hiring and retention mana 4328 dr. george benson [email protected]
TRANSCRIPT
![Page 2: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/2.jpg)
Types of Contracts
Legal Employment contract Employment-at-will
Psychological An implied contract Employee promises: Hard work, extra effort,
commitment to company goals. Employee expects in return: Job security, fair
treatment, development, pay and benefits.
![Page 3: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/3.jpg)
Employment-at-will
VS.
Employment Contract
![Page 4: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/4.jpg)
Employment-at-will Employer not obligated to retain for specific time Termination for any legitimate reason without liability Disclaimers in applications and offer letter
Employment Contract Employment for a definite period of time Entitlements for compensation / benefits
![Page 5: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/5.jpg)
Offer Letter
Legal document Should be carefully worded Creates obligations (intended or unintended) Letter from HR or legal
Attraction tool Final incentive for prospective hire Should make new employee feel welcome Letter from manager or company president
![Page 6: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/6.jpg)
Job Offer Content
Start date Usually allows notice for previous employer
Benefits Usually a blanket statement and refer to HR documents
Conditions of employment Reference checks, drug screen, I-9, medical exam etc.
Other conditions Confidentiality / Non-compete / Arbitration
Working hours
Acceptance date
![Page 7: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/7.jpg)
Job Offer Content
Base compensation Based on payroll schedule rather than annual salary Payment schedule (especially if monthly) FLSA designation
Bonuses As specific as possible including dates and criteria
Stock options Consult an expert Grant price / criteria / vesting / contingencies
![Page 8: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/8.jpg)
Job Offer Content
Integration clause Letter contains all terms and conditions Letter supercedes all other documents or conversations
Employment-at-will disclaimer Employment is not for a specific duration Employment terminable by either party at any time Include the “magic words” but don’t go overboard
![Page 9: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/9.jpg)
Responses
Yes Follow immediately with positive communication Instructions for start day (when, where, etc)
No Try to find out why Working conditions vs. $$$
Maybe / More time.... Find out when Answer any questions
![Page 10: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/10.jpg)
Those Not Selected
Maintain positive relations with fair treatment Inform promptly Thank them for applying and acknowledge the effort Tell them they were a finalist with good skills to offer
Most companies do not provide details of decision
Keep applications on file
Notify by mail or by phone for higher jobs
![Page 11: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/11.jpg)
Independent Contractors
“You have been retained as an independent contractor....
....for the XYZ project...
....to be completed by ABC date.”
“As a contractor you are not entitled to any benefits....
....company will not withhold any taxes, FICA or other deductions.”
![Page 12: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/12.jpg)
Pricing Jobs – Point Systems
Point System A quantitative job evaluation procedure that
determines the relative value of a job by the total points assigned to it.
Point-factor systems – Managerial jobs Hay System
Know-how Problem solving Accountability
More points equals higher salary
![Page 13: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/13.jpg)
Pricing Jobs – Market Pricing
Market Pricing Salary surveys Salary.com Watson Wyatt Trade associations
![Page 14: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/14.jpg)
How much is a job worth?
What is the median income in the U.S. (50% above/below)?
What income puts you in the: Top 20% of annual income in the U.S.? Top 5% of annual income in the U.S.?
What is the average starting salary for new college grads in Business Administration?
What percent of people in Tarrant county hold at least a Bachelor’s degree?
![Page 15: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/15.jpg)
Managing Retention
Cost of turnover and replacementTypes of Turnover
Involuntary turnover Voluntary turnover out of company control Voluntary turnover that company can control
Turnover and performance Increases costs Decreases productivity
Positive vs. Negative Turnover
![Page 16: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/16.jpg)
Analyzing Turnover
Diagnosing retention problems Active: Employee surveys Active: Exit interviews Passive: Research and HRIS data mining
How much is too much turnover? Depends on the organization Depends on the position
![Page 17: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/17.jpg)
Federal Human Capital Survey
34.6% of federal employees said they were considering leaving their jobs. Half of these will retire, half plan to quit.
68 % of workers are satisfied with their jobs 64 % are satisfied with their pay 65 % are happy with their retirement benefits 91 % believe they do important work
Less than 50% are satisfied with recognition for doing a good job 30 % saying awards programs provide real motivation. 27 % said steps have been taken to deal with poor performers 36 % said their leaders generate high levels of motivation among
workers.
![Page 18: Hiring and Retention MANA 4328 Dr. George Benson benson@uta.edu](https://reader035.vdocument.in/reader035/viewer/2022072013/56649e5c5503460f94b53fe2/html5/thumbnails/18.jpg)
Why Do People Leave?
Desirability of Leaving Job satisfaction “Shocks” Switching costs Career progression
General Ease of Leaving Labor market conditions Human capital (education and training) Job offers