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clara,zhangyan,homework,20110726

clara,zhangyan,homework,20110726 - The role of managers in...

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The role of managers in retaining key employees in a newly established foreign enterprise in China Page 1 The role of managers in retaining key employees in a newly established foreign enterprise in China You Ying NCUK Graduate Diploma, Beijing, 2008/09 Introduction Employee retention is not only a topical issue, but also a key challenge for organizations today. According to Mercer (2006), foreign companies in China have seen high rate of turnover, particular in terms of professionals aged from 25 to 35-year-old who have only worked for a company for about 2 years. Hewitt (2009) revealed that the average turnover rate for Beijing across all sectors was 17.2 percent in 2008, which was an increase of 5 percent on that of 2007.
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The role of managers in retaining key employees in a newly established foreign enterprise in China Page 2 As a result, employers have to support high costs at an average 25 percent to 200 percent of that of employee’s annual pay for each departure (Mercer, 2006). Hence, retention is one of the top human resource issues recognized by the organizations in China. Company X, a foreign owned financial services provider, started business in China in 2005. Most recruitment was done in late 2006 and 2007. With the increase of the turnover rate in 2008 and the trend of the labour market, one of its key priorities is to retain qualified staff in order to achieve sustainable growth in China. Given that this situation, an investigation will be conducted to gain insights into retaining valuable employees in the company and attempt to give recommendations. This research could be applicable to companies with similar features in China, but can also used as a reference for those companies who are suffering from retention issues. Literature review A few studies and articles were found with regard to retention and the role of managers. Ernsberger
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The role of managers in retaining key employees in a newly established foreign enterprise in China Page 3 believed that line managers play a key role in retaining employees, although most people accept that package, career growth and job satisfaction are leading reasons (Ernsberger, 2003). A recent study, which used case study approach, claimed that investing in training, establishing harmonious interpersonal relationship and creating supportive working climate by the
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