The various components of human resources (HR) planning and retention

Full Answer Section The psychological contract is an unwritten agreement between an employee and an employer. It defines the employee's expectations of the employer, and the employer's expectations of the employee. Motivation is associated with employee performance because it is the force that drives employees to achieve their goals. When employees are motivated, they are more likely to be productive and to perform at a high level. There are two types of psychological contracts: transactional and relational. A transactional psychological contract is based on the exchange of specific rewards for specific performance. A relational psychological contract is based on the belief that the employer and employee are partners in a long-term relationship. Describe one type of turnover and how this can effectively be measured by HR. One type of turnover is voluntary turnover. This is when an employee leaves a job of their own accord. Voluntary turnover can be measured by the following metrics:

• Exit interviews: These are interviews that are conducted with employees who are leaving a job. Exit interviews can provide valuable insights into why employees are leaving.
• Employee surveys: These surveys can be used to measure employee satisfaction and engagement. Employee satisfaction and engagement are two factors that are associated with voluntary turnover.
• Retention rate: This is the percentage of employees who stay with a company over a period of time. The retention rate can be used to measure the effectiveness of the HR plan.

Describe at least one driving force behind retention and how this can effectively be measured by HR. One driving force behind retention is employee engagement. Employee engagement is the degree to which employees are involved in, committed to, and enthusiastic about their work. Employee engagement can be measured by the following metrics:

• Employee surveys: These surveys can be used to measure employee satisfaction and engagement.
• Retention rate: This is the percentage of employees who stay with a company over a period of time. The retention rate can be used to measure the effectiveness of the HR plan.
• Performance appraisals: These appraisals can be used to measure employee performance. Employee performance is a factor that is associated with employee engagement.

In conclusion, HR planning and retention are important aspects of human resources management. By understanding the key concepts in HR planning and retention, HR professionals can develop effective strategies to attract, retain, and motivate employees.

Sample Answer What are the most important key concepts in HR planning and the HR planning process? The most important key concepts in HR planning and the HR planning process are:

• Demand forecasting: This is the process of predicting how many employees will be needed in the future.
• Supply forecasting: This is the process of predicting how many employees will be available in the future.
• Alignment: This is the process of ensuring that the HR plan is aligned with the overall business strategy.
• Implementation: This is the process of putting the HR plan into action.
• Evaluation: This is the process of measuring the effectiveness of the HR plan.

Describe the psychological contract, and discuss how motivation is associated with employee performance.