Developing the Workforce

1. Orientation
2. Training and development
   1. Training
   2. Mentoring
   3. Development
3. Assessing performance
   1. Performance appraisals are objective or subjective
4. Turnover
   1. Promotion
   2. Transfer
   3. Seperations
   4. Things you shouldn’t do when you are terminated
5. Compensation
   1. Wage/salary survey
      1. Financial compensation
      2. Benefits

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Orientation

Familiarizes newly hired employees with fellow workers, company procedures, and the physical properties of the company.

• Tour of the building
• Introductions to supervisors and co-workers
• Distribution of manuals and policies
• Socializing the new employee into hte ethics and culture of the company

Training and development

Training

• On-the-job training
• Classroom training

Mentoring

More of a one-on-one interaction including teaching, explaining, etc.

Development

Assessing performance

• One of the most difficult tasks for managers
• Crucial activity because it:
  • Gives employees feedback
  • Provides a basis for determining compensation
  • Generates information about the quality of the firm’s selection, training, and development activites.

Performance appraisals are objective or subjective

• Objective appraisals are quantifiable
• Popular subjective appraisal is the ranking system
  • Ranking system is unpopular
• 360-degree feedback system
• Decrease negative employee feedback

Turnover

• Occurs when employees quit or are fired and must be replaced.

Replacing someone is expensive

Promotion

Transfer

Seperations

• Occur when employees resign, retire, are terminated, or laid off
  • Traditionally, employees could be fired at-will
  • Legislation now requires that companies fire employees fairly, for just causes only
• Want to minimize losses due to seperations
  • Recruting and training is expensive
  • Exit interviews

Things you shouldn’t do when you are terminated

• Do not criticize your boss who terminated you
• Do not take files or properties that are not yours
• Do try to get a reference letter
• Do not criticize your former employer during job interviews
• Do look to the future and be positive about new job opportunities

Compensation

Wage/salary survey

• Pay benefits represent a substantial expense for a firm
• Compensation is typically determined through a wage/salary survey

Financial compensation

• Wages
• Commission
• Salary
• Bonuses
• Profit sharing

Benefits

• Nonfinancial forms of compensation provided to employees

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