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Maintaining a Quality Workforce

Maintaining a Quality Workforce. Chapter 8. Finding good quality workers is difficult, maintaining good quality workers is even more difficult. Flexibility and Work-life Balance. The ability to balance work life and personal life

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Maintaining a Quality Workforce

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  1. Maintaining a Quality Workforce Chapter 8

  2. Finding good quality workers is difficult, maintaining good quality workers is even more difficult

  3. Flexibility and Work-life Balance • The ability to balance work life and personal life • Organizations that promote and support positive work-life balances are often more successful • Happy employees result in higher levels of achievement • Organization support includes; • flexible work hours • working from home • sick days • vacation days • personal days

  4. Compensation & Benefits • Employees are generally paid a standard salary or hourly-wage in exchange for their time at work, which is referred to as base compensation • Merit Pay • Pay increases in proportion to your performance • Waitresses making tips • Bonuses & Profit Sharing • Bonuses - one time payments, lump sums, based on performance • Profit sharing – profitable companies share a portion of ther profit with employees. • Gain sharing – employees that directly contribute to a reduction in costs or productivity gains, are rewarded.

  5. Compensation & Benefits Continued… … • Stock Ownership/Options • Stock ownership – providing employees with shares of stock directly from the organization • Stock options – providing employees with the option of purchasing shares of the company in the future at a fixed price. • Fringe Benefits • Non – monetary compensation • Pension • Benefits (family, flexible) • Assistance programs

  6. Retention & Turnover • Early retirement options can be offered to employees if the company needs to downsize or reduce costs • Termination allows organizations to relieve employees of their responsibilities when they are not being fulfilled adequately. • Wrongful dismissal allows employees to seek legal re-course against being fired for a discriminatory reason.

  7. Labour – Management Relations • Unions protect employee rights and negotiate on behalf of the workers. • Collective bargaining is a process where union representatives develop and vote on agreements for employee contracts. • Labour contracts are formal, binding agreements that state what employees are entitled to within their workplace.

  8. Small Group Activity • Canada’s Top 100 Employers http://www.canadastop100.com/national/ Task: Go to the website above and choose 1 company from the list of 2014 Winners and answer the following questions: • What is the criteria for judgement and being chosen on the list? • Name and brief description of the company • Why was the company chosen? How is it successful in attracting, developing, and maintaining a quality workforce?

  9. Homework • Page 259 – 262 • 13, 18, 20, 28, 29, 40, 44

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