June with a view to freshen up content headhunting

Info icon This preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: what we currently do well; assets we have • Weaknesses – current people deficiencies / development needs • Opportunities – upcoming or un­mined capabilities / assets • Threats – barriers to realizing opportunities & achieving success. Example: Retention Plan Example: Retention Plan STRENGTHS WEAKNESSES OPPORTUNITIES THREATS Recognition scheme is valued by employees and works well. Followership initiative is succeeding in developing strong followers among Gen Y. 81% of staff say that we have a positive workplace culture. We have an enthusiastic executive willing to support Gen Y initiatives. New recruitment agency are performing well in getting us high quality people. Our Talent turnover rate is currently 29% per annum (target is 10%). Succession planning strategy is not working to promote people as hoped. We lost 8 key Gen Y staff to our main competitor and won just 3 key staff from Them. Performance management system is not helping high achievers perform better. Gen Y feels disconnected with brand and products according to recent survey. Opening Bangkok office in 6 months will give Competitor is paying salaries between 10 15% more than us. Gen Y has indicated that Opportunities. Will review L&D calendar in we have poor work-life balance initiatives. June with a view to freshen up content. Headhunting agencies have been New university in neighborhood will graduate approaching and luring key Gen Y to Middle 30 engineers in October. We will get a East. Talent crisis in our industry will worsen dedicated budget for Gen Y retention of next year. Downsizing in some divisions is st $60,000 on Jan 1 . Have identified six likely to damage overall morale across the awards the business can enter to promote business – a catalyst for people leaving. staff achievement. Design a Retention Plan Design a Retention Plan The SWOT Analysis provides the data for action. Organizations should use the data to: REINFORCE and BUILD on their Strengths EXPLORE and EXPLOIT the opportunities FIGHT and ERADICATE the weaknesses MINIMIZE and COUNTER the threats Golden Handcuffs Golden Handcuffs FROM TO GOLDEN HANDSHAKE GOLDEN HANDCUFFS Cut ties, loose experience, knowledge and skills Maintain ties, continue to utilise experience, knowledge ad skills DE­INVESTMENT RE­INVESTMENT Skills gap, business disruption, significant re­ hiring / re­training expenses Gaps plugged, business continuity, reduced re­ hiring and re­training expenses Golden Handcuffs Golden Handcuffs The opportunity: Why retirees want to be utilized • • • • • People retire early and still feel like contributing their skills Early retirement means many could use some extra income Many people retire with insufficient plans to utilise their time 55 or 60 today is considered relatively young Many people value the opportunity to remain useful and connected Golden Handcuffs Golden Handcuffs How to retain retired expertise: Corporate alumnus Ad­hoc consultancy / short­term contracts Special events (product launch; new hire induction; awards ceremonies) to give motivation speech • Social events • Home mentoring initiative • • • Separation Separation Sometimes we have to let employees go: • Firing employees (dismissal) for a range of re...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern