Human resource management of Xeleco is a matter of recognizing people as perhaps the most important asset of Xeleco and to manage these people the best way possible. Xeleco's competitiveness in its market refers to their capability to uphold and expand market share. Competitiveness is related to Xeleco's effectiveness, which is determined by how much Xeleco satisfies the requirements of its stakeholders. The significant stakeholders comprise stockholders, customers as well as employees. Therefore, retention of employees becomes an important factor of Xeleco competitiveness.
Xeleco's core employees are those that are essential to the service(s) Xeleco provides. These employees work year round, typically full time, and drive the business. Retention of core employees is vital to the business.
To retain employees it is no longer enough to be competitive concerning pay. Employees of today relate their jobs to their private lives far more than they did in the earlier days. In earlier days employees would go to work, do their job, get their pay, and go home to a life often totally separated from work. Today the types of work have changed, and people's conceptions of work have changed in a way that makes retention of employees something much more complex than adding more pay.
A dangerous myth existing from earlier days is that people only work for money. And yes, people do work for money, but they work even more for meaning in their lives, for fun, for jobs that will contribute something to their lives, and their family's life. Pay cannot substitute for a working environment high on trust, fun, and meaningful work. Companies that pay no attention to this fact are fundamentally bribing their employees and will pay the cost in lack of loyalty as well as obligation, and difficulty in retaining important employees.
Today, employee benefits are a major force in determining employee retention, or employee happiness. One could argue that content employees make content customers, and that content customers make content stockholders. In this view, employee benefits become crucial to Xeleco's success.
Incorporating retention strategies into the HR and succession plan plays a major role in the changing and increasingly mobile workforce. This has been linked with the move towards the Protean career where a person's career is frequently changing. Hence organisations must be ready to adapt to this change by benefiting them with career development programs thereby enhancing reputation and achieving greater retention of valued employees.
In order to retain employees the organization must When considering succession planning, employee development is an integral strategic process which enables knowledge, skills and behaviour to be acquired to meet job changes and client requirements in the future as opposed to training which is immediate current job