Write a response to peers post.
Discussion 8 Peer Response:
It is important for employers and companies to retain employees. It is extremely expensive to
train new hires constantly and is a waste of resources simply if the retention is bad. Retaining
top level talent is necessary when considering the impact they have on operations at hand
and the influence they have over lower level positions. Companies and HR professionals can
address this issue by creating a friendly and compensating environment. Perhaps do routine
salary increases every year based off of performance. This could help reduce biding wars
initiated by employees who were looking for new positions. Also effectively communicating
the companies pay philosophy can capture an understanding of the rewards and packages
offered (Mathis et al., 2017). Evolving discussions on how compensation works can offer the
employee comfort and a feeling of control (Mathis et al., 2017). Often this will result in
boosting an employeeâ€™s attitude.
Creating compensations packages for employees does not simply mean negotiating salary or
wages. Companies can attract and retain good employees by taking their needs into account.
Not only is this appealing and rewarding for employees, but this practice will also establish a
good reputation and relationship. Consider addressing what is important to your employees
and treat them like customers. Learn what the need and want, this could look like better PTO,
mental health coverage, physical health coverage, and retirement plans. Offering beneficial
coverage shows your employees that you care. Do not cheap out on these benefits. In the
future, retention could boil down to which company offers better coverage or work
environment. Lastly maybe consider customizing your employeeâ€™s workspace. Provide them
with their favorite mouse, desk, chair, and comfortable lighting. This will create a feeling of
ownership towards their office space and boost their loyalty towards the company.
1. There should be policies set in place when it comes to bidding wars between major or even
smaller companies in the same area. HR professionals should have a system set up when
trying to keep top talent. Talented employees may cost the company a little more, yet if their
work reflects their pay then it is worth it in the long run. The possibility of bidding wars could
lead to other companies offering to pay employees more than allowing the employee to use
that as a â€œweaponâ€ against their own company in order to receive more. Another way HR
could keep top talent at the company is to include a legal obligation for employees to sign at
the start of the job. Yet, they should create ways within the workplace that makes any
employee want to stay. The environment of the workplace is big when it comes to this.
Nobody wants to work somewhere where they feel horrible leaving every day. They should
feel positivity from everyone, employees’ hard work should be recognized, and everyone
should feel safe coming to work.
2. The textbook says â€œThe goal is to create an organizational climate that reduces employee
dissatisfaction with the current compensation.â€ There needs to be an understanding from both
sides, employer and employee, about compensation. The company needs to provide the top
talent with competitive pay, but not pay that is too far above their talents’ worth. Top talent is
wanted by everyone, but you can keep that at the company by accommodating their needs.
The main way is with competitive pay, you should offer them the highest they have been
offered or they will go for the other option. Yet, this is not the only way. Once they are with the
company, you can also provide rewards that are not financial, such as a promotion.
1-Employees are considered major stakeholders in any business and as such, reducing the
employee turnover rate is an essential strategy for most organizations. Retaining top talent
often involves a series of strategies, including ensuring employees do not leave even when
they get better offers outside. First, companies have to create an environment that makes
their employees feel like they are an asset to the company. With such a strategy, employees
will develop a positive attitude around the work environment and get content with the pay.
Additionally, companies should create clear expectations and objectives, making it easy for
employees to achieve company and personal goals. Having clear expectations allows the job
descriptions to be clearly understood. Companies must create an open, honest, ethical work
environment that respects each employee. This involves actively listening to employees and
addressing their issues promptly. Companies have to offer opportunities for employees to
grow. Therefore once companies promise their employees training where they get a chance
to improve their skills, they will stay in the company regardless of the pay. Finally, companies
have to recognize and reward good work. Employees often feel devastated when they do
something good which goes unnoticed. This lowers their morale and attitude, thus resulting in
poor quality work. However, to boost employee morale, companies have to reward any good
act by employees. HR professionals work directly with the human resource in the company,
and they can oversee all the five strategies that companies should employ to retain top talent
and address the possibility of bidding wars (Khalid & Nawab, 2018).
2-The first compensation strategy is employee salary payment and incentives. Companies
with higher employee salary payments often have a higher retention rate. Therefore, ensuring
higher employee salary payment is an effective strategy to retain top talent. If top talent isn’t
paid well, they will look for other better opportunities. The second compensation strategy is
offering employees non-financial rewards. Payment is not often the only way companies
compensate their employees. Top talent can be awarded senior positions, which gives them
the idea that they are moving up management ranks. Therefore, as opposed to moving to
another company where they will have to start over, top talent will resort to staying (Bryant &
Discussion 9 Peer Response:
There needs to be a balance between company consideration of employee benefits and
company survival. You donâ€™t want to neglect your employeeâ€™s or cause turbulence, but you
also donâ€™t want to run the company into the ground in order to satisfy needs. I would say the
first thing Stew Leonardâ€™s should do it consult a couple insurance representatives with a
specialty in corporate packages. With these options select two or three that is more than just
sustainable to provide. Then brief your employees of the changes happening. Explain why
there is going to be a reduction in healthcare, so they understand it isnâ€™t because you donâ€™t
value them. Then, show and explain the options they can select. Giving your employees a
choice of healthcare packages should mitigate feelings of having no control over the situation
and prevent employees from leaving based off of the change.
Employee participation in company programs can look good on paper but it doesnâ€™t measure
anything outside of just participation. Measuring only by participation can mean good things
like employees are utilizing resources available to them. However, where some
disadvantages lie is with satisfaction. Participation does not measure satisfaction, which is
pertinent to the success of a company. If you loose employee satisfaction then you lose
money, resources, and time. This could even create greater issues like a decrease in
customer satisfaction caused by poor employee/customer interactions.
Part-time workers can be very handy to a company. They often work irregular hours and
sometimes holidays giving your full-time employees a break. An advantage to offering parttime employees the same benefits could be those employees doing their best and not
slacking. It could also mean they are more willing to work and cover for full-time employees
during shortages. A disadvantage is the expenses, and often these employees do not last
long, which creates even more work for HR to put/pull them from the system and packages.
Offering full benefits to part-time employees might upset full-time workers and thus lead to a
decrease in efficiency. I would say the easiest and best route of action would be to not offer
benefits to part-time employees. Although, if you value them enough to give benefits offer
Health care and its related benefits are the source to ensure that employees are healthy. A
healthy employee remains happy and more productive, than the unhealthy employee. So, it is
very important to continue the health benefits to the employees. Though, increased cost of
premium, due to higher cost of health care, can be shared by the employees and the
company. Here, the company can offer to take more than 50% of the burden of the increased
cost and remaining cost should be with the employee. It will be treated as a good gesture by
the employer that it is taking more than 50% of the burden. So, health benefits should be
provided, but increased premium cost can be shared. If employees do not agree with it then
the company can setup different bands or categories of health benefits that have to be offered
to the employees and these categories will be on the basis of performance. So, employees
will be motivated to deliver superior performance and get health benefits of higher level. So, it
is the way, the company should trade this issue of rising cost of health care.
Further, the company should consider employee’s health, their happiness, productivity and
tradeoff between rise in cost to the company and increased productivity due to the increased
motivation to deliver the best. These mentioned factors, will help company, prioritize a good
health and strong employer branding that is the key to attract top talents and retain most
productive employees in the organization.
There are many disadvantages to use participation as a key metric. The first disadvantage is
that participation does not translate into productivity. So, increased level of participation, does
not mean more profit generated by the firm. The second disadvantage is participation can
discourage individuals from taking responsibilities on its own and work individually on the
project. Rather, it makes employees always prefer to work in the group that is good in many
cases, but it is also the source of hiding of poor performers, behind top performers. The third
disadvantage is the high level of participation can make more than enough employees work
together and it creates waste with decrease in productivity.
So, above are some of the disadvantages if participation is considered as a metric.
There are many pros and cons to it. The first pro is that it makes part time workers to remain
dedicated at work and deliver the output as it is done by the full time workers. The second pro
is that company gets employees who can deliver the work, without demanding as that of full
time employees and remain loyal. The third pro is that company do not need to pay the full
salary, but get employees who are equally efficient and these workers also prefer to work for
the company due to different benefits. Hence, community acceptability increases and
company develops goodwill.
The first con is that it increases cost to the company. The second con is that part time
workers prefer to work in this company and company become more dependent upon specific
part time workers. The third con is that it gives complacency to the full time workers as they
prefer that more work is to be done by the part time workers if they get benefits.
As one of the most well-known supermarket chains in Connecticut and New York, Stuart
Leonard provides its employees with a wide range of health benefits, including health
insurance, dental insurance, vision insurance, life insurance, mental health services, retiree
health and medical benefits, disability insurance, and many more. As economic conditions
change, healthcare costs rise as well, which can cause employers to reevaluate the benefits
they provide to employees. When reviewing health benefits, employers should take into
account what the mandatory health benefits that are required by federal and state law to be
provided to employees, whether it is crucial to offer the same healthcare benefits to full-time
and part-time employees, and the effects of any changes to the health benefits.
Employee involvement serves as a stand-in for impact estimations, which is one of the
drawbacks of using participation as a criterion for evaluating benefits. This is due to the fact
that participation is not the same as success. For instance, a worker could engage in a variety
of retail operations, yet he or she might not benefit as much as other workers. As a result, this
can make workers unhappy.
Offering benefits to Stew Leonard’s part-time staff has both perks and drawbacks. As a result
of the shorter working hours, part-time employees are more encouraged to offer their best
effort during work hours, which also leads to a sense of job satisfaction. Part-time employees
will also feel more supported if they have a variety of perks available to them. The costs
associated with providing benefits to employees go up, offering similar benefits to part-time
workers is impractical given the rising cost of healthcare, and full-time workers get resentful
when part-time workers receive the same perks.
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