Debate Discussion 8
The eighth Debate Discussion assignment in this class relates to the HR Ethics box in Chapter 11 (p. 421) (10 points):
HR Ethics: High-Tech Firms Collude to Limit Employee Pay
Several high-tech firms in Silicon Valley violated antitrust laws by agreeing that they would not try to hire each other’s employees. This limited employees’ job options and income.
- How should companies address the possibility of bidding wars when trying to retain top talent? How should HR professionals or general managers help address this issue?
- What compensation strategies would enable companies to attract and retain good employees without having to worry about bidding wars? How should the needs of employees be addressed in these strategies?
Your assignment is to 1) read the information in the box content, 2) answer these questions, 3) present/defend your ideas with thoughtful logic or relevant evidence, and 4) respond to at least three other students’ posts with other thoughtful analyses. Your posts should be comprehensive (multiple lengthy paragraphs), as well as concise and detailed.
Grades are assigned using a rubric with the following dimensions: 1) logic/support, 2) clarity/conciseness, 3) depth, 4) length, 5) contains multiple postings/responses.
Three Replies :
Reply one : Aiden
1) Retaining top talent should always be a priority for companies. To help aviod the issues with bidding wars, the best way to limit this would be making sure everyone is knowledgable on the topic. Everyone in the company and the surrounding tech firms should have set policies in place so that employees are able to move freely in their career path and able to negotiate compensation accordingly. One thing that HR professionals can do to help would be to make sure that employees are not overworked and can relax. Nobody should be overworked, since that could lead to an upset employee that would be looking to leave the company. To help limit the overworking of employees, employers can also implement a rewards to employees as well in an effort to help limit bidding wars.
2) An effective compensation strategy should be able to accomodate both parties involved. The employer and employee should both understand that both sides are trying to get something they both want, and a middle area should be met to make sure everyone gets what they want or near what they want. The needs of employees should be very clear as well. The employees need to voice their opinion and what they want in a strong maner to show that they are serious about their requests. HR professionals need to have a flexible approach too. Everyone is different and the demands of employees vary per person. By having flexibility, HR professionals can adapt to different needs and can make everyone happy on both ends.
Reply two : Saleh
1-Employees are considered major stakeholders in any business and as such, reducing the employee turnover rate is an essential strategy for most organizations. Retaining top talent often involves a series of strategies, including ensuring employees do not leave even when they get better offers outside. First, companies have to create an environment that makes their employees feel like they are an asset to the company. With such a strategy, employees will develop a positive attitude around the work environment and get content with the pay. Additionally, companies should create clear expectations and objectives, making it easy for employees to achieve company and personal goals. Having clear expectations allows the job descriptions to be clearly understood. Companies must create an open, honest, ethical work environment that respects each employee. This involves actively listening to employees and addressing their issues promptly. Companies have to offer opportunities for employees to grow. Therefore once companies promise their employees training where they get a chance to improve their skills, they will stay in the company regardless of the pay. Finally, companies have to recognize and reward good work. Employees often feel devastated when they do something good which goes unnoticed. This lowers their morale and attitude, thus resulting in poor quality work. However, to boost employee morale, companies have to reward any good act by employees. HR professionals work directly with the human resource in the company, and they can oversee all the five strategies that companies should employ to retain top talent and address the possibility of bidding wars (Khalid & Nawab, 2018).
2-The first compensation strategy is employee salary payment and incentives. Companies with higher employee salary payments often have a higher retention rate. Therefore, ensuring higher employee salary payment is an effective strategy to retain top talent. If top talent isn’t paid well, they will look for other better opportunities. The second compensation strategy is offering employees non-financial rewards. Payment is not often the only way companies compensate their employees. Top talent can be awarded senior positions, which gives them the idea that they are moving up management ranks. Therefore, as opposed to moving to another company where they will have to start over, top talent will resort to staying (Bryant & Allen, 2013).
Reply three : Juliana
- There should be policies set in place when it comes to bidding wars between major or even smaller companies in the same area. HR professionals should have a system set up when trying to keep top talent. Talented employees may cost the company a little more, yet if their work reflects their pay then it is worth it in the long run. The possibility of bidding wars could lead to other companies offering to pay employees more than allowing the employee to use that as a “weapon” against their own company in order to receive more. Another way HR could keep top talent at the company is to include a legal obligation for employees to sign at the start of the job. Yet, they should create ways within the workplace that makes any employee want to stay. The environment of the workplace is big when it comes to this. Nobody wants to work somewhere where they feel horrible leaving every day. They should feel positivity from everyone, employees’ hard work should be recognized, and everyone should feel safe coming to work.
- The textbook says “The goal is to create an organizational climate that reduces employee dissatisfaction with the current compensation.” There needs to be an understanding from both sides, employer and employee, about compensation. The company needs to provide the top talent with competitive pay, but not pay that is too far above their talents’ worth. Top talent is wanted by everyone, but you can keep that at the company by accommodating their needs. The main way is with competitive pay, you should offer them the highest they have been offered or they will go for the other option. Yet, this is not the only way. Once they are with the company, you can also provide rewards that are not financial, such as a promotion.
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