Chapter Writing: Best practices in HR

Pages: 4 (1392 words)  ·  Bibliography Sources: 0  ·  Level: Master's  ·  Topic: Human Resources  ·  Buy This Paper

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[. . .] Tenured people in particular that terminate should be queried about why they left. Honestly should be encouraged with the implicit understanding that the business truly wants to know if there is a problem that is unknown or unaddressed by KGW or whatever firm is in question.

A final major issue that came up with the work on KGW was how to do a reduction in force. There are several key ways and tactics to use to engage in a reduction in force. However, even some of the common solutions are not the best and/or are not enough to accomplish what is needed. There are hard and difficult decisions to make when revenues are done and thus the headcount has to be reduced to restore the business to solvency. One thing in particular that was revealed from the reduction in force assignment is that the fitrm does not have a lot of tenured and experienced people, at least not to the extent that buyouts and early retirement were an option. This is a good and a bad thing all at the same time. It makes things a little easier to deal with if there are more tenured people and thus they might want to get out while they can get a good buyout. Even so, the general lack of tenure and the lack of knowledge that can be bestowed on the less tenured and younger workers can be a loss for the company, in the long run.

Overall, the primary findings related to KGW are that they should grow organicially rather than through acquisitions whenever possible, they should raise employee retention so as to lower costs overall due to the higher cost of acquiring new employees, they should make sure that performance reviews are not rubber stamps whereby people are getting the same performance review and/or raise for differing levels of performance and so forth. KGW needs to look introspectively and make sure that employees are not leaving for preventable reasons, that they are growing the business in a strong fashion through organic growth and that they are not accepting deficient performance or rewarding mediocre performance.

One insight that is clear from the research and review of KGW and their practices is that they do not have nearly enough organic growth in terms of their people and succession planning, just to name two quick things. There needs to be a pipeline system whereby people with strong skills and acumen are elevated from within rather than the company continuing to have to bring in people from outside. This is not happening nearly enough with KGW when looking at their lack of tenure overall, their turnover rates and their lack of organic growth. Rather than not keeping enough of their own people or bringing in too many exterior people through hires and acquisitions, KGW needs to do their part to assemble their own team that is brought up within the KGW system. If KGW can find a way to do this and do it over time, they will reap benefits that are extensive and easy to see. In the short-term, they have a reduction in force and other issues to combat. However, they can go ahead and start best practices and perfecting of procedures and they can just continue those good habits when times are better.

Conclusion

KGW certainly have some things that are going right for them. However, there are other things that they need to get a handle on right away. Even if they learn some good things and habits from the struggles that they do face, they will have to continue to use what they learned when things get better. Best practices and habits need to be established and created and they must be upheld when things do get better. Doing the best and right thing for KGW should not just happen when times are tough. This is not to say that there is not more than one way to do something. However, some ways are generally better than others and must be stuck to unless there is an overarching reason why the usual method should be passed over. [END OF PREVIEW]

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