The paper "Improving Employee Attraction and Retention at Wealth Management Solutions" is a great example of management coursework. Duties and responsibilities of human resource managers have become so myriad that they need to be acquainted with the demand and dynamics of an organisation. Abby as the new human resource director for Wealth Management Solutions is not exceptional. In the eve of Wealth Management Solutions (WMS) having a problem of attracting and retaining younger employees, Abby should consider strategic and long-lasting methods of securing an adequate supply of employees endowed with relevant skills so that Wealth Management Solutions can still meet its objectives.
To underscore the above argument, an in-depth analysis to evaluate methods needed to improve employee attraction and retention will form the basis of this question. One key strategic plan Abby should undertake is the exhaustive training and skill development of the required workforce. Taking a case of the fresh graduates who see this company as a stepping stone to complete their accounting accreditation, Abby needs to conduct a thorough training and programmes so as to make the new recruits feel part of the organisation.
Training as detailed by Jucious, (2001) will form a foundation of acquiring specific skills to perform a job better within Wealth Management Solutions. For better implementation of training and development program, Abby should understand the three major phases involved in the training process: The assessment phase The implementation phase and The evaluation phase The assessment phase is sometimes also called the identification phase. As a human resource director who wants to attract and retain employees, Abby should not carry out impromptu developed training programme as the basic principle under the assessment phase is to understand the objectives of the company in comparison to needs and expectation of the employees. During this phase, Abby is mandated with identification of job-specific knowledge, attitudes and skills of the applicants or employees.
This will help him know which employee can competently perform a particular job. By doing this, the director will also be able to motivate his new employees by making them know that Wealth Management Solutions is committed to advancing their career ambition as well as taking a revision control process to maintain and improve existing programmes and materials.
A further consideration that needs to be incorporated by the director is that this phase needs to be performed accurately and without unnecessary expenditure of the available resources so as to ascertain training needs and identification of job-specific training requirements. The data that Abby will find from this phase should be used in developing explicit training objectives and associated training materials. The next step Abby will consider doing during the planned training is the implementation of the process. This is the point where the director will activate the training plan, or it is the process of putting a training programme into operation.
After the employees have been trained, and the evaluation process needs to be carried out. This will help in determining the relevance, effectiveness, and impact of activities of the new or the existing employees in light of their personal and organisational’ s objectives just like Kirkpatrick, (1976) explains “ evaluation process is used for guiding decision making and for assessing the relevance and effectiveness of various training components. "
Flippo, E. B. (2002). Principles of personnel management. New York: McGraw Hill.
Jucious, M. J. (2001). Personnel management (5th ed.). Homewood, IL: Richard D. Irwin.
Kirkpatrick, D. (1976). Evaluation of training. In R. L. Craig (Ed.), Training and development
handbook. New York: McGraw Hill.