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Importance of Recruiting and Retaining the most skilled, qualified and talented staff in todays globalized economy

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Introduction

?Discuss and Critically Evaluate the view that, in a Globalised Economy, an Organization must ensure that it Recruits and Retains the most Skilled, Qualified and Talented Staff possible?. In Partnership with University of Wales Lampeter Masters in Business Administration (Module code) Consumer Behaviour Lecturer ? Submitted By: (NAME) Student Id ? University Id ? TABLE OF CONTENTS Contents Page No. Executive summary 3 Introduction 3 1. Globalization 3 1. Workforce Diversity 4 1. Recruitment and Selection 5 Main body 6 1. Retention of Employees 6 1. Impact of Globalization on Human Resource Management 6 1. Challenges faced by global HR managers for recruitment and retention of employees 7 1. Impact of diversity and nature of workforce on HRM 8 1. Importance of Recruiting and Retaining the most skilled, qualified and talented staff in today?s globalized economy 8 Conclusion 10 Recommendation 10 Bibliography 11 EXECUTIVE SUMMARY In this report, the importance of recruitment and retention of highly skilled, talented and qualified staff in today?s globalized economy is mentioned. The globalization has changed the whole world today. It reduces the differences between the people and countries. Organizations also meet many challenges because of globalization especially the management of increased workforce diversity. An effective plan is of no use if unskilled and unqualified people are working on it. ...read more.

Middle

MAIN BODY Retention of Employees: The retention of employees is very important for any organization. The employees turnover rate is increasing because of globalization and it costs a lot to the organization. The cost includes the new recruitments in place of the employees left the company, the cost of training and development of those new employees etc. The organization has to take necessary steps to retain its skilled and qualified staff. For example at Templeton Asset Management in India, employees are part of a global ESOP program, which gives them stock in the NYSE-listed Franklin Resources. This gives a feeling of ownership of the global entity to the employees and helps in retention of employees. (Perry, A., 2002) Impact of Globalization on Human Resource Management: When an organization goes global, it has to shift its human resource management to international human resource management. This comes up with many responsibilities and challenges. The application of international human resource management needs change in rules and regulations, recruitment and selection procedures, HRM policies, human resource development process and also other international factors should be considered like workforce diversity, international laws and barriers etc. Some other impacts of globalization on human resource management are as follows: 1. Globalization increases the workforce diversity. As the people from different culture, countries, beliefs, customs, tradition, values and languages come together, it becomes even more difficult to manage them as the policies and procedures should fit every single individual working in an organization. ...read more.

Conclusion

But when an employee leaves, the investment is not realized. CONCLUSION From this report we can conclude that it is very important for an organization to recruit and retain the most skilled, qualified and talented staff in a globalized economy. The impact of globalization can?t be ignored in today?s working environment. If an organization is not globally set up even then it is affected by the globalized economy as the other multinationals enter as their competitors. To meet such a stiff competition into the market, an organization needs highly talented and skilled employees. Human Resource Management is an important factor in any organization as it?s the people who can make the world move. RECOMMENDATION 1. In today?s competitive world, an organization should have the best employees to compete. Recruitment of the most qualified employees and their retaining them into the business is very important. So an organization should focus on highly skilled employees and take effective steps to retain them. 2. A study about globalization is also important for the human resource managers for competing with the other multinationals. Moreover HR managers have to perform the human resource management activities internationally and should consider the global factors into account. 3. Not only the organizations set up in different countries should recruit and retain the highly qualified staff but the other organizations, that do their operations in a single country, also need highly qualified people to meet the competition created by the multinational companies in their country. ...read more.

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