Below is the information we are basing our project on: Fictional Company: Ice cream shop Strategic Goal: Improve Employee Retention HR Function: Compensation and Benefits
HR in Practice ( I only need you to focus on this part of the project). Find an outside article from a credible source that describes an actual company using an activity from your chosen HR function to contribute to a strategic goal. The example does not have to be the same as your proposed activity, just in the same function.
Due to the abnormally high rate of voluntary turnover, employee retention has become a major priority for many HR managers. The number of u.s. workers who resigned their employment hit an all-time high in September 2021. (Dewar, 2021). While there is no single answer to this tendency, remuneration is a major contributor and must be addressed in any solution. HR pros at an ice cream parlor may boost employee loyalty by using clever compensation modifications. Since 36% of workers indicate they would consider quitting their employment for better income and benefits, this is the primary reason individuals are moving occupations (Dewar, 2021). And those seeking better pay might not have to look very far. Compensation is growing fast across numerous sectors and activities in response to skill shortages, inflation, and teleworking (Dewar, 2021). (Dewar, 2021). Pay scales should be reviewed to ensure that still reflect the company’s compensation philosophy. The salaries of team members must be readjusted to maintain parity. Strategic pay changes may be pricey, but they are cheaper than dismissing team members, which may cost as much as 33 percent of the employee’s base compensation. Cont…
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