Project Work Answers: Retention of Employees: IRHR2270

Project Work Answers: Retention of Employees: IRHR2270

Introduction

Haroon Zakaria & Company is a chartered accountant firm in Pakistan. Headquarter of this company is located at Karachi in Pakistan. This firm is led by a team of highly skilled professionals with vast knowledge and skills in providing high quality services in different fields of accounting. The team of professionals offer quality services across all parts of Pakistan. Their main areas of expertise include auditing and assurance, accounting as well as taxation solutions. This firm was initiated in 1993 so as to offer the services mentioned in the context (Whittington, 2015). The firm also use the team of professionals to provide quality services in other areas of accounting based on accounting standards. These areas include internal audit, corporate secretarial and business finance. It forms a network of international firms with independent accounting and consulting services to clients all over the globe. The firm has tried to offer solutions to many clients. It is important to understand that the global dynamic business environment is becoming completely complex especially after ushering in the 21st century (Richard, 2013). This report will consider the company so as to set implementation plan of problems that face this company and other companies in general.

Human resource management is a very important department in any company. This department play a very significant role in initiating strategies that the company utilize to mitigate issues that arise in business operations. The purpose of this report is to critically analyze a company located in Pakistan. Haroon Zakaria & Company is a chartered accountant firm in Pakistan. This is one of the greatest firms in Pakistan that deal with accounting activities so as to deliver quality services to customers (McGregor, 2012). In that connection, this company has faced a problem recently.

The main problem that the company is facing currently is retention of employees. This report will critically analyze various causes of this particular problem. Just like other companies, Haroon Zakaria & Company need to initiate a program that will assist in mitigation of this particular problem. Many companies face challenges in the course of their operations. It is therefore very important to identify the problem at hand so as to initiate a long term solution. If the solutions are viable, then the company will undergo a smooth process of growth and development. Lack of feasible solutions will lender the company powerless in terms of growth and development (Marylene, 2014). Chartered accountant firms are exposed to many challenges that can hinder growth and development if these problems are not mitigated accurately.

Problem Identification & Analysis

In order for a company to operate smoothly, then a lot of considerations need to be initiated so as to lay down proper channels of business operations. Haroon Zakaria & Company is a company that need to be analyzed so as to offer possible solutions to some of the problems the company face in the course of business operations (Maslow, 2013). The main problem that Haroon Zakaria & Company is facing currently is retention of employees. This is a very serious problem in accounting firm that can result to negative implications in business growth and development. There are numerous stakeholders all over Pakistan who depend highly on services offered by Haroon Zakaria & Company. In case of retention of employees, the population in Pakistan will undergo massive losses. A lot of financial activities all over Pakistan will be compromised. Various services such as auditing and assurance will be affected (Kotler, 2011). The government will face a lot of challenges when collecting revenues through taxation process. In that case, the country is likely to face economic depression if experts fail to determine the main causes for retention of employees in Haroon Zakaria & Company located in Karachi Pakistan.

The first implementation stage of any solution to mitigate the problems facing a particular company is to determine the main causes of this problem (Kanungo & Manuel, 2014). This is a very important stage to undertake. This stage pave way on things to be initiated so as to mitigate the problems under consideration. As asserted in the context, Haroon Zakaria & Company is facing a problem of retention of employees. This particular problem is caused by two main problem that will be considered as the main threats that hinder growth and development of Haroon Zakaria & Company.

Causes of retention of employees

There are two main cause of retention of employees in Haroon Zakaria & Company Karachi Pakistan. These causes hinder growth and development Haroon Zakaria & Company Karachi Pakistan in different fields of accounting such as auditing and assurance, taxation, business finance and corporate secretarial. The problem are discussed into detail in the context below.

  1. Poor compensation and benefits
  2. Lack of career development

Poor compensation and benefits

This is the first main problem facing employees of Haroon Zakaria & Company Karachi Pakistan. One important thing that any company should understand is motivation of employees in the work place. Motivation of employees in workplace need to be intrinsic and extrinsic. This is the main starting point of work engagement between an employee and the employer. Lack of this understanding from both sides result to low performance at personal and team level (Jonasson, 2012). As part of extrinsic motivation, lack of compensation and benefits to employees brings retention of employees. If we narrow down to Haroon Zakaria & Company Karachi Pakistan, the firm is a very important subject matter in Pakistan. Poor compensation and benefits to employees in this firm may be associated to lack of proper planning in the department of human resource management. It can also be associated to lack of recognition of employees’ performance by the company. Employees need to be motivated so as to increase output per worker.

Lack of extrinsic motivation in terms of proper benefits and compensation plan for employees at Haroon Zakaria & Company Karachi Pakistan is likely to result to retention of employees. This is a very serious issue that need to be analyzed critically so as to determine the level of implications towards retention of employees in Haroon Zakaria & Company Karachi Pakistan. Failure to address this issue to the letter may trigger other problems to the firms which will arise as a result of retention of employees. Poor compensation and benefits to employees is a demotivating factor that any company need to mitigate (Hubbard, 2016). Employees have a tendency of working based on the level of extrinsic motivation. The theory of human motivation and work engagement has indicated that extrinsic motivation plays a very important role in output per worker. The more the firm motivate the workers in terms of compensation and benefits, the more output per worker.

Lack of career development

The main zeal of workers in workplace is to undergo career development in their areas of specialization. It is a desire of any worker to develop in career path so as to fully achieve the highest possible exposure in that field. Haroon Zakaria & Company Karachi Pakistan is a company facing retention of employees due to lack of career development (Franco, 2015). The concept of career development is based on working conditions and working culture in Haroon Zakaria & Company Karachi Pakistan. The firm failed to offer necessary promotion to workers. There is need to ensure that workers career growth and development so as to mitigate the issue of retention of employees. Lack of career development is contributed by a big number of employees in Haroon Zakaria & Company Karachi Pakistan.

The firm is unable to determine a clear path that need to be followed when promoting workers. Those workers who joined the firm in a couple of years need to see their progress in career development (Dow & Taylor, 2015). Every worker need to see their career development as time goes by. If these workers fail to realize their desires along that path, then they become demotivated in their working environment. This also affect their working culture. Majority of these workers opt to shift to other firms that are likely to offer them career development. This issue result to retention of employees in Haroon Zakaria & Company Karachi Pakistan.

The problem of retention of employees in Haroon Zakaria & Company Karachi Pakistan worsen in cases where a worker work for many years without job promotion. Promotion of young workers through corruption and informal methods demotivate other workers who dedicate their services to the firm with hope of developing their career in future. If these workers are not considered through promotion, then they end up searching for other ventures that satisfy their zeal for career development. If Haroon Zakaria & Company Karachi Pakistan fail to resolve the issue of career development for workers, then the problem of retention of employees will remain a great limiting factor towards growth and development (Chopra, 2012). The firm may not cope with ever increasing competition in the market if workers are not motivated through career development.

There is need to design the most appropriate solutions so as to mitigate the two main  causes of retention of employees in Haroon Zakaria & Company Karachi Pakistan. These solutions will promote business growth and development. Mitigation policies and strategies will culminate to a decision oriented solutions to these main causes of retention of workers.

Solutions to retention of employees

There are two main solutions that are designed to correspond to the main cause of retention of employees in Haroon Zakaria & Company Karachi Pakistan. The solutions act as mitigation policies and strategies to retention of employees.

  1. Increase in salary and other benefits
  2. Delegation of decision making power

Increase in salary and other benefits

This is a motivating factor that human resource management of Haroon Zakaria & Company Karachi Pakistan need to initiate so as to mitigate the problem of retention of workers. In that connection, there is a need to design a plan on methodologies needed to ensure salaries and other benefits of employees at the firm (Thomas, 2009). This plan need to be designed in a way that does not compromise the overall objective of employees in the firm. Increase in salary is a form of extrinsic motivation applied by many companies to encourage workers to achieve goals and objectives. For Haroon Zakaria & Company Karachi Pakistan to increase salaries for workers, there are factors that need to be considered.

First, the firm need to consider the profit bracket within a given period of time. Salary increment to workers need to determine the rate of salary increment. If the company generate a given value of profits and revenue, then the firm should provide a measurable proportion of the profits as salary increment to workers (Bragg, 2015). This strategy can only be applied if the firm is a profit making company. Profits generated should determine the rate of salary increment. In case Haroon Zakaria & Company Karachi Pakistan is a non-profit making organization, then the rate of salary increment to workers need to be based on output per worker. Either way, the company will be in a position to mitigate one of the main cause of retention of workers.

Another ideology that the firm can apply so as to increase salaries to employees should be based on personal performance as well as team performance. In that case, those individuals who meet targets, goals and objectives should receive salary increment along with other benefits. Those individuals who fail to achieve targets, goals and objectives should not receive salary increment (Ballantyne, 2007). This mitigation strategy is very beneficial to both the firm and employees. It is a win-win strategy that Haroon Zakaria & Company Karachi Pakistan can employ to mitigate the problem of retention of employees.

Delegation of decision making power

There is need to break down power of delegation of duties so as to initiate a viable decision making process. This is a feasible solution to mitigate inability of the form to promote career development for workers that result to retention of employees. The company need to realize that delegation of decision making power initiate intrinsic motivation to employees in the firm. Employees realize that the management of Haroon Zakaria & Company Karachi Pakistan appreciate their worker performance. Employees consider themselves as part of decision making process. In that case, any decision that the firm aims to implement will as a result of agreement between the employees and top management team (Baily, Farmer & Crocker, 2015).  The firm need to realize that some of employees will gain management skills in leadership and decision making. This ideology will act as distinguishing factors between those employees who aim at developing their career to those who aim at providing expert services at personal level in Haroon Zakaria & Company Karachi Pakistan.

Implementation of solutions

The last stage in mitigation process is implementation stage. This involves implementation plan that Haroon Zakaria & Company Karachi Pakistan need to initiate so as to accomplish the main objective of mitigating retention of employees.

Implementation of salary increment and other benefits

If the firm evaluate salary increment and benefits without implementing this solution, then the solution is rendered null and void. Implementation plan on salary increment and other benefits will be executed by human resource management department. The employees of Haroon Zakaria & Company Karachi Pakistan are based on different department. Each department is characterized by accounting services provided (Schwalbe, 2015). The department of auditing and assurance need to remit performance records and profits generated by this department. From these records, human resource management will be in a position to determine the rate of salary increment. Other departments that need to remit their performance records include business finance department, corporate secretarial department and taxation department. Once these records are comprehended, then the firm need to generate a standard rate of salary increment and other benefits (Arnold, 2010). The company also need to determine outside business activities that workers are likely to engage so as to determine other benefits such as house allowances, travelling allowances and other viable benefits. Implementation of this solution need to be time bound. The most appropriate time to implement this solution is within the fiscal year of Haroon Zakaria & Company Karachi Pakistan.

Implementation of delegation of decision making power

Implementation of this solution promote career development of workers at Haroon Zakaria & Company Karachi Pakistan. This solution need to be implemented by management team of the firm. This can be initiated closely by heads of each department such as head of auditing and assurance, head of taxation and head of corporate secretarial. These heads are required to determine which decisions that need to be delegated to other employees so as to promote the process of decision making (Arens, 2016). Heads of department also need to determine sensitive issues that need to be left under management of top management teams so as to avoid compromising the overall objectives of the firm. Lastly, implementation plan need to be time bound so as to initiate a clear path to be followed. Implementation of this solution should be done within six months of solution evaluation.

Conclusion

Haroon Zakaria & Company Karachi Pakistan need to understand the importance of treating employees with dignity. Employees’ engagement is very important in order to mitigate the problem of retention of employees (Ryan & Deci, 2017). The firm need to realize that employees are the main resource of the firm that need to be motivated both in intrinsic form and extrinsic form.

References

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Ballantyne, T. (2007). Capacity. Spectra.

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Dow, W., & Taylor, B. (2015). Project Management Communication Tool. William Dow.

Franco, S.A. (2015). Fundamentals of Corporate Finance. McGraw-Hill Education.

Hubbard, G.R. (2016). Microeconomics. Pearson.

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Kanungo, R.N., & Manuel, M.  (2014). Work Motivation: Models for Developing Countries. Sage Publication put.

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Ryan, R.M., & Deci, EL. (2017). Self-Determination Theory: Basic Psychological Need in Motivation, development and Wellness. The Guilford press.

Schwalbe, k. (2015). Information Technology Project Management. Course Technology.

Thomas, K.W. (2009). Intrinsic Motivation: What Really Drives Employees Engagement. Berret-Koehler publishers.

Whittington, R. (2015). Principles of Auditing & Other Assurance Services (Irwin Accounting). Rental Book. McGraw-Hill Education.

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