Corporate Governance: Principles, Policies and Practices

2021-06-02 04:35:55
3 pages
586 words
University/College: 
University of California, Santa Barbara
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Essay
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Working as an employer is an enriching experience. Employers enjoy the liberty of making decisions and steering their enterprises to the directions they desire (Brink, 2011). However many problems come with the experience, among them, firing and hiring of employees adds the source. Recruiting them may be extremely challenging especially when the profiles of the job are demanding. Similarly, firing employees is equally challenging especially if employees have been with the company for many years. This essay will respond to two study questions relating to human resource management. The first among them is factors considered before employees face discharge and how employers may reduce the rate at which they discharge their employees.

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Considerations to Terminating Employees

Reason of Termination

Employers must consider the primary reasons for dismissal before discharging their employees. This consideration is important, both for the enterprise and the employer (Vallabhaneni, 2008). When an employee faces a discharge for wrong reasons, the enterprise losses useful workers who would drive it towards at most performance. Similarly, employers who fire employees for personal reasons such as race, religion and sexual orientations risk lawsuits for wrongful discharge. It is, therefore, critical for employers to ensure that they only fire employees for full ground reasons such as dishonesty, lack of commitment and incompetency.

Track of Performance

Primarily, employees face discharge because their performance is no longer impressive (Tricker, 2012). This paper cautions that despite the performance of employees being on the decline, employers should check their track. Arguably, the performance of employees may decline because of personal reasons such as sickness, stress or intimidation. If an employer has been a good performer for a long time but has suddenly changed, the employer should seek to understand the cause of performance deterioration. This objective is attainable through referring them to counseling departments, marriage counselors or human resource managers.

Actions to Reducing Employees Discharge

Compensation

Employers must ensure that their rates of payment are consistent with the market rates (Vallabhaneni, 2008). Similarly, they should be consistent with those of employees in their competitor's salary scale, and most importantly, they should be fair, states the same source. In attaining this objective, employers may need to hire human resource managers besides working alongside government provisions for minimum wages (Tricker, 2012).

Employees Engagement

Among the strongest reasons why employees leave is exclusion from important enterprise decision. Employees are the people interacting with the business every day, and if they feel that they are unappreciated, they may resolve to quit. For instance, employers may decide to change the line of production (Brink, 2011). If employees do not share in this decision, they are unlikely to find satisfaction in the new working conditions, adds the author.

Satisfaction of Employees Needs

Besides monetary compensation, employees have a list of other benefits they seek from their work (Tricker, 2012). For instance, growth, protection, recognition and skill enhancement. Employers must assist in the attainment of these objectives, for example by providing training. This approach would convince employees that their continued stay in the enterprise will be helpful. Consequently, employees turnover would decline.

Conclusion

It is clear that there are many necessary considerations before employment termination. They include performance track and reason of termination. Similarly, it is verifiable that there exist strategies that would ensure minimal employees turnover. Among these strategies are fair compensation, employees engagement and satisfaction of needs. These tools are key to successful employers.

References

Brink, A., (2011). Corporate Governance and Business Ethics, NY: Springer.

Tricker, B., (2012). Corporate governance: principles, policies and practices, NY: Oxford University Press.

Vallabhaneni, S.R., (2008). Corporate management, governance, and ethics best practices, NJ: John Wiley & Sons.

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