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Essay / Research Paper Abstract
A 3 page research paper that reports on strategies for retaining talented employees. The pool of available high-quality employees is getting smaller. According to the Bureau of Labor Statistics, a possible labor shortage of 10 million workers by 2010 looms on the horizon (DeMarco, 2007). Savvy business management realizes that developing a corporate culture that succeeds at retaining employees is a priority for the future. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_khrhucap.rtf
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individuals who make up the firms key human capital. Corporate culture highly influences employee retention because it influences behavior (Risher, 2007). The Baby Boomer generation, roughly 76 million workers (ages
40-60), are entering their retirement years (DeMarco, 2007). The generation behind them, Generation X, numbers 44 million (DeMarco, 2007). The pool of available high-quality employees is getting smaller. According to
the Bureau of Labor Statistics, a possible labor shortage of 10 million workers by 2010 looms on the horizon (DeMarco, 2007). Savvy business management realizes that developing a corporate culture
that succeeds at retaining employees is a priority for the future. Research has identified seven factors of corporate culture that are influential on building employee commitment. The first of these
factors is "vision," which refers to the fact that employees are more committed when they feel that their work as vision or purpose (Risher, 2007). The second factor is "opportunity,"
which refers to a corporate culture in which employees feel that they have a chance to learn, grow and advance (Risher, 2007). "Impact" also matters, as people want to work
where they can see that their work has an impact on society and their communities (Risher, 2007). A highly significant factor is "communication," as employees feel an increased level
of commitment when they know what is going in the company (Risher, 2007). Similarly, DeMarco (2007) also substantiates the importance of good communication, and connects the issue of team building
with manager supervision. Drawing on a sports analogy, DeMarco relates effective management to being similar to a sports coach, who "prepares the team, gives direction and helps process" (DeMarco, 2007,
p. 8). The final two factors listed by Risher (2007) are "entrepreneurship," which refers to employees having a chance to control how and where work is performed, and "incentives," which
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