Essay: Employee benefits and retention

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  • Subject area(s): Business essays
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  • Published on: December 23, 2015
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  • Employee benefits and retention
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An organisation’s future success will be contingent on the firm achieving a competitive benefit within the labour market similar to the competitive benefit it must achieve in its other markets. In this current competitive market it is really important for companies to be competitive and act genuinely to become an Employer of choice (EOC). Being an EOC means that the company has carefully thought about creating an environment where people not only want to come and work for the organization but also dedicate themselves to organizations success.
Employer branding is concerned with ‘attracting candidates, communicating well with them and retaining them, in a similar sort of way as marketers develop techniques to attract customers’. (CIPD, 2013, para 1).
When considering resourcing strategies we have to take into account what our competitors are offering. There are factors that enable an organization to be an EOC like benefits packages, bonuses, employment security and good customer service which will draw more employees. In a competing market employer would research associated competitors for their ‘offer’ and seek to match or better that offer. Successful organisations such as Waitrose, Marks and Spencer, Whitbread offer a comprehensive range of employee benefits like flexible working, subsidised canteens, competitive pay and staff discounts. Organisations such as Harrods have always succeeded by providing the highest level of customer service in the world. The memories of customer relationships and customer preferences will enhance profits and customer satisfaction.Trying something different and new could be transformational to really giving a customer what they need and therefore creating a pool of people that think they would want to work there.
There are many benefits to be seen as an EOC. As the organisation becomes more widely known as a good place to work, people will approach the organisation themselves inquiring about employment opportunities which will help reduce advertising, marketing and recruitment cost, resulting in a drop per recruit cost dramatically. The recruitment procedure will be cost effective, more productive and less time consuming focusing on determining who is the ‘Best’ of all in the intake of high caliber cv’s, opposed to trying to get individuals to apply. The organisation will not only benefit having more applicants to choose from, but the overall quality of applicants will be expressively better than companies which are not recognized as Employers of Choice. Average workers will intentionally choose not to apply to such an organization, justifiably fearing that their performance would not be acceptable. Productivity and performance levels will significantly become higher with a high quality of people on board. Such employees are more engaged, time efficient and committed to the organization which in turn helps to build stronger relationships.
Bill Gates, chairman of Microsoft, believes part of the reason that they are able to get the
top caliber employees, is that creative software developers want to work with other creative people who are excellent in their field. Presence of top quality people attracts similar applicants and employees appreciate their co-workers when they know their co-workers are expending the same level of effort and energy to get any given job done.
Being an EOC also means that you have the ability to retain employees for a longer period. When people remain with the organization for a longer period, the higher level of continuity benefits the employer enormously. People work well together when they know each other better. This can be achieved by not only focusing on short term benefits packages but on long term factors like training and development opportunities, having a voice within the organisation, valuing staff and saying thank you. John Lewis values their employees so much that they have made them partners in their organisation. Volkswagen Group UK, Heineken UK, KFC and Mc Donald’s were awarded as the Top Employers 2015 in UK for providing exceptional employee conditions, nurturing and developing talent throughout all levels of the organization by focusing on staff training and career progression. One of KFC’s biggest strength is its developmental program scheme with a strong emphasis on coaching for employees in all areas of business. Therefore showing the employees that the company is investing in them and they can work their way up.
EOC will attract more investors because the organization will be known for their stability and their ability to quickly respond to market opportunities and fluctuations. This will further enable them to grow and place themselves stronger in the competitive market.
There is a disadvantage to being an EOC. Since other organisations know that you have the best people in your team your organization becomes a hunting ground where your employees get calls from other recruiters several time a week which does affect people physiologically but finally the employees will choose to stay where they are happy.
Within my organization we have a high rate of employee turnover, mainly due to our competitor’s having ‘recruitment drives’ either at the beginning or at the end of the year, causing us to lose talent and resulting in an ongoing recruitment need due to a skills shortage in the engineering industry. We need to focus on our resourcing strategies and study the market to make sure that we are offering a competitive compensation and benefits package to stand out in the competitive market. While advertising a job as a good practice we should choose a salary range or simply state ‘Competitive plus benefits’. We must offer a range of employment opportunities including Graduate programmes, Apprenticeships (taking people for short term internships), and sponsor people from outside UK which will not only help us to resource talent from around the world but continue to develop our diverse culture.

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