BackgroundIn line with the Act now change programme, the HR management team has introduced the 360 degree assessment initiative, part of which covers point of our customers' views on our practices and performance. These opinions can then be monitored and evaluated, to help us improve and reposition the company's HR function and other services. After analyzing customer feedback, conclusions were identified regarding human resources, as to why the Group is facing competitive pressures which have affected business performance. Staff turnover issues and a lack of commercial awareness among staff members formed these findings. Staff turnover is the ratio of the number of workers who have had to be replaced in a given period of time to the average number of workers. It is defined as the percentage of staff members who have left the organization within the 12 months preceding the measurement of the baseline staff size, divided by the staff size (Oman & Pflegger, 1996, page 311). So far the company has lost some of its quality graduates and younger graduates to the financial sector due to the following: • High-quality graduates can earn higher salaries. • Concerns about work-life balance issues among younger graduates. • Staff development. Commercial awareness can be described as an individual's ability to think relevantly in the context of their business sector. Business awareness refers to the body of knowledge that explains business or organizational success (Kather, page 2). The evaluation revealed that customers expect more from our employees than their technical expertise. Furthermore, customers wanted the company to consider them as business partners and align the company's behavior with their needs. While an initiative has been taken to address this issue by developing key skills, it is clear that more work needs to be done to fully realize this goal. The strategic management team has devised some strategic human resource management plans to improve the situation the company is facing in terms of human resources in pursuit of its objectives and to ensure that the problems identified are addressed effectively, both improving initiatives already started and building new plans. These initiatives will conclude with a continuous evaluation of all evaluation mechanisms offered to our customers. Improve staff retentionLike the problems they led to
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