The Criticality Of Retaining Skilled Employees Management Essay

The criticality Of Retaining trained Employees Management EssayIntroductionPurpose of the explanation The score is intended to analyse the key factors involved in employee keeping and withal focus of the measures to be interpreted up by the employer for reducing the excoriation rate of skilled bring iners. The solutions talk overed suggested in the account statement could be peradventure utilise in the case of Keeping Suzanne Chalmers. The remark also aims to discuss win the contends of the employee go away the company.Scope The information in the report ranges from examining the factors for Suzanne Chalmers quitting the mull to the measures taken by Thomas Chan to stop the attrition. Further the analysis in the commentary bequeath discuss in general the moderatenesss responsible for such situations in organisations.Background The credentials of the report would be the case study of Suzanne Chalmers a top talent in the argona of internet communications protocol runn ing(a) at API who decided to quit the organisation even though was offered options identical high(prenominal) salary, larger working space, unpaid perish for two or three months complete with paid benefits and increase in share options.Limitations The report revolves around the employee retention of Suzanne Chalmers and the tactics tried by the employer Thomas Chan and is circumscribed for being offered only a few number of reasons to stay bet on in the employment. The analysis of the case is found and compared on the theories of four driving force and the hypothesis of expectancy.Summary of the issueThe case of Suzanne Chalmers working at pass on Photonics Inc. as a package engineer in internet protocol is a typical example of the issue faced by some employers in the current market were in employees who are talented for the line of reasoning and hold key position in the company subsequently earning legion(predicate) accolades for outstanding performance over eld and responsible for finishing projects alter a fortune to the company deciding to leave the company on a truly short notice without proper reasons. The summary of the report discusses about the means and shipway the employer bottom of the inning practice to hold the employee tail at work and other reasons accounting for the employee to decide to leave the course and possible solutions around the issue. It also confers about the resolutions tried by the employee in the case of Suzanne further converses about the employee behavior in general towards their chisel and the responsibilities entrusted onto them by the employer.The expectations of the employee and employer in general gull also been menti iodind in the report. In the case of Suzanne Chalmers the employee quits the organisation at a stage of her life were she is under the age of 40 historic period just wish umteen other employees who quit the company. It is also noted that the reason is not come close or dogged hou rs. The vice president of Advanced Photonics Inc thought that the reason was more than m one and only(a)y. The generous share options which had skyrocketed on the argument market grown many employees more money than they toilet make use off. It has been sight that their finance independence gave them less reason to remain with the organisation. It was noted that the employee after quitting the organisation and taking a break returned back to market and fall in a start-up software firm in the same locality.The meeting between the vice president and the employee is discussed further moving to the solutions for retaining employees in general. The demand factors for the employees in an organisation have been elaborated in the report. The report would also discuss emotions of the workforce as well as values and attitudes of management.Importance of employee dollar volumeAbbasi and Hollman (2000) sought to determine the force of employee turnover on organizations and found that exuberant employee turnover often engenders far-r all(prenominal)ing consequences and, at the extreme, may jeopardize efforts to attain organisational objectives. In addition, Abbasi and Hollman (2000) indicated that when an organization loses a critical employee, there is negative impact on innovation, consistency in providing service to guests may be jeopardized, and study delays in the delivery of services to customers may occur. The study also showed that a decline in the standard of service provided to guests could also adversely run the expiation of internal and external customers and consequently, the profitability of the organization.As part of the work of developing and implementing strategies to maintain and increase private-enterprise(a)ness, organizations face the dispute of retaining their best employees. As such, this seek was designed to analyze and determine the most effective ways for one employer to retain its critical employees. The company in this study has been prosperous at maintaining a relatively low turnover ratio, but the employees who leave the organization have been critical employees, thus presenting a evidential challenge. The results of this research effort potentially could be used as a textile for guiding employee retention in other large, complex organizations.Criticality of Retaining Skilled EmployeesFitz-enz (2002) stated that the average company loses approximately $1 million with all(prenominal) 10 managerial and professional employees who leave the organization. As mentioned previously, the combined manoeuver and indirect costs associated with one employee ranges from a minimum of one years pay and benefits to a maximum of two years pay and benefits. Thus, there is significant economic impact when an organization loses any of its critical employees, in position given the knowledge that is lost with the employees departure. It allow for become significantly more important in the years ahead to recognize t he commitment of individuals to an organization, as well as the organizations sine qua non to produce an environment in which one would be willing to stay (Harris, 2000).Organizations will learn to either create an intellectual capital environment where the transmission of knowledge takes place end-to-end the structure, or continue to lose important individual knowledge that has been essential during the length of service (Harris, 2000). This deep knowledge is what many believe will help to meet the necessarily and expectations of the customers and to create and sustain a competitive advantage within the global economy in which organizations are competing in today.The critical factors derived out of eminent demand theories and the implications for developing and implementing employee retention practices can be described as followsNeeds of the Employee Employees have multiple needs based on their individual, family, and cultural values. In addition, these needs depend on the current and desired economic, political, and social status interester aspiration the need to balance career, family, education, community, religion and other factors and a general feeling of ones satisfaction with the current and desired state of being.Work Environment Employees want to work in an environment that is productive, respectful, provides a feeling of inclusiveness, and offers friendly setting.Responsibilities Given that one feels competent to perform in a more challenging faculty and has previously demonstrated such competencies, an employee may feel a need to seek additional responsibilities and be rewarded in a fair and fair manner.Supervision Managers and other leaders more frequently than others feel a need to teach, coach, and develop others. In addition, these individuals would seek to influence the organizations goals, objectives and the strategies designed to progress to the mission of the organisation.Fairness and Equity Employees want to be treated and r egarded in a fair and equitable manner regardless of age, gender, ethnicity, disability, sexual orientation, geographic location, or other similarly defined categories, With increased effort and higher performances employees also expect to be regarded more significantly than counterparts who provide fruit at or below the norm. The employees effort and performance at a particular aim is influenced by their individual goals and objectives and which would vary by each individual. An outcome or reward that is perceived to be highly significant and important can result in a higher level of effort and performance by the individual employee.Effort Even though employees may exert higher levels of effort into a position based on a perceived significant reward, this could be a short achiever if the task itself does not challenge or provides satisfaction to the employee.Employee festering Employees prefer to function in environments that provide a challenge, offers new erudition opport unities, significantly contributes to the organisations success, offers opportunities for advancement and personal development based on success and demonstrated interest in a particular area.Feedback Individuals prefer to have timely and open feedback from their supervisors. This feedback should be an ongoing process during the year and not limited to formal performance reviews once or twice per year. In addition, the feedback should be from both the employee and the supervisor.Employee Retention at Advanced Photonics Inc As interested in the case study Thomas Chan the vice president at the organisation has observed that employees even though were under 40 years, which is too early to retire quitting the job at API. It has also been witnessed that it is not for reasons like stress or long hours but the organisations share options that skyrocketed on the stock market which left many employees at API with more money than they could mayhap spend. It has also left the employees to be millionaires giving them financial independence leaving fewer reasons to stay in employed at API.In this particular case Thomas was approached by Suzanne Chalmers who has been employed at API for four years in the field of internet protocol as a software engineer supporting the software that tell fibre optic airheaded through APIs routers. It is also mentioned that internet protocol is a very specialized work and Chalmers was one of the top talents in that area.Theory of forethought and Four Drive TheoryFour Drive Theory As it is known that emotions play a significant role in employee motivation which is not supported by many theories and researchers. But, the four drive theory emphasizes the concept and relevance of emotions in employee motivation. The theory was developed by Harvard concern School professors Paul Lawrence and Nitin Nohria. According to Steven M, Mara O, Tony T (P. 178, 2009), a motivation theory that is based on the innate drives to acquire, bond, learn and d efend, and that incorporates both emotions and rationality. It has been derived that employees with higher emotional intelligence are more sensitive to competing demands from the four drives, and are expose able to avoid impulsive behaviour from those drives, and can judge the best way to act to sate those drive demands in a social context. Recommendations of the practical implications of the theory are explained in two parts. archetypical being that best workplaces for employee motivation and wellbeing offer conditions that help employees fulfill all four drives. Employees continually seek fulfillment of their innate drives, so successful companies provide sufficient rewards, learning opportunities, social interaction and so forth for all employees. The second recommendation is that fulfillment of the four drives essential be kept in balance that is, organisations should avoid too untold or too little prospect to fulfill each drive. The reason for this recommendation is that the four drives compensate each other.Expectancy Theory of motive This theory offers an elegant model based on rational system of logic to predict the chosen direction, level and persistence of motivation. According to Steven M, Mara O, Tony T (P. 178, 2009), expectancy theory is a motivation theory based on the idea that work effort is directed toward behaviors that people believe will lead to desired outcomes. The concept also says that work effort is directed toward behaviors that people believe will lead to desired outcomes. One of the challenge characteristics of expectancy theory is that it provides clear guidelines for increasing employee motivation. The Expectancy Theory of need was developed, by Victor Vroom of the Yale School of Management, in the year 1964. He was of the opinion that people made a conscious weft composition deciding whether or not to perform at the workplace. However the superior that was made by the employee depended entirely on the employees lev el of motivation which in turn was a function of three factors which are effort, performance and outcome. occurrent trend of Employee job satisfaction and Suzanne ChalmersIn the current generation employee is not completely satisfied with higher salary packages but is looking for more than that and stressing on innovative ways of retaining the employee. The reasons for choosing an organisation for employment can be categorized as location of company, compensation, the job, company reputation, career development, career path, job security, organisational culture, challenge, training and development, empowerment and attractive benefits. Like wise potential reasons for employee to leave the organisation can be classified as salary, lack of challenge and opportunity, lack of career advancement opportunities, ineffective leadership, inadequate emphasis on teamwork, not having the opportunity for a flexible work schedule, too long of a commute, lack of trust in senior management, inadequa te opportunity for training and development and low overall job satisfaction. The case of Suzanne Chalmers can be listed for lack of challenge and opportunity and lack of career advancement. The employer took care of everything but lacked on the above mentioned factors leaving the employee with no other choice but to quit the job.ConclusionIf the organisations take up stop employee retention plans and offer employees with more valued reasons to stay back with the organisation. The firms can possibly come up with innovative employee retention programs by offering the employees with better location of the company or the branch which is closer to their living place, compensation, better job matching their qualification, career development, career path, job security, organisational culture, challenge in job, training and development, empowerment and attractive benefits. Applying the thoughts of Four Drive theory has been turn out to be very important in the current situation as emotio ns play a major role in motivation of employees.