Corporate Entrepreneurship and Information Technology

Question: Discuss about the Corporate Entrepreneurship and Information Technology. Answer: Human resource management and employee retention Human resource management has been considered to be the most crucial department which helps in managing the entire firm as well as the employees associated with the concerned firm. The literature review on the retaining the employees critically explains the practices of the Human Resource Management in enhancing the overall performance of the concerned firm. As per (Finney, M. 2008), there are different ways followed by many of the well-known firms to retain their employees within the firm as this helps in maintaining the desired balance of the business processes executed by the firm. There are various factors which significantly affect the retention of the employees within any of the organization concerned. The past researchers have critically evaluated the desired fact that there are some of the motivational factors which help in providing the desired sense of encouragement to the employees which enhance their overall performance towards the firm. The rewarding of the employees, ap praisal programs as well as the incentives schemes are considered to be very beneficial to preserve the workforce inside the concerned association. Furthermore, the Human Resource Management desires to classify the preferred needs of the workers and they should offer the opportunity for growth as this will enhance the performance of the employees and will boost their moral values. The past researchers have evaluated the desired fact that the most crucial responsibility of the HR managers is to recruit the highly skilled employees and provide certain means of training to them in order to increase the profitability of the concerned firm. According to (Haar, J., and White, B. 2011) the employees plays the most crucial part in managing the effective decisions related to the execution of the business process and therefore they need to be retained by various means for the significant expansion of the firm. The training method helps in increasing the skills along with the ability of the em ployees while assisting the employees and finally this attracts a large number of the consumers towards the concerned food organization. Throughout the food industry, the human resource management executes the vital role in maintaining the employees along with the concerned customers. As per (Kaye, B., and Jordan-Evans, S. 2015), the work-life balance is extremely important for any of the concerned firms as it affect the retention of the employees within the concerned organization. The HR manager needs to understand as well as recognize the needs of the workforce and must offer them the preferred amenities as the retaining of the staff are considered to be of immense importance for the sustainability of the firm. Cost of employee turnover The cost which is caused to the firm, when employees leave the concerned organization in a definite period of time is known to be the cost of employee turnover. As per the past researchers, the employee turnover is the desired rotation of the employees within the concerned labor market segments among the jobs as well as occupations or among the desired states of unemployment and the states of employment. Therefore, it becomes very crucial for the management team of the concerned firm to take immediate steps in retaining the employees within their firm. According to (Kreitz, P., and DeVries, J. 2013), there are several methods discussed by the past researchers to motivate as well as encourages the employees for staying with the concerned organization. The employee turnover significantly affects the entire business process of the concerned organization, therefore it is extremely crucial for any of the business to recognize the preferred wishes or the wishes of the employees and fulfill their wants as this helps to preserve the people inside the concerned association. The Human Resource Managers should provide desired sense of motivation in order to increase the willpower of the apprehensive workforce as this assists in increasing the overall profitability of the firm. There are certain programs as well as the schemes which motivate the respective employees. If the demands, as well as the requirements of the employees, are not fulfilled, then employees leave the firm and it increases the cost of employee turnover (Mishra, S. 2013). The organizational factor also creates a great impact on retaining the employees within the firm. It is evident to know that the employees need to be praised for their hard and work towards the firm as this boosts desired sense of encouragement to the concerned employees associated with the firm. Therefore, it becomes very crucial for any of the firms to develop effective strategies for retaining the employees within the organization. I t has been seen that job satisfaction is considered to be on top priority by the different employees engaged with the different firms. As per the past researchers, the management team needs to understand the desired link between the satisfaction as well as the commitment. Factors affecting retention and strategies for employee retention There are several factors which affect employee retention within the concerned firm. Some of the crucial factors are the higher value of salary, promotions of the posts as well as maintaining their work-life balance draws the desired attention of the employees within the firm. Compensation, rewards, and the desired training, as well as development of the skills, helps in retaining the employees and these are some of the crucial factors for employees (Tangthong, S., Trimetsoontorn, J. and Rojniruntikul, N. 2014). It is crucial for the Human Resource managers to provide desired career development opportunities to all of the employees associated with the organization. Furthermore, many of the well-known researchers have evaluated the fact that the employees are considered to be the key assets of any of the firm as they help in increasing the profitability as well as the productivity of the concerned firm. It is the desired strength of any of the organization to understand their bonding with their respective employees as this helps in increasing the effectiveness and the efficiency of the concerned workplace. As per (V.B.Devibala, V., Dr.P.Anbuoli, D. And T.Jothimurugan, T. 2011) career developing opportunities attracts a large number of the new employees within the firm and facilitate to maintain the old staff inside the firm concerned. There needs to be supervisor support to all of the employees concerned within the desired workplace as this will help in amplifying the willingness of the respective employees associated with the firm. The leaders needs get in touch with the employees and they should solve the issues of the employees as this helps to offer the preferred sense of satisfaction to the employees. The work environment is one of the crucial factors which create the desired impact on the retention of the employees within the concerned firm (Varma, A. and Budhwar, P. 2013). The effectiveness of the work environment helps in attracting the employees towards the firm. The different type of the incentives schemes assist in generating the most wanted impact on the workers. The work pressure needs to be balanced in order to augment the effectiveness of the employees and moreover, it also enhances the performance of the employees. There are crucial effects of the employee turnover on the entire firm and this sometimes affects the growth of the concerned firm. Reduction in the work pressure as well as maintaining the work-life balance increases the retaining of the workers within the firm. References Finney, M. (2008).Building high-performance people and organizations. Westport, Conn.: Praeger. Haar, J. and White, B. (2011). Corporate entrepreneurship and information technology towards employee retention: a study of New Zealand firms.Human Resource Management Journal, 23(1), pp.109-125. Kaye, B. and Jordan-Evans, S. (2015).Hello Stay Interviews, Goodbye Talent Loss. Oakland: Berrett-Koehler Publishers. Kreitz, P. and DeVries, J. (2013).Recruiting Training and Retention of Science and Technology Librarians. Hoboken: Taylor and Francis. Mishra, S. (2013). Is Client Retention more Important than Employee Retention - A Case Study on Indian PR Agency? Adhyayan: A Journal of Management Sciences, 3(2). Tangthong, S., Trimetsoontorn, J. and Rojniruntikul, N. (2014). HRM Practices and Employee Retention in ThailandA Literature Review.International Journal of Trade, Economics, and Finance, 5(2), pp.162-166. V.B.Devibala, V., Dr.P.Anbuoli, D. And T.Jothimurugan, T. (2011). The reason for Employee Retention.IJAR, 4(4), pp.79-81. Varma, A. and Budhwar, P. (2013).Managing human resources in Asia-Pacific. Hoboken: Routledge, Taylor, and Francis Group. Varma, A. and Budhwar, P. (2013).Managing human resources in Asia-Pacific. Hoboken: Routledge, Taylor, and Francis Group.