Compose a 1500 words essay on Human Resource Management in Innovation (New Zealand). Needs to be plagiarism free!Download file to see previous pages... Considering that exit of every key employee cost

Compose a 1500 words essay on Human Resource Management in Innovation (New Zealand). Needs to be plagiarism free!

Considering that exit of every key employee costs the company up to $1200 NZD, the organization needs to focus on hiring the best staff. The human resource would rather leave a vacancy open than recruit an unfit employee and even spend more time searching for high-caliber employees. Among the acquired employees, the organization also needs to focus on identifying and retaining the talented and outstanding employees, considering that these employees are in high demand by competitors. This is to ensure that employees who make real difference with regards to performance of the organization are retained (Taylor and Chartered Institute of Personnel and Development, 2002, p.11).

The human resource also needs to redesign the orientation program for new staff and ensure recruitment of right persons with the right attitudes and expectations. This is in consideration of the fact that many employees have left due to their belief that the company presented unprofessional old-fashioned image. Many organizations face highest staff attrition rates within the first few months after recruitment. Employees’ first experience with organizations should be positive to enable quick assimilation into the organization and to make them feel proud to have been recruited. First impression transforms to staff morale, which is a major factor that contributes high to staff turnover rates (Bittel and Newstrom, 1992, p.181). The company should seek to improve wages and benefits to employees considering that high rates of staff attrition have resulted from low wages and general benefits to employees. The company needs to allocate more funds to match wages to employees and benefits with market rates. Market-based compensation aspects are tied to the recommendations that, instead of making compensation comparisons within the industry alone, the human resources should undertake comparisons with specific competitor markets such as Australia, which absorbs approximately 3500 employees from the New Zealand employment market every month. Skills are not only transferable in industries but also across industries and markets and industries. Compensation and equity of a company needs to be comparable with competitor market rates since unreasonable negative deviation from markets rates would drive away existing employees. Among compensation issues, equity is a vital issue that needs to be balanced with regards to long existing staff and currently hired staff. Long existing staff have the propensity of leaving employment incase incoming staff are paid more proportionally. In addition to market rates compensation and equity, incentives plan such as milestone bonuses and performance awards provide employees with something to anticipate and work hard for.