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When all the needs or expectations of the stakeholders are met, the business will continue to thrive.
Core Human Resource Functions
Involuntary turnover is rampant among employees of high talent. These employees form then crucial asset that determine the overall success of the organization. Involuntary turnover occurs due to issues such as frequent absences, premature termination of contracts, sexual harassment or by the mere fact that an employee becomes overqualified for a particular job. Supposing I were a top HR manager in my firm I would hire people who are qualified to fill any vacant positions taking keen attention to exclude overqualified persons so as top avoid the occurrence of involuntary turnover in the future (Taylor, 2005).
Additionally, I would introduce strategies that seek to retain employees in the organization. One of the strategies would be to introduce teambuilding activities such as retreats and workshops. I would also ensure that the employees are trained on ethical behavior...
An introduction of a periodic evaluation and reward scheme would also come in handy to ensure that the best talent is retained in the organization (Taylor, 2005).
Downsizing and Outsourcing are the two cardinal avenues through which the compensation costs can be kept under control. Downsizing will allow the management to lay off employees with obsolete skills and replace them with those that possess the requisite skills to deliver under the new business strategy (Taylor, 2005). Outsourcing is also a good way of increasing productivity in the sense that the organization can hire labor from foreign countries at less pay.
References
Svensson, G., & Wood, G. (2003). The dynamics of business ethics: a function of time and culture -- cases and models. Management Decision, 41(4), p350.
Taylor, S. (2005). People resourcing. London: Chartered Inst. Of Personnel and Development.
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