Human Resources Retention and Recruitment Strategies for Long Term Essay

Human Resources Retention and Recruitment Strategies for Long Term Success - Essay Example This research will cite industry data surrounding the cost of hiring, training and retaining employees. This research will also provide concrete recommendations for improving current hiring practices and examples of retention tactics and strategies. Workplace Loyalty Current studies reveal that today’s workforce wants to be involved and engaged. They are not as "obedient" to rules as past generations. They show little to no loyalty to their current employer. The past several decades have been very unsettling for the labor market. In the past, it was not unusual to see single-career/single-employment lifetimes. Employees generally had a long term connection (and an assumption of long term employment) with a single company. Large-scale downsizings, mergers and acquisitions have reshaped this thinking. In addition, technological advances and increased globalization has resulted in new, higher-level job skill requirements. Many of the manual labor, industrial jobs have moved overseas. There is pressure, at both the exempt and non-exempt level, to work longer, faster, and harder. Employees are starting to question their commitment to not only their current employer, but also to their career choices. They are searching for more meaning outside of the workplace. Because of the search for meaning, this past decade has seen a surge in employee dissatisfaction with the workplace. This dissatisfaction has left them feeling disconnected in the workplace and has lead top talent leaving companies before they are let go. Pensions are disappearing, people are being downsized or fired and unemployment lines are increasing. Recently AT&T announced plans to cut 11,000 managers and 14,000 managers volunteered to be the ones to leave. In the mid 1990’s, Sears Canada announced a VIP (Voluntary Incentive Plan), a voluntary resignation plan with a lucrative severance package. As a result, the best and