REX TECHNOLOGIES: WEEK 5 & 6 (HR PROPOSAL) 10<\/p>\n
REX TECHNOLOGIES: WEEK 5 & 6 (HR PROPOSAL) 1<\/p>\n
Introduction<\/p>\n
The introduction of new products or services in any company tends to present a changing situation that needs to be effectively undertaken to ensure the expected result are attained with minimal resistance. REX CEO intends to start the construction of new business facilities that will be equipped with the best technological features and appliances. This decision will necessitate new employees who will be expected to have different skills, knowledge, and abilities compared to the current workforce. In order to support the expected change, two HR initiatives required will be a talent acquisition plan and an incentive program.<\/p>\n
Situational Metrics<\/p>\n
Metric<\/p>\n
(remember \u2013 all metrics are numbers)<\/p>\n
Why the Metric is being collected<\/p>\n
Data Collection<\/p>\n
(where can the data be found, how do we collect it)<\/p>\n
Time to Fill Ratio<\/p>\n
This Metric is useful as the time taken for talent acquisition will affect the performance of the new facility as longer talent acquisition time will translate to the new facility being unattended. This will also help managers operate their facilities in a timely manner and reduce the acquisition cost.<\/p>\n
The Time to Fill data will be obtained from internal HR department data after a review of the recruitment process is done. The data will be analyzed by taking into consideration the average time taken to hire an employee to serve in the new facility from the day the acquisition process is started (Gusain, 2017). A base rate of 28 days will assess the Time to Fill data performance.<\/p>\n
Quality of Hire Ratio<\/p>\n
This Metric will assist in promoting the effectiveness of the acquisition process. High hire metrics will translate to improved skills, knowledge, and abilities required to run the new facility.<\/p>\n
The Quality of Hire data will be collected from internal HR department employee performance data and after the first three months of every new employee. The first three months will be an assessment period for new employees before full-term employment is confirmed. In a situation where employees do not illustrate the required skill or knowledge, they will be let go after the period (Fayoumi & Loucopoulos, 2021). Hence the Quality of Hire data will be expressed as a percentage of the employees with confirmed full-term employment over the total number of employees chosen after the acquisition process. <\/p>\n
Salary Competitiveness ration<\/p>\n
There is a need to analyze the salary award to REX employees with others in the same or different industries in order to ensure that the company undertakes an effective incentive plan.<\/p>\n
This data can be sourced from employment bureaus and labor offices and then compared to the HR department payment data.<\/p>\n
Retention rate<\/p>\n
The employee retention rate signifies the effectiveness of the incentive program undertaken by any company (Xu & Zhu, 2021). An effective incentive program results in a high employee retention rate and vice versa.<\/p>\n
The HR department will source this data from its internal records and after the new facility’s first six months. The number of employees at REX after the first six months will be divided by the number of employees recruited after the acquisition process. The industry retention rate is currently at 84%, which will be used as the base rate to analyze REX employee retention rate.<\/p>\n
The Time to Fill ratio is a critical metric when analyzing the talent acquisition processes, as its effectiveness is also based on the cost indications of the process. An effective talent acquisition process should be brief and result in filling the required position without much process being undertaken (Walford-Wright & Scott-Jackson, 2018). This makes it easier for managers to handle the process and even fill any vacant position in the future. <\/p>\n
The quality of hire ratio will be critical to REX as the new facilities will be having the latest technological capabilities and features, which translate to highly skilled employees. Therefore, the acquisition process will be based on its ability to fill the required position with the right staff who will support the business change activities and improve customer interaction.<\/p>\n
The Salary competitiveness ratio is part of REX’s incentivizing program, where its compensation program will be analyzed with the market and industry trend (Bongard, 2019). This is expected to have a high salary competitiveness ratio, supporting employee retention and improving the quality of hire ratio. <\/p>\n
REX will use the retention rate to analyze its incentive program to employees, whereby the company will seek to retain its talent from being porched by other businesses and cut on its talent acquisition cost (Bennett & Levinthal, 2017). A high retention rate will be considered favorable, with a falling rate being an indication that the company needs to focus on how it incentivizes its employees. <\/p>\n
The data collection plan undertaken by REX in ensuring an effective HR plan on talent acquisition and incentivizing employees has some ethical exposure to it. Collecting data from outside sources, like salary competitiveness rate from employment bureaus, exposes the company to private data risks, which can be a source of legal suits. Also, the internal data collection process may present a bias situation where the benchmark used may not be effective in providing a realistic situation of the HR plan (Walford-Wright & Scott-Jackson, 2018). However, REX is encouraged to source all its external data from reputable sources like the department of labor responsible for providing industry-based data to relevant stakeholders. Also, data from employment bureaus should not be indicative of the actual source but can be canvassed to address sharing of private data. Internal data sources should be benchmarked using an interdepartmental team that will ensure the right metrics and base rates are archived and improve the ethical aspect of the HR plan.<\/p>\n
Collection Results<\/p>\n
Metric<\/p>\n
(remember \u2013 all metrics are numbers)<\/p>\n
Result<\/p>\n
Comments<\/p>\n
(as needed)<\/p>\n
Time to Fill Ratio<\/p>\n
150%<\/p>\n
REX takes an average of 42 days to fill the new position, with the industry benchmark period being 28 days. 42 days were divided by the 28day to attain 150%<\/p>\n
Quality of Hire Ratio<\/p>\n
90.1%<\/p>\n
REX employed 42 employees on its first acquisition process. However, only 38 employees were retained and awarded a full-time employment contract after the first three months as they possessed the required skills and knowledge. 38 was divided by 42 to attain 90.1%<\/p>\n
Salary Competitiveness ration<\/p>\n
106%<\/p>\n
The average staff salary in the industry for similar roles was recorded as USD 1500, with REX’s average salary being USD 1600. <\/p>\n
Retention rate<\/p>\n
88.1%<\/p>\n
REX hired 42 employees on its first talent acquisition process, and after six months, there were 37 employees in total, translating to the retention rate of 88.1 percent, which is higher than the industry rate of 84%<\/p>\n
Hypotheses<\/p>\n
A high quality of hire ratio improves the talent acquisition plan undertaken by the HR department.<\/p>\n
A high salary competitiveness rate results in an improved retention rate and an effective employee incentive program.<\/p>\n
Test <\/p>\n
The Hypothesis testing (T testing) statistical analysis was used to test the random variable sets within the derived hypothesis. The method tests if a certain conclusion or argument is true based on the provided data. The data provided can also be compared with other assumptions or hypotheses as a forecasting aspect of business decisions is developed from the analysis results. Since an assumption is required in hypothesis testing, a null hypothesis is derived if the assumption indicated holds, while others that violate the derived assumption are termed as hypothesis 1. The first hypothesis indicates that a high quality of hire ratio improves the talent acquisition plan undertaken by the HR department. This hypothesis will be tested by analyzing the quality of hire ratio and expressing it towards the talent acquisition plan developed by HR. The hypothesis will be illustrated as true if a high hire ratio exhibits an effective talent acquisition plan.<\/p>\n
The second hypothesis is a high salary competitiveness rate results in an improved retention rate and an effective employee incentive program. This presents a situation where the performance of the retention rate and incentive program is dependent on the competitive salary rate. A null hypothesis will be attained if a high salary competitiveness rate will result in an effective incentive program and an improved retention rate. Any other finding will be not be considered true.<\/p>\n
Findings<\/p>\n
The following results were attained using the hypothesis testing (T Testing) analysis on the derived hypothesis. <\/p>\n
Hypothesis 1: A high quality of hire ratio improves the talent acquisition plan undertaken by the HR department.<\/p>\n
Based on the result collected, REX had a 90.1% performance of its quality of hire ratio, undertaken after the first three months of the talent acquisition process. The results are impressive and would improve the future talent acquisition process (Walford-Wright & Scott-Jackson, 2018). Therefore, the hypothesis was proved true, and the REX talent acquisition program could be considered effective.<\/p>\n
Hypothesis 2: A high Salary competitiveness rate results in an improved retention rate and an effective employee incentive program<\/p>\n
The results obtained on the salary competitiveness rate show REX having a 106% score, which is considered impressive as it is a comparative score. There is also a relationship between the salary competitiveness rate and retention rate, part of the company incentive program. The hypothesis is considered true based on the analysis undertaken.<\/p>\n
Recommendation<\/p>\n
REX should develop a competitive salary program that will be used as the foundation of the talent acquisition and employee incentive program. The company will attract highly-skilled, knowledgeable, and motivated employees through a competitive salary, hence boosting the time taken to fill any vacant position, as employees will be extremely willing to join the REX team (Si et al., 2020). A continuous improvement program will also be based on the competitive salary program to ensure that the company objectives are aligned with the incentive program. <\/p>\n
REX should adopt international practices and standards in talent acquisition and employee incentives to support its HR program and plans. This will ensure that the talent acquisition and employee incentive program are subjected to international best practices and improve the company’s operations on an international standard. This will ensure that the employee becomes more competitive while improving their exposure (Si et al., 2020). In this regard, REX will have a constant interest from a list of qualified employees trying to join the team and become part of the company. This will support the incentive program as employees benefit more when under REX.<\/p>\n
Impact on Business Objectives<\/p>\n
Financial<\/p>\n
Business Objective: Financial – double revenue<\/p>\n
HR Initiative impact(s): Improve employee performance and motivation to increase production.<\/p>\n
HR<\/p>\n
Business Objective: Human Resources \u2013 acquire and maintain a skilled and engaged workforce that exceeds customer expectations<\/p>\n
HR Initiative impact(s): Improve the quality of hire and ensure highly skilled employee support required job functions.<\/p>\n
Skill transfer can be undertaken to the existing employees based on the performance of the new facilities.<\/p>\n
Innovation <\/p>\n
Business Objective: Innovation \u2013 stay on the cutting edge of technology to provide market-leading, effective, and secure product<\/p>\n
HR Initiative impact(s): increase innovation due to high motivation supporting environment <\/p>\n
Sales\/Marketing<\/p>\n
Business Objective: Sales & Marketing \u2013 create a strong brand position and grow customer base (double west coast customers)<\/p>\n
HR Initiative impact(s): highly skilled and motivated employees will improve sales and function of the new facilities.<\/p>\n
This will increase REX’s profitability.<\/p>\n
References <\/p>\n
Bennett, V. M., & Levinthal, D. A. (2017). Firm lifecycles: Linking employee incentives and firm growth dynamics.\u00a0Strategic Management Journal,\u00a038(10), 2005-2018. https:\/\/scholar.google.com\/scholar?output=instlink&q=info:zFXfcFLT2bwJ:scholar.google.com\/&hl=en&as_sdt=0,5&as_ylo=2017&scillfp=10239480215969641200&oi=lle<\/p>\n
Bongard, A. (2019). Automating Talent Acquisition: Smart Recruitment, Predictive Hiring Algorithms, and the Data-driven Nature of Artificial Intelligence.\u00a0Psychosociological Issues in Human Resource Management,\u00a07(1), 36-41. <\/p>\n
Fayoumi, A., & Loucopoulos, P. (2021). Bridging the Strategy Execution Gap of Designing Intelligent Talent Acquisition Systems Using Enterprise Modelling and Simulation.\u00a0Enterprise Information Systems, 1-36.<\/p>\n
Gusain, N. (2017). Talent acquisition vs. development: With a focus on leadership development programs. https:\/\/ecommons.cornell.edu\/bitstream\/handle\/1813\/73019\/CHRR_2017_Gusain.pdf?sequence=1<\/p>\n
Si, D. K., Wang, Y., & Kong, D. (2020). Employee incentives and energy firms\u2019 innovation: Evidence from China.\u00a0Energy,\u00a0212, 118673. https:\/\/hal.archives-ouvertes.fr\/hal-01766506\/file\/Davydenko_Diversity_of_employee_incentives_from_the_perspective_of_banks_employees_in_Poland__empirical_approach.pdf<\/p>\n
Walford-Wright, G., & Scott-Jackson, W. (2018). Talent Rising; people analytics and technology driving talent acquisition strategy.\u00a0Strategic HR Review. https:\/\/ora.ox.ac.uk\/objects\/uuid:de547263-bb14-4484-9dc1-2938453353b0\/download_file?file_format=pdf&safe_filename=StrategicHRReview-FullArticle-TalentRisingbyGavinWalford-WrightandWilliamScott-Jackson160818.pdf&type_of_work=Journal+article<\/p>\n
Xu, Y., & Zhu, L. (2021). Technology Adoption: The Impact of Employee Incentives.\u00a0Available at SSRN 3453953.<\/p>\n","protected":false},"excerpt":{"rendered":"
REX TECHNOLOGIES: WEEK 5 & 6 (HR PROPOSAL) 10 REX TECHNOLOGIES: WEEK 5 & 6 (HR PROPOSAL) 1 Introduction The introduction of new products or services in any company tends to present a changing situation that needs to be effectively undertaken to ensure the expected result are attained with minimal resistance. REX CEO intends to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10],"class_list":["post-88979","post","type-post","status-publish","format-standard","hentry","category-research-paper-writing","tag-writing"],"_links":{"self":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/88979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/comments?post=88979"}],"version-history":[{"count":0,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/posts\/88979\/revisions"}],"wp:attachment":[{"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/media?parent=88979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/categories?post=88979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/papersspot.com\/blog\/wp-json\/wp\/v2\/tags?post=88979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}