Recruitment and Retention
Decreases In employee benefits and salary requirements have made recruitment and retention of qualified employees challenging. Recruitment and retention are one of the many ongoing tasks of HR representatives in many healthcare organizations. One of the many reasons why recruitment and retention can be such a daunting task is the downward spiral of the economy. The economy has caused some companies to reduce of freeze salaries and eliminate or reduce certain benefits for its current and uture employees.
Effective recruitment and selection are key to employee retention (Fried&Fottler,2008). If an employer offers a new worker a much lower salary, it’s only a matter of time until that employee will leave the company when an opportunity for an increased salary is available. The retention aspect of any organization is Imperative In that Is allows the company the opportunity to bulld and sustain Its employees.
If benefit and salary cuts are widespread, the employer could risk losing avorable employees and have a hard time bouncing back once the economy is reestablished. According to Society for Human Resource Management (2009), 92% of employees said compensation held some level of importance for them. As an employer It Is Important to remain flexible In decision making when finding ways to decrease expenses during an economic downfall while remaining aware that there could be a sudden change in the economy at any time.