LAS 111 Module 3&4 Practice Test

Employee Retention Factors

• Competitive salaries and benefits are crucial for employee retention
• Organizations are expected to not only offer attractive financial remuneration but also provide supplemental benefits like health insurance, retirement plans, and bonuses
• Employees desire opportunities for professional growth and career advancement
• Companies offering training, mentorship programs, and the possibility of promotions create an environment of continuous learning, encouraging employees to invest their efforts into their roles
• Regular acknowledgment and appreciation for contributions enhance employee loyalty
• Structured recognition programs can celebrate achievements, peer nominations, and tangible rewards, fostering a culture of appreciation
• Flexible work schedules and support for personal life maintain job satisfaction
• Organizations prioritizing mental health and personal time through remote work options, generous leave policies, and wellness programs can significantly reduce burnout and improve retention rates
• Employees are more likely to stay if their work feels impactful and engaging
• Providing challenging tasks that align with individual skills and allowing employees to take ownership of their projects can lead to higher job satisfaction and loyalty
• Stability in employment fosters a sense of security and loyalty
• Transparent communication regarding the company’s performance and plans for the future can alleviate uncertainties and enhance employees' sense of stability
• Trust in leadership through open communication improves employee morale
• Sharing relevant company information and involving employees in decision-making processes cultivate trust and loyalty among the workforce
• A supportive and inclusive company culture attracts and retains employees
• Fostering diversity, equity, and inclusion initiatives, as well as aligning organizational values with those of employees, can deepen their commitment to the company
• Managers who mentor and support employees contribute to job satisfaction
• Leadership training that emphasizes emotional intelligence, communication skills, and team support can enhance the employee-manager relationship, which positively impacts retention
• Positive relationships with co-workers enhance the work environment
• Team-building activities and collaborative projects encourage camaraderie and teamwork, improving workplace satisfaction and retention

Employee Onboarding

• Onboarding is essential for the successful adjustment of new hires to their roles within the organization
• Effective onboarding encompasses a comprehensive integration process that sets a strong foundation for employee engagement and retention

Objectives of Employee Onboarding

• Make new employees feel welcomed and part of the team from day one
• Provide essential job-related information to ensure new hires can perform effectively and understand their roles
• Familiarize new hires with the organization’s vision, values, structures, and expectations
• Begin the cultural integration of new employees into the organization, promoting alignment with company values and goals

Phases of Onboarding

• Phase 1- HR General Orientation
• Company profile gives an overview of the organization, its mission, and policies
• HR policies include important workplace policies, benefits, and procedural guidelines to ensure compliance and understanding of job roles
• Phase 2 - Job Orientation by Supervisors
• Team/Function-level Introduction familiarizes specific departments, roles, and dynamics within the team
• The discussion of work processes with clear communication regarding work processes, tasks involved, and performance expectations ensuring new hires can contribute effectively

Talent Management Process

• Organizations attract, retain, and develop their workforce effectively with key steps
• Management must assess organizational needs and the skills required to meet strategic goals, considering both current and future workforce demands
• It involves using both internal promotion and external recruitment methods to attract diverse candidates, thereby enhancing the talent pipeline
• Designing application processes that are comprehensive yet user-friendly, followed by meticulous screening and selection processes to ensure candidates align with company values and competencies is required
• Offers should be competitive and aligned with industry standards to attract top talent while also considering the organization's budgetary constraints
• New hires need a structured onboarding process that includes training on company policies, procedures, culture, and job-specific skills to foster early engagement and productivity
• Regular performance appraisals should be implemented to provide feedback and identify growth opportunities, using fair and consistent criteria
• Organizations must create compensation packages that reflect an employee's performance and contributions, while also incorporating incentives to enhance motivation and job satisfaction

Factors Influencing Employee Retention

• It is imperative for organizations to understand what factors contribute to employee loyalty and reduce turnover rates effectively.
• Top reasons employees choose to stay with organizations include:
• Competitive salaries that reflect market trends and internal equity
• Access to training programs, mentoring, and career advancement pathways that promote continuous learning and professional growth
• Acknowledgment of accomplishments through various means fosters a culture of appreciation and motivates employees
• Policies that support flexible working hours, remote work options, and personal time off contribute to an employee’s overall well-being
• Roles that provide purpose and encourage individuals to utilize their skills and creativity
• Assurance of a stable employment environment encourages loyalty
• Open communication between leadership and employees builds trust and engagement
• A strong organizational culture aligned with employee values enhances commitment
• Accessible and empathetic leaders who promote a positive work environment
• Team dynamics and cooperative relationships boost morale and job satisfaction

Total Rewards vs. Salaries

• Total Rewards encompass a comprehensive array of benefits and intrinsic values that an organization provides to its employees beyond basic salary
• This includes health and wellness programs, bonus structures, professional development opportunities, and a positive work environment
• A strategic rewards system should not only be seen as compensation but also as a way to recognize individual differences in motivation and create a tailored approach to employee engagement

Motivation

• Motivation is defined as the internal forces that drive an individual to take action and achieve specific goals and significantly influences employee performance and satisfaction
• Motivation encompasses willful direction, intensity, and persistence

Theories of Motivation

• Maslow's Hierarchy of Needs describes motivation as driven by the desire to fulfill needs that are arranged hierarchically from basic to advanced
• Levels of needs include Physiological > Safety > Social > Esteem > Self-Actualization
• Lower-order needs must generally be satisfied before higher-order needs motivate behavior
• Some theorists question this linear progression, suggesting multiple needs can motivate at once
• Three Needs Theory classifies needs for Achievement, Affiliation, and Power
• Need for Achievement (nACH) is the drive to meet high standards and excel
• Need for Affiliation (nAFF) is a desire for friendly relationships and social connections
• Need for Power (nPOW) is an aspiration to influence others, gain authority, and control situations
• Equity Theory examines how perceptions of fair treatment affect motivation, suggesting that employees measure their inputs against outcomes in comparison to their peers
• Resolving perceived inequity can involve changing inputs, outcomes, or references to align perceptions with reality

Goal-Setting Theory

• Outlines how specific and challenging goals can lead to improved performance through focused effort and sustained attention on tasks
• Moderately challenging goals enhance motivation and outcome
• Clear, actionable goals facilitate focus and accountability

Justice and Fairness

• Justice is a broad principle that establishes a foundation for fair treatment
• Fairness is the application of justice in individual instances

Types of Justice

• Distributive justice concerns the fair distribution of resources and rewards among individuals based on contributions and needs
• Types include equality-based, contribution-based, and need-based distributions

Total Rewards Components

• Direct financial payments tied to performance and aligned with organizational targets (e.g., Pay-for-Performance approaches)
• Employee healthcare plans, life insurance, retirement options, and other welfare programs aimed at enhancing employee well-being
• Career opportunities and development include investments in training, mentorship, and promotion opportunities that demonstrates the organization's commitment to employee growth
• Recognition includes informal acknowledgments (like a simple thank you) to formal awards and ceremonies that celebrate employee contributions
• Policies designed to accommodate and support employees as multifaceted individuals, not merely as labor sources

Conclusion: Motivation to Commitment

• Understanding and implementing Total Rewards is vital for fostering organizational commitment, with various forms: continuous, normative, and affective commitment

Final Thoughts for Students

• Diverse motivators drive individual behavior during recruitment and onboarding is critical for organizational success
• Engaging in regular, meaningful feedback sessions and continuously assess how personal motivations may evolve over time, adapting strategies to retain talent effectively

Reinforcement Strategies

• Positive reinforcement follows behavior with a reward, which increases the likelihood of repeating the desired behavior
• Negative reinforcement involves the removal of negative stimuli following a desired behavior, encouraging its recurrence

Differences from Punishment

• Punishment introduces a negative consequence that reduces the likelihood of certain behaviors and can hinder engagement and motivation if over-applied

Social Cognitive Theory

• Learning occurs through observation and modeling of others' behaviors
• Individuals can learn without direct personal experience, which highlights the importance of role models
• Self-efficacy is the belief in one's ability to succeed in specific tasks and is essential for learning and performance with influence on approaching goals and how obstacles are managed

Performance Management System

• Performance management aligns individual and team performances with organizational goals and missions and ensures every employee understands how their work contributes to overall success
• Structured channels of communication regarding expectations and performance evaluations facilitate a transparent feedback loop that nurtures growth
• Monitoring and measuring individual progress toward established objectives systematically leads to informed decisions regarding development opportunities and recognitions

4 Phases of Performance Management

• Performance planning involves establishing clear, measurable objectives and standards at the year's outset to guide performance assessments
• Performance monitoring is a continuous assessment and feedback to encourage ongoing development and allows for adjustments throughout the evaluation period
• Performance evaluation involves conducting formal assessments of employees against established standards at mid-year and year-end to facilitate conversations about growth and areas requiring improvement
• Performance discussion is engaging in meetings to review performance, identifying needed interventions, and suggest further training opportunities to support employee development

OKR Approach to Performance Management

• The OKR approach involves setting clear, measurable objectives intricately linked to the organization’s broader strategic goals
• Key results offer tangible indicators of performance that support objectives, encouraging a results-oriented mindset with enhanced clarity and focus on outcomes