Date: March, 11, 2013
To: Geoffrey Deschamps, CEO
From: Madeha Irshad, Human Resources Director
Subject: Improve Retention Rate
In recent years our company has seen many employees get hired, train and then quit. Last year we spent $100,000 for contracted-out recruitment services and advertising to hire marketing specialists and specialists for corporate support. Hiring new employees increase cost, as recruiters have to interview several candidates and then experienced employees have to take time out to train them. In consideration to company costs I propose we do the two following * Co-op placements with full-time placement interviews guaranteed post-graduation; internal referrals * Recruitment and retention incentives
How Co-op Placement Will Help Us
Co-op placements are great for students looking to get in their field of work; this option is also great for companies as co-op students can become future employees. Students work hard to show they are capable of working here, and it is much cheaper to train them as most co-op students work voluntarily.
Recruitment and Retention Incentives
Recruitment and retention incentive is a program where a $1000 bonus is given to an existing employee for a referral who is hired, with a $1000 bonus to the existing employee if the employee is still with the firm in three years; annual reimbursement to employees in approved professional programs for course material costs, with a progressive bonus system ($2000 in year one, $3000 in year two, $5000 in year three) if the employee stays with the firm for at least three years after graduation.
How These Recommendations Could Benefit Us
Although these transitions will take time and will cost us more than last year, this will help us bring stability in employment recruitment and save costs in the long run by * If employees have incentives to remain working for Dynamic Marketing Incorporated, our company will...