Key Assignment on Creating and Implementation of an Effective Recruiting and Retention Program.
See uploaded files for annotated bibliography instructions and outline to use as a reference. The title for the key assignment is "Creation and Implementation of an effective Recruiting and Retention Program."
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Week 4: Annotated Bibliography – Key Assignment on “Creating and Implementation of an Effective Recruiting and Retention Program.” An annotated bibliography is a critical literature synthesis tool for researchers who are curating resources related to a topic of interest. The annotated bibliography is the first step to a comprehensive literature review and provides an opportunity to identify gaps to be used for future research. An annotated bibliography requires critical reading and summarizing of the findings of collected sources. Each annotation begins with an APA formatted reference and is followed by a summary of the source. The following questions can be used to craft the summary of the annotated sources: · What was the purpose of this research? · What was the problem the researcher(s) addressed? · What are the research questions? · What method and design were used in this research? · What were the results of the research? · What are the implications for future research?
This week, students will prepare an annotated bibliography (dues in Week 4) with the articles, books, research, etc. you plan to use and cite in your final project (that is due in Week 7). Please follow the sample provided in the classroom with these instructions. Students should include 6-8 entries this week. |
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Creation and Implementation of an Effective Recruiting and Retention Program Outline
Name
American Public University
HRMT605: STRATEGIC HUMAN RESOURCE MANAGEMENT PRACTICES
Instructor
Date
Creation and Implementation of an Effective Recruiting and Retention Program.
Introduction
Organizations face challenges in attracting and retaining top talent, negatively impacting their productivity and profitability. Organizations face competition from other organizations creating competitive job market. Organizations should therefore find ways of differentiating themselves and offering unique recruiting and retention strategies to stay competitive.
The recruiting and retention landscape has changed drastically in recent years to address the talent management challenge (Stewart & Brown,2019). Organizations must therefore find different methods to attract and retain the best and brightest talent. The cost of recruitment and retention can be high, so organizations must factor in this cost when designing a program.
Thesis: Developing and implementing an effective recruiting and retention program is crucial for organizations to attract and retain top talent, enhance productivity and profitability, and gain a competitive advantage in today's labor market.
Body
Extent of problem
Organizations in the labor market are challenged by the lack of skilled labor. The current and projected future shortage of skilled labor is due to demographic shifts, changes in work preferences, and skills gaps. The International Labor Organization forecasts a continued decline in global labor supply as more young people in developing and emerging countries opt to spend longer time in education due to rising income levels. A large share of young people are not in employment, education, or training (NEETs).
Since October 2021, the proportion of companies reporting a shortfall of workers had ranged between 12.9% and 15.4%, with the exception of August 2022, when 16.8% of companies reported a shortage (International Labour Organization, 2022). In the United States, 5.6 percent projected shortage of workforce by 2029 (AAF, 2019). The country may experience a shortage of around 765,000 possessing associate's degrees or college-level training and approximately 8.62 million requiring a bachelor's or higher degree. The average labor turnover rate in 2020 hovered around 18%, suggesting a lower job satisfaction rate. The high turnover rates have increased costs and decreased output (Alburo et al.,2020)
Cause and Effect of effective recruiting and retention program
Organizations face difficulty recruiting and retaining top talent due to an increasingly competitive job market. The primary cause for effective recruiting and retention programs the need for a skilled and motivated workforce to achieve business goals (Bilan et al.,2020). Effective programs are developed due to a tight labor market, greater competition, and shifting employee demographics. An effective recruiting and retention program help organizations attract and retain talented employees, build a strong brand image, and improve productivity and performance. It also creates positive work culture, reduces costs, and creates a healthier work environment. Comprehensive recruiting and retention programs tailored to the needs organization's target audience can retain talented employees. The programs should identify correct talents and benefit recruits while considering the demographics.
How to create effective recruiting and retention program
Organizations can create an effective recruiting and retention program by providing regular training and development opportunities, offering flexible working options, implementing incentive and rewards programs, promoting open communication, providing job security, providing support services, recognizing employees for their achievements and contributions, and fostering an inclusive and diverse culture (Goh & Okumus,2020). The activities would increase employee engagement, job satisfaction, and morale while providing the organization with a broad range of talent.
Regular training and development opportunities for employees increase their job satisfaction and proficiency in roles. Flexible working options such as part-time hours, job-sharing, and telecommuting increase employee engagement and retention. Incentives and rewards are for achieving goals, completing tasks, and demonstrating excellence. Open communication between management and employees promotes feedback value. Support services such as health and wellness programs, childcare, and transportation reduce stress and improve morale. Diversity and inclusivity attract and retain a broad range of talent.
Effectiveness of the program
The success of a recruiting and retention program depends on the organization's ability to correctly identify target audience, attractive programs or benefits, and the cost of recruitment and retention (Monteiro et al., 2020). Tracking the number of applicants, hires, and retention rates metrics would help measure success and effectiveness of their programs. Successful strategies should prioritize employee engagement and job satisfaction while providing opportunities for development and growth. They must be cost-effective, tailor organization's needs and goals, and have clear objectives and metrics to measure success.
Probability of the program’s success
The probability of success for a recruiting and retention program is relatively high, as long as the organization identifies the target audience, create attractive programs or benefits, and accurately measures the cost of recruitment and retention. Additionally, organizations should consider the demographics of their target audience to ensure that their program is tailored to the needs of their potential recruits. The probability of each strategy will increase with priority on employee engagement and job satisfaction, opportunities for development and growth, and clear objectives and metrics to measure success.
Conclusion
Organizations face challenges in attracting and retaining top talent, negatively impacting their productivity and profitability. The current and projected future shortage of skilled labor is due to demographic shifts, changes in work preferences, and skills gaps. Organizations must develop and implement a comprehensive recruiting and retention program tailored to the needs of the organization's target audience to effectively recruit and retain talented employees. This program should include regular training and development opportunities, flexible working options, incentive and reward programs, open communication, support services, recognizing employees for their achievements and contributions, and fostering an inclusive and diverse culture.
Thesis: Developing and implementing an effective recruiting and retention program is crucial for organizations to attract and retain top talent, enhance productivity and profitability, and gain a competitive advantage in today's labor market.
References
Alburo, J., Bradshaw, A. K., Santiago, A. E., Smith, B., & Vinopal, J. (2020). Looking beyond libraries for inclusive recruitment and retention practices: Four successful approaches. In Critical librarianship (Vol. 41, pp. 85-109). Emerald Publishing Limited.
American Action Forum. (2019, July 18). Projecting Future Skill Shortages Through 2029. AAF. https://www.americanactionforum.org/research/projecting-future-skill-shortages-through-2029/
Bilan, Y., Mishchuk, H., Roshchyk, I., & Joshi, O. (2020). Hiring and retaining skilled employees in SMEs: problems in human resource practices and links with organizational success. Business: Theory and Practice, 21(2), 780-791.
Goh, E., & Okumus, F. (2020). Avoiding the hospitality workforce bubble: Strategies to attract and retain generation Z talent in the hospitality workforce. Tourism Management Perspectives, 33, 100603.
International Labour Organization. (2022). World Employment and Social Outlook: Trends 2023. https://www.ilo.org/wcmsp5/groups/public/—dgreports/—inst/documents/publication/wcms_865332.pdf
Monteiro, B., Santos, V., Reis, I., Sampaio, M. C., Sousa, B., Martinho, F., José Sousa, M., & Au-Yong-Oliveira, M. (2020). Employer Branding Applied to SMEs: A Pioneering Model Proposal for Attracting and Retaining Talent. Information, 11(12), 574. https://doi.org/10.3390/info11120574
Stewart, G. L., & Brown, K. G. (2019). Human resource management. John Wiley & Sons.
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