Our overall strategy was separated into two time ranges: long-term strategies and quarterly strategies. For our long-term strategy, we employed a morale-increasing approach as we felt this variable correlated with many of the other performance measures such as absenteeism, grievances, and turnover. To boost morale, which initially was very low, we focused on training, benefits, and programs. Our quarterly strategies focused on staffing and wages to meet labour demands and alleviate any complaints made by employees about low wages.
We felt that employees would value benefits more so than an increase in wages and therefore made benefits a major aspect of our long-term strategy. Despite wage increases being something employees looked upon favourably, they would still have to pay taxes on the additional income and would have the expense of insurance, which would come with higher rates than would be offered to the employers (HRM 224). Furthermore, benefits contribute to attracting, retaining and motivating employees have now become an employee expectation in maintaining economic security, making them a critical aspect in boosting employee morale.
According to the Human Capital Institute, 90 percent of employees will decide if they …show more content…
As many of them had direct relationships with performance measures, we felt they were a necessary investment. Moreover, because they were a one-time cost, we felt the investment into programs would be most beneficial early on so we could reap their benefits over the course of the entire simulation. As a result, by the end of the third quarter, we intended to have all of the programs in order to boost performance measures for the remaining five quarters. According to Professor Perry Atwal, withdrawing funding for programs and benefits can be detrimental to morale and therefore we ensured that once we had invested in either a benefit or program, we would not reduce that
We felt that employees would value benefits more so than an increase in wages and therefore made benefits a major aspect of our long-term strategy. Despite wage increases being something employees looked upon favourably, they would still have to pay taxes on the additional income and would have the expense of insurance, which would come with higher rates than would be offered to the employers (HRM 224). Furthermore, benefits contribute to attracting, retaining and motivating employees have now become an employee expectation in maintaining economic security, making them a critical aspect in boosting employee morale.
According to the Human Capital Institute, 90 percent of employees will decide if they …show more content…
As many of them had direct relationships with performance measures, we felt they were a necessary investment. Moreover, because they were a one-time cost, we felt the investment into programs would be most beneficial early on so we could reap their benefits over the course of the entire simulation. As a result, by the end of the third quarter, we intended to have all of the programs in order to boost performance measures for the remaining five quarters. According to Professor Perry Atwal, withdrawing funding for programs and benefits can be detrimental to morale and therefore we ensured that once we had invested in either a benefit or program, we would not reduce that