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Unformatted text preview: tion • • • Flextime Individual • Core Time Team • Compressed Workweek • Fringe Benefits • Job-Sharing • Home-Based & Mobile Work Compensation & Benefits Program Objectives Objectives • Attract the right people • Employee incentives Employee • Retain valued employees • Maintain competitiveness • Financial security for Financial employees employees Why is Retention Important? Employee turnover could cost up to 40% of a Employee company’s annual profits company’s The average company loses $1 million with the The loss of every ten managerial employees loss Turnover costs are 50%-100% of the exemployees’ annual salary Source: insala,com, April 2005 Employee Movement Employee • Promotion/Reassignment • Termination • Retirement • Resignation Terminating Employees Terminating Terminating Employees • • Often mismanaged Minimize problems in firing employees firing should not be the first option firing should be for a good reason “employment at will” wrongful discharge Retirement firing should be done in private Downsizing 1. 2. 3. 4. 5. 6. Employee Turnover Provide clear reasons for the layoffs. Get information to avoid laying off Get employees with critical skills. employees Training managers in how to tell Training employees. employees. Give employees the bad news early in the Give day. day. Provide outplacement services and Provide counseling. counseling. Communicate with survivors. Offer financial benefits to encourage Offer employees to retire employees Are attractive to many employees Are difficult to predict which or how Are many employees will use the program program May cause the company to lose May valuable employees valuable Loss of employees who voluntarily Loss choose to leave the company choose Functional turnover (encouraged) the loss of poor-performing the employees employees Dysfunctional turnover (discouraged) the loss of high performing the employees employees Take Aways Take Human resources management is a clearly Human identifiable, significant activity in the business organization; organization; Human resources management includes the Human activities of HR planning, recruiting, selecting, developing, motivating, evaluating, and compensating employees at every level of the organization. organization....
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