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Topic: FACTORS HAVING A SIGNIFICANT IMPACT ON THE RETENTION OF EMPLOYEES IN A COMPANY Structure The definition of institution or enterprise The structure of enterprise The analysis of human’s demands based on the theories The analysis of factors having a significant impact on the retention of employees in a company through the management structure and employees’ needs The plans for building up human resources Conclusion References Organization behavior management THE DEFINITION OF INSTITUTION OR ENTERPRISE An organization is a social factor that brings its own unique characteristics but cannot be separated from the general social environment It aims at plans set out before, while implementing the activities and methods that are coordinated and planned on purpose to capably reach the goals Enterprises act more accurately than other types when they create opportunities to enable to achieve and comparatively to others, enterprises or organizations bring more effectiveness because they help achieve the goals much faster or with lower cost of mental, politics, society, culture and economics THE STRUCTURE OF ENTERPRISE The official assignment of duties, powerful relationship and communication influence on monitoring the way employees coordinate and carry out their work The social structure limits the selection of activities Activities are implemented to create social effects Figure 1: The duality of structure Organization behavior management Employees’ families Banks and financial institutions Union Local community Local government (tax, policy) European union Organizatio n / Enterprises Group of staff Politicians (national and local) Competitors (existing and potential) Civil services (tax, etc) Customers (existing, potential) Civil Environmental advocacy group Suppliers Communication/ media Figure 2: Organization/ enterprise environment  The elements and principles of structure and building structure of an enterprise: + Horizontal distinction + Vertical distinction Organization behavior management + Centralization and handling irregular decisions + Communication, coordination and integration + Formalization and standardization + Build-up work Head office Department of product B Department of product A Humance resource Sale Department of product C Finance Department of product D Produce Figure 3: Diagram of organization structure by function THE ANALYSIS OF HUMAN’S DEMANDS BASED ON THE THEORIES The comparison among the theories of demands Organization behavior management Maslow Alderfer Selfactualizati on Esteem Herzberg Growth Hygience factors Achievement motivation Power motivation Relatedness Love/ belonging Safety Mc Clelland Motivator factors Existence Affiliation motivation ? Physiologi cal Among the theories of demands, A Maslow’s theory reaches the peak in the identification of human’s natural needs So far, there is no better alternative theory although many “candidates” have intension of replacing this theory According to A Maslow’s theory, the natural needs of human being are divided into different up-stairs from the “bottom” to “top” to reflect its “basic” about the existence and development of men that are both a natural organisms and a social object The division of demands into up-stairs from low to high scale shows the “barbarian” of people reducing and the “civilization” increasing… Organization behavior management MASLOW’s hierarchy of needs High level Self-actualization Esteem Love/ Belonging Low level Safety Physiological Content of Maslow’s hierarchy of needs The structure of the hierarchy has floors, in which the human’s needs are listed in like a pyramid For the most part, physiological needs are obvious – they are the literal requirements for human survivals, including metabolic requirements, clothing and sholter, resting, sexual instinct and so on Next level is safety needs With their physical needs Organization behavior management relatively satisfied, the individual’s safety needs take precedence and dominate behavior including personal security, health and well-being and safety net against accidents or illness and their adverse impacts Higher level than safety needs is love or belonging needs It is interpersonal and involve feelings of belongingness, such as: religious group, professional organization or small social connection (family members, intimate partners, mentors…) Above this level is the esteem needs - the need of being respected and having self-esteem and self-respect… This is the human’s desire to get attention, concern and respect from others surroundings and expect themselves to become a “significant chain” which is indispensable in the labor systems Being respected shows that they themselves want to be a useful person in a simple way as “society has a favor of assets and work” Therefore, people intend to have desire of high status to be more respected by others Above all, it is self-actualization This level of need pertains to what a person’s full potential is and realizing that potential People feel free to their interested job only to be satisfied only when the work is done The theory of demands arrange the human’s needs from low to high The higher-level needs will be satisfied when lower level demands are met Individuals or people in an organization mainly act following needs The satisfaction of needs makes them happy and encourages them to act At the same time, the needs are most satisfactory, which is the target of human’s action Based on that analysis, human’s demands become and important dynamic in impacting on individuals’ needs to change human’s behavior In other ways, the leaders or managers can control the employees’ behavior by using tools or strategies to influence on their needs or expectation to make them more aggressive to their duties In the opposite case, employees are not assigned to work is the way to diminish their enthusiasm and also they can understand that they need to find a job somewhere else Basic needs can be met by paying competitive and fair wages, supplying free lunch or mid-shift meals, or making sure of other benefits such as bonuses under the title of emulation and reward as travels, tours… Organization behavior management To meet the safety needs, managers can ensure the favorable working environment and fair treatment to all employees and job is maintained stable To satisfy the demand of relationship, workers should be facilitated to work in team, given the opportunities to broaden communication among departments Moreover, they should encourage their staff to raise their ideas for the development of the whole enterprise Also, they should provide outdoor activities in the anniversary day or holiday to meet the demands of developing relationship To satisfy the esteem needs, workers’ personality qualities should be respected Besides competitive salary, they also want their value to be respected Managers, therefore, should have some policy for praising and emitting the results of individual’s achievement widely Furthermore, employees need providing timely feedback and promoting on the new position with larger sphere of impact To self-improvement needs, managers should provide the opportunities to developing personal strengths Moreover, employees need training to developing, encouraging to participate in the improvement process within the area of agency or organization and facilitating for their own career development The big international corporations in the world hunt a number of talents from different countries including very strict people by their attractive policies of human resources such as giving them cars, buildings, high salary and promotion even offering high position in the company… So, to have skills of encouraging and motivating employees, managers or leaders should concentrate on researching the study of the specific needs of their employees to give effective policies It means that they need to know the way to “satisfy” their employees suitably and on purpose For a newly recruited member in need of employment and reasonable salary, the creation of chance of employment and income are a matter to be considered first Whereas, for an employee working here for many years with some real experience and competitive salary, the need is to be promoted higher position in the company, which will encourage this employee to work harder and more effectively Organization behavior management THE ANALYSIS OF FACTORS HAVING A SIGNIFICANT IMPACT ON THE RETENTION OF EMPLOYEES IN A COMPANY THROUGH THE MANAGEMENT STRUCTURE AND EMPLOYEES’ NEEDS Human resources and capital are two necessary factors to set up a company Financial capital helps the company ensure the external face of the organization However, human resources play an important part in creating competitive advantages because that is the strength of the enterprise Talented staff dominates the competitive advantages because they directly influence on implementing the business strategies which are the key factors for the success of company With powerful strategies, the percentage of success accounts for 50% Based on Maslow’s theory, we can divide workers into groups as following: Group 1: They are unskilled workers According to “Maslow’s hierarchy of needs”, this group just meet the low level demands (floor No.1 and 2)  Stable employment  Stable salary  Safe working environment  Welfare policy and social security, spiritual life, for example: insurance, union, hostel, kitchen, health, culture and sport  Training to improve skills Group 2: They are professional staff, technical experts According to Maslow’s hierarchy, this group’s demands needs meeting at floor No and 4, which means that the enterprise should ensure the following requirements: - Opportunities to improve working knowledge - Working environment Organization behavior management - Working condition and facilities - Career promotion opportunities - Opportunities to show of professional knowledge (working in the trained job) - Building-up the work culture The failure of business is in individuals and employees and talented staff is an inseparable entity They want to be satisfied at the highest level both material and spiritual demands because they can evaluate their own value Keeping good employees is a big issue for the leaders, however, to appreciate the employees’ capacity, we should also consider how to be regarded as a good employee Good staff: They are the people who can help with the development of the enterprise and adapt to the company’s working environment and culture Above all, a company needs many talented employees because they are important elements affecting almost orientation and business revenue To keep this manpower, we need two following factors:  Brand attraction of the company: Brand is a key factor in deciding the appeal and motivation to attract talents for enterprise  Benefits the company offers: to be able to recruit skilled employees, we should have good welfare Besides competitive salary, the company should pay more attention to other needs of the employees to help them happily concentrate on working, showing off themselves and devoting their best for the job To encourage the talents to work effectively and help company succeed, there should be a strategy for talent development together with oriented skill process Based on the desire and real situation of the company, the plans for developing good employees are built up and associated with business goals that company expect 10 Organization behavior management Right person, right job and right time are important things that managers should focus on Also, we should distinguish between ability and competence of staff Ability is what belongs to nature or quality while capacity is likely to meet certain work requirements Person who has ability and capacity in this company unsurely meet the qualified ability and capacity in another company Group 3: According to Maslow’s theory, managers and leaders have highest demands (floor No 5), however, there are some basic concepts of two objects:  Management: This process includes planning, arranging, leading (or implementing) and monitoring resources to reach goals  Leadership: This process impacts on other people so that they can understand most clearly and go to the agreement on what and how to and the process of supporting the efforts of individuals and groups to achieve common goals Attracting and retaining talents are not new problems but usually “hot” to the enterprise There are many methods to hunt talents but whether they can work here for a long time or not depends much on human resources management of each company The most concern of the talents is not finding jobs but finding a company and a boss giving them opportunity to develop personal capacity and reach the peak of their career Thus, to retain good employees, the company should retain the talented managers first The best way to this is building friendly working environment and competitive salary with high commission, suitable fair benefits and sincere concern of leaders for employees Among the four most important factors making the brand attractive employees in recruitment, the compensation is ranked last 11 Organization behavior management Factor considered as most important in attracting talents in recruitment is good leader team (the answer of 76% of people), then it is working environment (75.2% of surveyed people recognize) 71.8% think that the programs for supporting training and development are the third importance and 66.4% of respondents involve in salary and commission Salary, bonus and benefit are important but not all Good talent leader team is not only important factor for success but also contributing to attracting talents According to experts, in the difficult condition of economy, the disturbance in the field of human resources is inevitable Moreover, the “war” to hunt talents becomes more and more intensive The best way to retain talents is that the leaders should understand their employees more than themselves and help them orient and develop their career objectives If the boss can all of those things, they can build the inheritated potential and reliable human resources So, company no long faces up with the crisis of human resource if some problems happen EIGHT WAYS TO RETAIN TALENTS BY GOOD LEADERS 5.1 Sincere: Frankly, the management is how your employees feel happy When they so, employees are willing to work hard and want to commit for a long-term Retaining good employees means making employees satisfied and happy 5.2 Concern about staff: The most common reason for high off-work rate is unfair in management Leaders should consider the needs of employees and treat fairly with them Some inexperienced managers usually to much favor of employees but forget to remind or discipline them if necessary 12 Organization behavior management During long time for experience in interviewing thousands of candidates, I find the model of beloved managers as “firm but fair” In case an employee makes some mistakes, the manager should help them realize that he/ she is doing wrong but not lower his/her value “Commendation publicly, criticize/ remind in person” are a working principles that managers should apply Many studies have shown that the lack of respect and capacity recognization cause the off-work of employees For most of the employees, if they are respected and their value is recognized, they would rather stay in the company than look for another job 5.3 Training plans: Managers should set out the training plan for their employees so that they know how to work effectively It is unfair when we not train employees but comment that their capacity is not good enough 5.4 Guideline provision: Employees should be provided all documents about workflow and rules of the company so that they can know what it expects to get from them Additionally, employees should be guide to work with the process written in paper, which can help them not “reinvent the working wheel” or frequently retraining new employees when someone leaves 5.5 Promotion opportunities: Employees need knowing about the opportunities for being promoted This does not mean that all of the staff has the chance to become leader but simply that staff can become the “right hand” of managers 5.6 The support from the Department of Human Resources: Employees need understanding and supporting their needs Chief of Human Resources Department who will discuss directly welfare, holiday or any other matter that employees concern Instead of giving some simply guide to employees, Chief of Human Resources Department should spend some minutes explaining them about the company’s regulations This seems simple but helps the employees feel concerned and avoid being misunderstood that can happen later Nevertheless, company should be flexible to change some roles to make 13 Organization behavior management employees think that you take care of them and then they feel excited and willing to work I myself witness a off-work of an employee only due to the dispute of the payment for 30 – minute overtime remuneration Be careful because sometimes a small drop of water can flood out of the glass and a misleading dialogue can make a “star” employee quit 5.7 Salary: Salary is not the most important factor to motivate employees but the common reason for employee to quit Please keep in mind the cost when the company must pay when there is high rate of off-work employees Imagine that if you pay salary 510% higher than the average of the labor market, how will percentage of off-work employees reduce? 5.8 Benefits: What will you award for your employees when they are appreciated? Reward for Tet holiday or quarterly? Please remember that only a small worthy reward can make employees satisfied THE PLANS FOR BUILDING UP HUMAN RESOURCES 6.1 Mathis and Jackson identify key steps in planning strategies for human resources as following: * Review the organization’s targets and strategies * Consider carefully the external environment to find information about labor supply * Adjust the availability and potential of internal workforce * Develop the forecast of workforce based on the above information * Based on the forecast, identify the demands of labor in short term, medium term and long term * Then, determine the suitability of current internal labor comparative to requirements 14 Organization behavior management * Finally, define human resources strategies in relation to the external resources, career development, training and effective performance management 6.2 Building-up human resources  Recruitment: indentifying reasonable number of potential employees who can meet the requirements of job, then suitable individuals will be selected into next round of the process  Selection: including short – listed candidates Bowen and his co-workers in 1996 brings three suitable levels during the recruitment: + Consistent with organization or enterprise + Consistent with department and team + Suitable for the description - Training and development - Methods of empowering and attracting participants - Fair and diversity CONCLUSION There is an obvious formula that: happy employees are loyal employees Nowadays, in case many enterprises making significant effort to lower the rate of staff turnover, those getting most benefits are employees Enterprises are now facing with greater challenges in finding skilled workers, building young enthusiastic teams and reducing large amount of old workers who are going to retire Moreover, companies can attract and retain employees and improve the working productivity by applying 5-step process called PRIDE as following: 15 Organization behavior management P – Provide: Providing professional working environment R – Recognize: Recognizing, rewarding and reinforcing appropriate behavior I – Involve: Attracting and sticking D – Develop: Developing skills and potential E – Evaluate: Recognizing and evaluating REFERENCES: http://www.nhansu.com.vn/chien-luoc/khich-le-nhan-vien/327-giu-chan-va-khich-lenhan-vien.html http://vietbao.vn/Kinh-te/Lam-the-nao-giu-chan-nhan-vien-gioi/20698483/87/ Textbook: Organization behavior management 16 Organization behavior management ... the need of being respected and having self-esteem and self-respect… This is the human’s desire to get attention, concern and respect from others surroundings and expect themselves to become... at the highest level both material and spiritual demands because they can evaluate their own value Keeping good employees is a big issue for the leaders, however, to appreciate the employees’... creating competitive advantages because that is the strength of the enterprise Talented staff dominates the competitive advantages because they directly influence on implementing the business