Attracting and Retaining Employees

Attracting and Retaining Employees

Introduction

In this paper we discuss the background of the study which will gives an in depth analysis of the functions performed by Human Resource Management to attract and retain the most talented employees. Every time companies lose value employees which means they lose money (Dibble, 1999). Recruitment, selection, and hiring new employees require money and time thus today the retention of company employees has become very important.

Companies have started investing on their employees so that they can retain employees. Holland Enterprises retains employees by offering good compensation package and they provide good benefits along with additional incentive to their performers. This is one of the biggest motivations for the employees of Holland Enterprises. In addition, the company focuses on motivating employees both in monetary terms and non monetary terms. They motivate their performers by offering them a certificate, some deals like the supervisor takes his team on dinner or lunch. These types of activities are very common in Holland Enterprises.

Discussion

The most valuable assets of an organization are the people who invest their time, skill and energy into laying a strong foundation for the operational and economic progress of the Holland Enterprises. These human resources need to be motivated and compensated for their valuable contribution in order to sustain growth of the Holland Enterprises. Compensation package plays an important role in attracting quality Human resource into the organization. A slight difference in the package can influence the resource, to either accept your company offer or that of the competitor. So monetary benefits together with other non-monetary benefits plays an important role in retaining and bringing new quality resource in the organization. Thus a Wow factor needs to be engrained in the compensation package which will entice quality Human resource into the Organization, as well as promote companies value (Dibble, 1999).

However, when a compensation package is designed by the Holland Enterprises, its future cash flows and growth should be properly assessed under the consultation of a professional consultant firm. These consultant firms are experts in designing salary packages, since they are able to see the bigger picture of the Holland Enterprises from its budget to its future strategic goals. These consultants have experience of designing the packages for different firms in the past, thus their experience matters a lot.

Thus selecting the right consultant firm will result in best alignment of compensation package to the expected future growth of the Holland Enterprises. Joe Griffith adequately quoted Jack Welch “If you pick the right people and give them the opportunity to spread their wings and put compensation and rewards as a carrier behind it - you almost don't have to manage them” (Dibble, 1999).

Effective Compensation and Benefit System

Managers have the expectation that they will be able to retain the cream employees and also recruit the best for the job. So the Compensation package is designed keeping in view that the employees are paid fairly in comparison to their job description (Hamel, ...