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Succession planning in business

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  Figure 1 :work; source: (Half, 2022) What is succession planning ? Succession planning is a management technique used by organizations to ensure the smooth transition of power from one leader to the next. After key employees leave for new opportunities, retire, or pass away, succession planning keeps organizations running efficiently and without interruption. The resulting liquidity event can then be used to give rising workers a stake in the company while it continues to operate. If organizations want to guarantee that they will be able to develop and progress all personnel, not just those at the management or executive levels, they should engage in succession planning ( Kenton, 2022). What are the steps involved in succession planning? Preparing high-potential employees for growth helps the firm prepare for all situations. Here are seven strategies to start the company's succession planning ( Half, 2022). ·        Take initiative and establish a game plan. ·        Pin
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What is organizational culture and what is its significance?

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  figure1:organizational culture;source (Compliance Prime Team, 2019). Culture comprises a people's customs, history, literature, and philosophy. Everything in a company is shaped by its culture. The operations of your business are characterized by formal and informal attitudes and behaviors. The workplace is made legal. A company's culture is shaped by its aims and aspirations, as well as its leadership and employee expectations, performance management, and employee participation (Wong, 2020). The company's culture influences its ability to provide consistency and direction, to lead decisions and actions, to motivate employees and to assist them in reaching their full potential.   Qualities of great organizational culture Every organization has its own unique culture, and it's vital to preserve the characteristics that give the company its identity (Wong, 2020). On the other hand, the cultures of firms that consistently achieve high levels of performance reflect some c
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Why Employee Retention is Important

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Figure  1 :work; source:  ( Vonnegut. , 2009) Employee retention refers to an employee's decision to stay with their current employer rather than seek out other employment. A company's turnover rate is the rate at which its employees leave for whatever reason. In the simplest terms, retention is an organization's strategy for preventing employee turnover. Retention rates, defined as the percentage of an organization's workforce that remains with the company after some period of time, are highly variable among industries and companies (BasuMallick , 2020). Why employee retention matters to HR? A complete human resource management strategy involves a plan to retain people your company recruited, onboarded, and trained. Business sense: Replacing an employee might cost half to double their annual income. Soft costs include company culture, employee satisfaction, and more.
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HRIS as a strategic tool in Human Resource Management

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  figure1: source; (trusttradius.com, 2019) Human resource information system (HRIS) refers to a piece of software or an online solution used for data entry, tracking, and the management of human resources-related information. Human resources (HR) systems and procedures will need to be changed in light of the ongoing digital transformation occurring in the workplace (Ghosh, 2021). It was believed that HRIS would make it possible for the HR function to become more efficient and would provide better information that could be used for decision making (Ankrah, and Sokro, 2012).   A Human Resources Information System is vital for managing employee data such as names, addresses, national IDs or Social Security numbers, visa or work permit information, and dependent information. Typically, it is also responsible for HR responsibilities, such as hiring new employees, monitoring potential hires, tracking employees' time and attendance, performing performance reviews, and administering the
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Impact of a Workforce Spanning Multiple Generations

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figure1:multiple genarations; source(jpgriffin group, 2018).   One definition of a multigenerational workforce is one in which the workforce is comprised of employees of varying ages. There are people at all levels of society, with varying levels of education, employment, technological sophistication, family and health status, resilience in the face of adversity, and the ability to make consequential judgments. There has been an increase in the human longevity, and as a result, a growing number of people are electing to continue working much past the traditional retirement age (Boatman, 2021). Due to the age variety in the workforce today, it is now usual for firms to have personnel representing five generations collaborating with one another (Hyman, 2019). These classifications are as follows, ·        Generation Z (ages 18-24) Gen Z members were born between 1995 and 2004, making them the first generation to enter the workforce with "hyper-cognitive" digital skills. ·
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HUMAN RESOURCE PLANNING

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figure1: source; (tchronicles, 2022) Manpower planning is the process of forecasting the possible human resource demands of an organization and determining how the organization's existing human resource resources can be utilized to meet those demands. It is also largely responsible for determining a company's current plans and creating a strategic plan for the company's future possibilities  (Careers360 , 2021) . It is a never-ending process to ensure that the organization has the optimal resources accessible when needed, taking into account forthcoming future projects and the replacement of departing staff. Additionally known as Human Resource Planning  (MBA Skool Team, 2021) .   DIFFERENCE BETWEEN HUMAN RESOURCE MANAGMENT AND HUMAN RESOURCE PLANNING The difference between human resource planning and management is that planning is strategic and management is tactical. As an example, planning to eliminate overtime by establishing new procedures and then controlling employe
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The Importance of Employee Benefits for a Business

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  figure1:employee benifits; source (doyle, 2022). The term "employee benefits" refers to any type of compensation other than wages or salaries that is supplied by the organization and paid for in part by the employer. Moreover, employee benefits are vital to the development of corporate industrial relations. Examples include retirement plans, child care, care for the elderly, programs for hospitalization, social security, vacation and paid holidays. According to Herberg's two-factor theory, an employee benefits package was a necessary and suitable working condition (motivation and hygiene). The hygiene factor will have an effect on employee job motivation and, consequently, productivity. Consequently, employee benefits are important if employee satisfaction and loyalty are to be maintained and improved (Ju, et al., 2008). The Four Most Valuable Employee Benefits Most benefits used to be classified as one of four main categories of employee benefits ·        Medical ins
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