Employee Retention

Employee Retention

Employee Retention

Employee retention can be a challenge for many organizations. This paper will discuss total compensation methods by explaining the concept and discussing if an organization should inform their employees of their total compensation. In regards to total compensation, we will analyze the impact of various compensation methods and benefit programs on employees and organizations. We will also discuss employee performance appraisals and the differences between a performance management system and the annual performance appraisals. We will discuss three common problems with performance evaluations and strategies to overcome these problems. We will also discuss how a performance management/appraisal system impacts the organization and employees. The final part of the paper will discuss employee relations and how this can impact employee turnover and the advantages of managing turnover in an organization. We will explain why it is important to have written policies regarding Human Relations, Discrimination and Sexual Harassment. We will also describe employee relation programs and how Human Resources can motivate management to approve employee incentive programs.

Total Compensation Methods

Total Compensation

Total compensation would be salary, benefits, bonuses, other non-wage cash payments, and any other fringe benefits. “Benefits contribute to attracting, retaining, and motivating employees. The variety of possible benefits also helps employees tailor their compensation to the kinds of employees they need” (Noe, Hollenbeck, Gerhart, & Wright, pg. 422, 2007). This can help an organization attract a variety of talent and compete with the job market in hiring and retaining employees. Offering employee benefits can help an employee to feel valued and secure. “Employees have come to expect that benefits will help them maintain economic security” (Noe, Hollenbeck, Gerhart, & Wright, pg. 422, 2007). The employee should...