HR assignment on: Employment practices

1. Executive Summary

This report would take into consideration an argument on “flexibility at a national level is concerned with the regulation of the labor market; whereas flexibility at an organizational level is concerned with the use of employment practices”.The report starts with a general definition of flexibility i.e. flexibility could be defined as way through which the work could be accomplished in an organization. It refers to a structured process through which the work place could increase its efficiency as well as the effectiveness. Flexibility could be termed an exchange program between the employee & the employer. This refers to the changes made by any of the two parties which would help in order to meet the needs of the organization & at the individual level. Flexibility would help in order to meet the changes in relation to time, location as well as the manner in which the work is to be accomplished. It must be noted that, this tool should be used in such a manner which would help in order to benefit the employer & the employee as well.The second portion of the report would take into consideration the importance of flexibility in a business. Some of the advantage to the employer would be to attract talent, retain valued employees, to reduce the stress & burnout, improve the productivity as well as raise the morale & job satisfaction.

The last part of the report takes into consideration the importance of flexibility in a business. Flexibility would help in order to benefit the organization in many ways such as reduction in the cost, enhance the performance of the organization, increased profitability & increased Shareholder Value. Flexibility would help in order to reduce the overall cost of the organization. This would help in order to either reduce or eliminate the additional costs which might be help the organization in long run. Reduction in the additional cost would help the organization to earn high levels of turnover.

1. Introduction

Flexibility could be defined as way through which the work could be accomplished in an organization. It refers to a structured process through which the work place could increase its efficiency as well as the effectiveness (Fred & Peter, 2006). The organizations use flexibility as one of the tools which would help the organizations in order to enhance the overall efficiency at the work place, manage the excessive work load. Flexibility would help in order to improve the recruitment as well as retaining the employees (Stuart, 2008). Many researches based on flexibility states that, this tool might help to improve the employee engagement. This would help in order to reduce the stress as well as have job satisfaction (Kovach, 2006).Flexibility could be termed an exchange program between the employee & the employer. This refers to the changes made by any of the two parties which would help in order to meet the needs of the organization (Stuart, 2008) & at the individual level. Flexibility would help in order to meet the changes in relation to time, location as well as the manner in which the work is to be accomplished. It must be noted that, this tool should be used in such a manner which would help in order to benefit the employer & the employee as well (Stuart, 2008).

1. Body

3.1 Importance of Flexibility in a business:

There are various reasons which would help in order to know as to why flexibility refers to one of the crucial factors. They are as under:

Þ    To attract talent: The fist & the foremost importance of flexibility in an organization are to attract high levels of talent into the organization (Kovach, 2006). According to the US Department of Labor states that, the labor force has been growing at a very slow pace i.e. 1%. More number of qualified people would be required & hence different ways of recruitment, incentive plans, work processes should be kept in mind in order to attract talent (Kovach, 2006). While formulating various benefits plans, all the working conditions along with the different working lifestyles should be taken into consideration. Use of technology should be made in order to connect with more number of people & measure the performance as well. (Wang & Xianyong, 2007)Þ    To retain valued employees: The second reason as to why flexibility is important for any business is to retain the most valued employees of the organization (Wang & Xianyong, 2007). According to the US Department of Labor, turnover refers to one of the key areas which should be taken into consideration. Therefore, in order to increase its turnover most valued employees of the organization should be retained & kept satisfied (Wang & Xianyong, 2007). According to a survey conducted in the year 2008 (Patrick, 2008), 614 organizations have stated that flexibility refers to one of the most crucial tools which would help in order to retain as much number of employees as possible. According to Royal Financial Group, flexibility would help in order to maintain flexible arrangements in the work life as well as help in order to enhance the performance at the work life. This would also help in order to provide a better customer service as well as reduce the expenses as well (Stuart, 2008).

Þ    To raise morale and job satisfaction: Another major importance of flexibility refers to raise the morale of the individual & providing them with the satisfaction of the job. It must be regarded that, there is a clear link between satisfaction of the job & the turnover generated (Fred & Peter, 2006). According to the study conducted by the Michigan Business School, a fair link has been established between the two. The study states that, if the employee would be made satisfied by five points, then there would be definite increase in the revenue generated by approximately 1.6% (Wang & Xianyong, 2007).

Þ    To improve productivity: According to the survey conducted by CCH Incorporation, flexibility would also help in order to improve the productivity at the work place. Flexibility in terms of location, time, etc. would help in order to satisfy the employees working in the organization thereby leading to a rise in the overall productivity of the same.

Þ    To reduce stress or burnout: It could be seen that, the flexibility programs would help in order to reduce the stress & burn out all the stress. These programs would enhance the level of work & reduce the level of stress which would affect the productivity of the same (Kovach, 2006).

3.2 Impact of Flexibility on Organizational Performance

Till now, the term flexibility has been defined as one of the most crucial tools which would help in order to enhance the productivity of the organization. The following portion of the report takes into consideration the impact of flexibility as well as how does it impact the employer in long run (Kovach, 2006). Flexibility refers to one of the most important tool or a component which would help in the management practice. Flexibility would help in order to benefit the organization in many ways such as:Þ    Reduction in the cost

Þ    Enhance the performance of the organization

Þ    Increased profitability

Þ    Increased Shareholder Value

Reduction in the cost: Flexibility would help in order to reduce the overall cost of the organization. This would help in order to either reduce or eliminate the additional costs which might be help the organization in long run. Reduction in the additional cost would help the organization to earn high levels of turnover (Kovach, 2006).

Increased Profitability: The employees in the various organizations have been experiencing high levels of conflicts amongst their personal as well as work life. The numbers of people who are willing to quit their jobs because of the reason are three times in number (Jay, 2005). According to the big research firms such as E&Y, Aetna Life & Casualty, the following significant changes have been seen amongst the various organizations. E&Y has estimated that, saving of approximately $17 million by reducing the various additional costs has led to a significant increase in the profitability of the organization (Wang & Xianyong, 2007). With the same, retention as well as attracting more number of employees has been considered (Jay, 2005). This has also led to a better satisfaction of the client. Aetna Life & Casualty saved approximately $1 million by cutting down of the various additional costs. This has also led to a decrease in the attrition rate by more than 50%. At one of the enterprises i.e. Corning, loss of approximately $2 million was being cut by adopting various family friendly practices (Homa, 2007). This has helped the organization in order to enhance the productivity of the enterprise even after bearing such high levels of loss.

Increased Shareholder Value: Flexibility also helps in order to increase the shareholders value. In order to increase the shareholders value, the organizations prefers to employ various flexible human capita norms. According to the latest survey conducted in the year 2006-2007 (Homa, 2007), various retention strategies should be adopted which would help any business house in order to increase its shareholders value. The strategies should be such which would help them in order to retain the employees by generating low turnover (Jay, 2005). According to the research carried out by McKinsey, clear evidence has been made such as, after adopting the various strategies in order to retain the talented employees high levels of economic benefits could be catered to (Wang & Xianyong, 2007). By adopting such friendly strategies, the organization would not lose their employees to their competitors.

It must be noted that, various human capital practices would help in order to enhance the commitment level thereby leading to an increase in the shareholders value.A survey The Work USA in the year, conducted in the year 2000, surveying approximately 7,500 workers in regard to the attitude of their employers & the workplace stated that there are various reasons upon which the commitment level of the employees depends. Some of the reasons are as under (Homa, 2007). They are:

Þ    Leadership effectiveness & supervision

Þ    Communications and decision-making

Þ    Adequacy of technology and resources

Þ    Work-life balance and flexibility

Þ    Environment at the workplace

Þ    Diversity

Þ    Teamwork and work process effectiveness

Þ    Compensation and benefits

Þ    Job content and satisfaction

Enhance performance of the organization: By adopting the various flexible human capital procedures would help in order to contribute with the best of their ability. Such practices would help the organization in order to perform better & generate more amounts of revenues. The use of such type of strategies would help in order to motivate all the employees to be more skilled, stick to one organization for long as well as work enthusiastically & free from all distractions (Fred & Peter, 2006).

The various researches on this topic has helped in order see that the human capital strategies would affect the profitability of the enterprise, help the organization in order to grow & has a positive effect on the market value of the same (Wang & Xianyong, 2007). Some of the research on this particular topic is discussed as under. They are as follows:

Þ    Talented as well as focused employees who are working on the flexible working hours would be more committed towards the accomplishment of the organizational goals (Fred & Peter, 2006). This would also help in satisfying the needs of the customers in the most effective as well as efficient manner. This would help in generating high levels of sales which would enhance the overall productivity of the organization (Friedman, 2005).

Þ    The organization which adopts flexible as well as friendly strategies would act more effective as well as efficient. This would help in order to generate high levels of profits as well (Wang & Xianyong, 2007). It would be better for the organizations in order to use the various innovative strategies which would help them to establish in a long run. This would help in order reduce the additional costs which would improve the overall process of the organization (FlexPaths, 2010).

Þ    The organizations which use the flexible strategies would be more constructive & would use the assets in the most effective manner. Adopting the newest technology, innovative measures, practicing customer relationships would help in order to enhance the performance of the organization (Friedman, 2005).

1. Conclusion

As mentioned above that, flexibility could be defined as way through which the work could be accomplished in an organization. It refers to a structured process through which the work place could increase its efficiency as well as the effectiveness (Burud & Tumolo, 2006). The organizations use flexibility as one of the tools which would help the organizations in order to enhance the overall efficiency at the work place, manage the excessive work load (BloomBerg Business Week, 2010). Flexibility would help in order to improve the recruitment as well as retaining the employees. Many researches based on flexibility states that, this tool might help to improve the employee engagement. This would help in order to reduce the stress as well as have job satisfaction (FlexPaths, 2010).

This report also takes into consideration the importance of flexibility in a business. Some of the advantage to the employer would be to attract talent, retain valued employees, to reduce the stress & burnout, improve the productivity as well as raise the morale & job satisfaction (Burud & Tumolo, 2006).Hence, it could be concluded that in order to increase the productivity of the organization, flexibility at an organizational level is concerned with the use of employment practices. The last part of the report takes into consideration the importance of flexibility in a business (Burud & Tumolo, 2006). Flexibility would help in order to benefit the organization in many ways such as reduction in the cost, enhance the performance of the organization, increased profitability & increased Shareholder Value (Friedman, 2005). Flexibility would help in order to reduce the overall cost of the organization. This would help in order to either reduce or eliminate the additional costs which might be help the organization in long run. Reduction in the additional cost would help the organization to earn high levels of turnover (BloomBerg Business Week, 2010).

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