to invest on training and maintaining current employees so that don't raise their budget on hiring new people.

Resources “Society for Human Resource Management.” SHRM, https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/intro-talent- acquisition.aspx . SHRM – Employee Engagement. https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/ sustainingemployeeengagement.aspx . “5 Reasons Why Learning and Development Is so Important for Organizations in 2023.” Kaltura, 24 Jan. 2023, https://corp.kaltura.com/blog/learning-and-development- importance/ . “What Is Learning and Development: L&D Overview: ATD.” Main, https://www.td.org/talent-development-glossary-terms/what-is-learning-and- development#:~:text=Learning%20and%20development%20(L%26D)%20is,to%20drive %20better%20business%20performance .

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OL 600 Milestone One

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