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The following strategies could be implemented in both Hong Kong vehicle companies, as well as within all companies facing the challenges of high employee turnover rates. Yet, what should be remembered is that the following suggestions are merely theoretical and that they should be customized to fit the specific particularities of each separate entity. These being said, the suggestions to improving employee retention are as follows:
Increasing salaries; higher wages will generally determine people to be more committed to the job and to the employer
Offering other financial incentives, such as premiums and bonuses; these should be offered based on performances, but also based on efforts
Offering various non-financial incentives, such as flexible working schedules or the organization of social events outside the firm, through which the employees and the employers interact on a less professional level
Offering training programs as a means of professional development, and then recognizing the development of employees through promotional opportunities
6. Conclusions
The employers within the highly developed western communities are incrementally focused on recognizing and treating employees as the most important organizational asset. This situation, most common within the service industry, has translated into a state of events of more pretentious staff members, continually looking to enhance the quality of their lives through better paid jobs,...
In the highly developed regions, where employers have the ability to satisfy these demands, and in underdeveloped regions, where all employers reveal this impossibility, the turnover rates are generally low. Yet, they are increased in emergent economies, where a battle is being carried on with weapons of economic reforms.
Japan is one of the most developed countries, registering a low employee turnover rate; while China is also developed as a nation, its economy is still emergent. At industry levels, it materializes in turnover rates more than double of those in Japan. And this materializes in higher costs with running the automobile entities of Hong Kong, the loss of know how and tacit knowledge or the lower levels of productivity. The proposed solution is that of investing more in people, by presenting them with various financial and non-financial incentives.
References:
Boyd, C., 2003, Human resource management and occupational health and safety, Routledge, ISBN 0415265908
Droege, S.B., Hoobler, J.M., 2003, Employee turnover and tacit knowledge diffusion: a network perspective, Journal of Managerial Issues, Vol. 15, Issue 1
Han, P., 2008, Survey: Employers in China face worst staff turnover rate in Asia, Embassy of People's Republic of China in the United States of America, http://www.china-embassy.org/eng/xw/t401165.htm last accessed on February 23, 2010
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