Emergency Management
Running head: Creation and implementation of an effective recruiting and retention program
Creation and implementation of an effective recruiting and retention program
By
Mary F. Stokes
Table of Contents
Introduction3
Employee Retention: Factors and Drivers 4
Coca Cola Employee Retention Program 6
Valid and Effective Employee Retention Program8
Method in Determining Effective Employee Retention Program 10
Discussion and Recommendations for Effective Employee Retention Program in Coca Cola 11
References………………………………………………………………………………………..17
Introduction
High employee turnover rate has been considered as one of the highest drivers for direct and opportunity cost to rise for companies. In the Coca Cola Retailing Research, Blake (2000) estimates that about US$5.8 billion annually are lost in the supermarket sector alone due to employee turnover. More importantly, this figure significantly reduces the profitability of firms to as much as 40%. Hence, the mantra that human resources or people are still the most important factor of production considering the improvements in technology is still a prevalent notion among scholars and businessmen alike (Buckingham and Vosburgh, 2001). With this in mind, human resources management is driven to attract and retain employees that have proved valuable in the company over periods of time.
Essentially, employee retention and the reduction of employee turnover rate had been studied in the literature and in company case studies. However, despite the numerous studies provided to us, there are still debates that need to be resolved on the most potent factors that would make employees stay. This paper presents a case study of Coca Cola Company particularly it’s program on employee retention, the issues and challenges that it faces in terms of employee turnover, its impact on the company both financially and operationally, and the improvements that can be made in order to enhance the employee retention program and
Creation and implementation of an effective recruiting and retention program
By
Mary F. Stokes
Table of Contents
Introduction3
Employee Retention: Factors and Drivers 4
Coca Cola Employee Retention Program 6
Valid and Effective Employee Retention Program8
Method in Determining Effective Employee Retention Program 10
Discussion and Recommendations for Effective Employee Retention Program in Coca Cola 11
References………………………………………………………………………………………..17
Introduction
High employee turnover rate has been considered as one of the highest drivers for direct and opportunity cost to rise for companies. In the Coca Cola Retailing Research, Blake (2000) estimates that about US$5.8 billion annually are lost in the supermarket sector alone due to employee turnover. More importantly, this figure significantly reduces the profitability of firms to as much as 40%. Hence, the mantra that human resources or people are still the most important factor of production considering the improvements in technology is still a prevalent notion among scholars and businessmen alike (Buckingham and Vosburgh, 2001). With this in mind, human resources management is driven to attract and retain employees that have proved valuable in the company over periods of time.
Essentially, employee retention and the reduction of employee turnover rate had been studied in the literature and in company case studies. However, despite the numerous studies provided to us, there are still debates that need to be resolved on the most potent factors that would make employees stay. This paper presents a case study of Coca Cola Company particularly it’s program on employee retention, the issues and challenges that it faces in terms of employee turnover, its impact on the company both financially and operationally, and the improvements that can be made in order to enhance the employee retention program and
References: Buckingham, M. and Vosburgh, R. (2001). The 21st Century Human Resources Function: it’s the Talent, Stupid! Human Resource Planning, 24(4): 17-23 Conference Board (2003). U.S. Job Satisfaction Hits Record Low. September 18. Dresang, J. (2002). Milwaukee Journal. Sentinel, May 27. Frank, B. (2000) New Ideas for Retaining Store-Level Employees. The Coca Cola Retailing Research Council Study. Frank, F. and Taylor, C. (2004) Talent Management: Trends that will shape the future. Human Resource Planning. 27(1): 33-41. Kaihla, P. (2003). The Coming Job Boom. Business 2.0 (Fortune Magazine), September. Monster Intelligence. (2006) Retention Strategies for 2006 and Beyond. Monster, Inc. Olian, J., Durham, C., Kristoff, A. Brown, K., Pierce, R. and Kunder, L. (1998) Designing Management Training and Development for Competitive Advantage: Lessons from the