Employee Retention and Recruitment
Employee retention is a vital element for the success of any company. With the use of effective strategies for employee retention, businesses are able meet their goals and grow. As such, more emphasis should be placed on the input by organizations that expect growth. This would ensure that there is a proper environment for human capital cycle. There exist various ways that can effectively be used to retain human capital within an organization. Firstly, providing competitive packages and benefits that fit employee needs would help in retaining employee cycle (Wall Street Journal, 2016). This could involve provision of health insurances or retirement savings plan showing employees that they are willingly accommodated. Secondly, open communication gives employees a platform to freely speak, ask questions and offer ideas. This can be done through employee feedback and regular meetings. Furthermore, offering small benefits like weekly dry cleaning for employees would make them feel appreciated as much as they may look insignificant. Additionally, financial rewards for high performers and training foster employee capital cycle and retention (Wall Street Journal, 2016).
Employee recruitment is equally an important element in the employment of qualified personnel. Getting the right candidate for a specific job would ensure that an organization increases on productivity and growth (Cole, 2013). The future recruitment trend would most probably change based on technological advancements and would not entirely rely on academic qualifications. Firstly, category based approach will the common individual approach. This means that projects or groups like engineering, sales or product launch irrespective of levels will advertise jobs. Afterwards, candidates would be matched based on capabilities and opportunities. Secondly, a 360 degrees approach could be used by hiring managers and recruiters in the future (Taylor, 2016). This could involve innovative assessment techniques for filtering candidates. For example, using biometric data to identify passive candidates could be used by recruiters in future. Furthermore, work could be customized based on candidates’ demographic and individual needs. This involves matching work with a shifting and aging workforce.
Cole, A. (2013). The of effectiveness of employee retention policies in Sainsbury and Tesco: A comparative study. Munich: GRIN Verlag.
Taylor, N.F. (2016). Hiring in the Digital Age: What’s Next for Recruiting. Retrieved from http://www.businessnewsdaily.com/6975-future-of-recruiting.html.
Wall Street Journal (2016). Employee Retention- How to Retain Employees. Retrieved from http://guides.wsj.com/small-business/hiring-and-managing-employees/how-to-retain-employees/.