Attracting and Retaining Qualified Employees

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Attracting and Retaining Qualified Employees
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Attracting and Retaining Qualified Employees
What employers must ask themselves to attract and
retain qualified employees

• What is our corporate business model?
• What is our corporate culture?
• What kinds of employee do our model and culture
  need?
• What kind or relationship do we want with our
  employees?

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Attracting and Retaining Qualified Employees
The Level of Pay

• An initial step in being able to attract and
  retain employees is determining what salary to
  offer employees.

• Basic competitive model
• Human Capital
• Compensating Differentials
• Market Wage Types

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Attracting and Retaining Qualified Employees
Internal Labor Markets

• Can offer both benefits and costs to a business.
• Employers must be careful about using the most
  beneficial aspects while at the same time
  reducing the potential negative effects

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Attracting and Retaining Qualified Employees
Pay in Internal Labor Markets

• Careers and Lifetime Pay
• Influence Costs

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Attracting and Retaining Qualified Employees
The Salary-Fringe Benefit Mix

• While salary is an important tool to attract
  employees and retain them, the benefits provided
  by an employer are also instrumental in
  attracting and keeping qualified employees.

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Attracting and Retaining Qualified Employees

• It is not all smoke and mirrors. Advertising
  alone will not help employers achieve a well
  balanced, well employed, and stable workforce.

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Attracting and Retaining Qualified Employees

• Just as the intersection of the demand and supply
  curves in economics appears simple, so to does
  the job of attracting and retaining qualified
  employees. Just like that supply and demand
  curve, however, finding the level of equilibrium
  can be very difficult.