International Human Resource Management Assignment
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HR innovation these days are playing a pivotal role in not only shaping the working environment but also help in retaining the employees within the organization. A lot of companies like IBM, Google and Microsoft are hiring special HR executives who can able to create such plans with the help of which they can retain the best talent for longer period of time. So, it can be clear from the discussion that one of the main notions behind conducting this study is to identify what sorts of HR innovations are being implementing by the companies with an intention to retain the best talent. In addition to this special focus will also be provided on which is the best possible way and which are not useful and the reason behind selecting this. From the overall study an idea about the concept of employee retention, HR innovation and the concept of International human resource management can be gained properly.
Brief about the topic
International human resource management can be illustrated as a group of work focussing on the Human Resource administration at a global level. It endeavours to attain the corporal purposes as well as to attain the cutthroat benefit over the rivalries at the local and global degree. The topic of the essay which has been selected to do the essay is related to HRM creativity that the global companies are executing to get better the worker's retention. Within the context of international human resource management, HRM innovations play a major role in improving various Human Resource -related works (Hartog, 2019). Considering the topic Human Resource innovation can be defined as the execution of fresh thoughts, techniques as well as technologies to superiorly attain the always-budding needs of the company and its employees. The concept is more concerned with forecasting the upcoming demands and situations instead of just identifying an action to a modifying the current state (Engelsberger, 2021). Steady advancement is a vital variable in developing business, as well as it is entirely reliant on the HR expert to develop this. Development might be kept up with and formed through HR's liabilities. With development driving further worker commitment, a more drawn-in group brings about more prominent productivity for the business. The main objective of HRM is to give a climate that is sufficiently favourable to foster the abilities in addition to the capabilities of representatives that assist them with acting creatively. Contemplating procedures in light of development associations need to have imaginative representatives. Also, employee retention can be defined as Worker maintenance alludes to the capacity of an association to hold its workers. Worker retention might be addressed by a straightforward measurement. Although, a lot of Human Resource convicts worker maintenance as connecting with the endeavours by which bosses endeavour to hold the representatives in their labour force (Kossivi, 2016). A lot of companies these days are especially focused on implementing various processes to retain employees. Since the pandemic has hit hard every corner of the world and people are looking for better opportunities, as a result, most of the companies are focussing on various technological innovations to somehow retain the old employees.
The purpose of the study is not only to identify various human resource innovations used by the global firms to retain the employees although the focus will be on also to identify which ones are effective and which are not. The success of the innovation depends on how the company is working in the global environment and also how the workers perceive it. Most of the workers these days are looking for that kind of working environment where companies will reward their hard work and do so, various innovative procedures are being implemented for the companies to look up to the matter. Overall the main purpose is to retain the employees for the betterment of both workers and companies. The next part of the study will be discussing about the various HR innovation implementing the companies with an intention to retain the employees for longer period of time.
HRM innovations International firms are implementing to improve employee retention
Recruiting the appropriate ability is a very tough process. In any case, holding them is an entirely different test. One of the main indications of a worker nearly leaving the company is disagreement. Making an exceptionally drawn in working environment starts with having capable worker maintenance methodologies. Those times are gone when the businesses had an overwhelming advantage. Workers these days do not feel a sense of urgency to serve organizations that don't serve them. Accordingly, understanding worker maintenance is the way to hold those top entertainers. This situation can be understood by using two important theories which are discussed in detail below.
- Herzberg’s Two-Factor Theory
Frederick Herzberg's popular "Two-Factor hypothesis" clarifies the connection between worker retention and representative inspiration. As indicated by him, two arrangements of variables impact inspiration in the working environment. These elements either improve worker fulfilment or obstruct it (Management, 2022).
Herzberg’s Two-Factor Theory
Source: (Management, 2022)
- Employee Life Cycle
Employee Life Cycle
Source: (Management, 2022)
It can be identified from the above given diagram that employee life cycle also plays a very pivotal role in deciding the employee retention plan. According to this theory employee retention comes in fifth position at the time when an employee is recruited and adjusted with the working environment.
Now let us see some of the interesting HRM innovations International firms are implementing to improve employee retention.
- Hiring for Cultural Fit: Individuals can foster abilities and aptitude. Yet, recruiting somebody upholding the social qualities will bring about more faithful and connected with workers. Fresh recruits can mix in with the group faster.
Hiring for Cultural Fit Source: Google
- Hybrid working culture- Adaptable working set ups have turned out to most acceptable top things that individuals search for in a new position. It turned into an assumption rather than an advantage. The concept of hybrid place of work has turned into a main topic of discussion since lockdown started. It is the choice to work in the workplace or work somewhat as indicated by one's comfort. Workers set aside time and cash to drive. They have further developed balance between fun and serious activities and fewer interruptions. Besides, it's a lot more secure choice to telecommute. Best of all, there is no topographical imperative in recruiting individuals. Along these lines, the international companies can gain admittance to a greater pool of ability. Also, it helps in reduction of absenteeism too as employees do not have to commute to office daily.
Hybrid working culture
- Rewarding the efforts not merely the outcome: It is simple to calculate the outcome as compared to the hard work done to attain that outcome. Using as an HR innovation tools companies are empathising with the basic truth as well as also recognizing the hard work these. For example big companies like IBM are using a rewarding system where co-employees and their managers will reward the efforts of the employee with given them blue points which afterwards they can turn to cash.
Rewarding the efforts
- Considering the workers well-being: For every human health is considered as wealth. Particularly in these pandemic times keeping healthy has become one of the most important things for every individual. Keeping in mind this point companies like IBM and Google has created health benefits plans for every employee. In addition to this they have cut down meeting times also so that employees can give time to their health and family too. This will in the long run help to maintain a balance between work and health too.
- Leave plans: Holiday programs are an incredible method for holding the best employees within the company. It depicts that the HR like the difficult work and administration of the employees drawn out representatives. After this pandemic many big companies likes Tesco, IBM, Microsoft are giving extra paid leaves to the employees so that they do not feel monotonous in their work. In this way they also able to hold the best talent for a longer period of time.
- Motivating clear interaction: Organizations like Tesco, Sainsbury, and Aldi cultivate a working ambiance wherein representatives are not reluctant to voice their perspectives. At the end of the day, they require a working environment where they can uninhibitedly communicate their thoughts and express their interests. An "open-entryway strategy" is quite possibly the best correspondence procedure to lay out a culture of straightforwardness and trust.
So, from the above given points it can be identified that big companies are implementing different HR innovation just not to retain the employees but also to help the employee identify their talent that will finally help in development of the company.
Which are effective or ineffective and why?
With the help of hiring for cultural faith as the retention plan, this approach helps the organisation by hiring individuals who cannot hold the social qualities of an organisation. This approach is effective as it hires individuals who can remain connected with the management of the organisation. The retention plan of including a hybrid work culture is very much effective when it comes to maintaining diversity and improving the productivity of the team. Maintaining a hybrid working culture within an organisation ensures that the international companies can gain admittance to a greater pool of ability (Aguenza and Som, 2018). The international companies are also benefited by reduction of absenteeism as it becomes comfortable for the employees to commute to office daily. Regarding the efforts of the employees and not just the outcome of the organisation is an effective plan to improve employee commitment and engagement in the operational aspects of the company. When the effect of an employee or being rewarded or acknowledged, they feel motivated to interact with the management and contribute their best to obtain the organisational goals (Singh, 2019). Using this form of HR innovation tool the companies have been able to emphasize on recognising the hard work of these individuals. When the employees are rewarded, they also feel encouraged by the appreciation shown towards them and feel motivated to actively participate in all the activities performed by the company. For instance, as it has been discussed, companies like IBM are using a rewarding system where all the employees in the managers will be rewarded based on the efforts they put in for the company and towards attaining organisational goals. They are provided with blue points which can be redeemed into cash afterwards (Rakhra, 2018).
Considering the well-being of the workers, the company will be able to provide the employees a sense of safety. This will make the employees feel safe working for the organisation. When the company focuses on ensuring the well-being of the workers, it shows how much the organisation actually cares for its people and staff. Reducing the meeting hours and frequency provides the Employees with time where they can spend their time with their family. This will also help the employee in maintaining a balance between work and health which will result in not leading the individuals towards mental stress and issues. Often, the workers who work late hours and are not able to spend much time with their family ends up being irritated and agitated which makes them unhappy and healthy (RAMAPRIYA and SUDHAMATHI, 2020). A healthy worker is always an asset for the company. Providing leave plans to the employees makes them feel that their work is being paid off which ensures that they put their best towards contributing in organisational success and development. It is one of the best ways of holding the employees within the company. Leave plans are a way to show the employees that the company understands their stress and those who want to provide them with the leaves where they do not feel monotonous in their working lives. All the large organisations have been cultivating a working atmosphere where all the employees can voice their opinions and feel respected for their perspective. An organisation where communication is focused on helps employees interact with one another and communicate the objectives of the company so that they can work towards attaining them (Khalid and Nawab, 2018). A company that focuses on facilitating clear communication has been able to communicate the issues encountered by the organisation so that the employees can utilise their skills and knowledge to formulate strategies that can be beneficial for them in terms of mitigating issues and coping up with the crisis. It is very important that the organisation focuses on identifying retention plants so that they can hold their best employees and can upgrade themselves in the competitive business environment in which the organisations operate. A self-motivated individual is always an asset for the company and works efficiently to provide their best towards the organisational activities.
This report has highlighted the human resources administration at the global level. It has described how the organisations have been implementing Strategies and retention plans in order to hold their best employees and attain cut-throat benefit over their competitors. Human resource management innovations have been able to play a crucial role in discovering the ways in which employees can be retained within the company and improving other human resource related activities that take place in these organisations. On the basis of the report, it can be said that HRM innovations and strategies have been able to bring in profitability and productivity within the organisation and have been able to foster abilities and capabilities of the employees.
The report has successfully identified different human resource innovations that have been utilised by global firms in order to retain the employees. It has also focused on describing which of these retention plants are effective and which are not. It has been found out that most of these are effective. It has been found that most of the workers are looking for a company which provides an inactive working environment and ensures that the efforts put in by the employees are not being neglected. Using this form of HR innovation tool the companies have been able to emphasize on recognising the hard work of these individuals. It can be stated that a healthy worker is an asset of the company who is fit enough to give their best towards attending the goals of the organisation and formulate strategies which will help the organisation encounter issues. Providing HRM innovations is one of the most effective tools and techniques to retain their employees and it has been covered in this report. The success of the innovation depends on how the company is working in the global environment and also how the workers perceive it. All the companies are implementing retention plans to keep the employees motivated and encouraged to attain the goals of the organisation.
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