This assignment is a portfolio, based on three current topics in Human Resource Management. The common theme of all the media articles I reviewed is the recognition of people as an asset by the organisations to achieve their strategic goals and objectives. It is observed that organisations are directing their efforts to recruit, retain and develop this asset.
On reviewing the media articles, I have summarised the current HR issues in the following topics.
Employee retention: A Link with the Bottom Line
Aging workforce: A determinant in HRP
Training & Development: A powerful HRD strategy
* The media articles are not attached however the ""REFERECES" section contains complete references for each article.
Employee Retention: A Link with the Bottom Line
Employee retention is the most critical issue in today's corporate world. Sharples (2007) in reporting Dr Cavanagh study refers that, it costs an organisation 150% of an employee's salary to turn over their position. Additionally, an employee's departure results in loss of valuable expertise and the corporate memory.
Organisations are working harder to get the right people in the right jobs and keep them there. A recent survey of more than 300 private company CEOs by PricewaterhouseCoopers found that the majority (52%) believe that improved retention of key employees will have a beneficial impact on their company's business performance over the next 12-18 months (Tate 2007, p.16).
In short, the companies are acknowledging the importance of their workforce in asset creation and are devising a consistent and systematic approach for ensuring retention of key employees .
Factors Influencing Employee Turnover
It is becoming increasingly difficult to attract and retain talented employees (Sigler, 1999). A number of reasons are responsible for this.
On reviewing the media articles, it was found that the most common reason behind employees leaving companies appears to be "career
References: Amble, B. 2007, ‘Wandering into a demographic disaster, Management-issues, 23 April, viewed 28 June 2007,. Australian Bureau of Statistics 2005, Australia in 2051: almost half the population older than 50 years, Cat no. 3222.0, viewed 28 June 2007, . Garland, E. 2007, ‘There 's No Lack of Talent or Technology ', Talent and Technology, vol. 1, no. 2, pp.23-24. Ochstein, J. 2007, Tech workers of the future, Tribune Business Weekly, 18 June, viewed 24 June 2007, . Pilbeam, S. & Corbridge, M. (2006) People Resourcing - Contemporary HRM in Practice, Prentice Hall Financial Times, Harlow, UK. Ronn, F. 2005, Australia 's grey collar workforce: the aging baby boomers, ABC Website, 29 November, viewed 23 June 2007, . Ryder, J. A. 2007, ‘Complex Human Resource Challenges ', Talent &Technology, vol. 1, no. 1, pp. 14-16. Schweitzer, T Schweyer, A. 2004, ‘Tech for Recruiting: Planning Comes First ', Inc Human Resource Centre, viewed 28 June 2007 . Sharples, R. 2007, Stressed at work? Your boss needs enlightening, News, The University of Sydney, 14 June, viewed 20 June 2007, Shaw, M. 2007, St George offers employees grandparental leave, The Age News Paper, 8 June, viewed 08 June 2007, . Sigler, K.J. 1999, 'Challenges of Employee Retention. Management ' Research News, vol. 22, no. 10, pp.1-5. Stening, B.W. & Ngan, E.V. 1997, ‘The cultural context of human resource management in east Asia ', Asia Pacific Journal of Human Resources, vol. 35, no. 2, pp.3-15. stgeorge.com.au 2007, Employees, viewed 25 June 2007, Stone, R.J (2005) Human Resource Management, 5th edn, John Wiley & Sons, Brisbane, Australia. Tate, R. 2007, ‘Retaining Skilled, Trained Workers ', Financial Executive, Jun 2007, Vol. 23, Issue 5, pp. 16-16. Thornton, G. 2004, ‘Today 's employee retention policies move beyond "show me the money" ', Currency, vol.16, no.2, pp.1-4, viewed 23 June 2007, Wiseman, T. 2007, ‘Aging workforce challenges ', Power, vol. 151, no. 3, pp. 19-21.