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Explain trends and best practice in compensation and benefit

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Reference no: EM131241985

Savannah Engineering, Inspection and Insurance Company

Savannah Engineering, Inspection and Insurance Company (SEIIC) is one of America's oldest insurance companies specializing in equipment inspection and insurance for companies in the manufacturing, transportation, and energy sectors. Founded in 1873 and named for the first steam-powered ship to cross the Atlantic, SEIIC has grown to become a global leader in the application of engineering principles to safety and risk management. With more than 4,500 employees in 14 principal offices and 55 field locations around the world, SEIIC stands ready to meet industry needs on any continent.

More than 50% of the SEIIC employees have an engineering or technical background. Accordingly, college recruiting and training are major features of the HR program. Although SEIIC has been known as a great place to work, turnover/retention issues need constant attention in the highly competitive labor market for technical personnel. In the past, the organization was also known for outstanding customer service and for building long-term relationships with its many business partners. However, this image has slipped in recent years as the organization and market have undergone significant change and SEIIC has struggled to respond in effective ways. As a result, SEIIC has decided to undertake a complete updating of its human resources management practices. To accomplish this effort, the company wants to investigate emerging trends in HR and to identify best practices for major HR processes.

Submit your three- to four-page paper in APA style

To accomplish this investigation, the organization has divided the project into five components as follows:

• Week 1: Exploration of the domestic organizational environment including economic, legal, cultural, global, and technological trends
• Week 2: Trends and best practices in recruiting and staffing
• Week 3: Trends and best practices in training, performance management, and career management
• Week 4: Trends and best practices in compensation and benefits
• Week 5: Trends and best practices in international HR management

For the Week 1 paper, assess at least two major trends that are likely to affect SEIIC for each of the following areas:

o Economic and financial
o Legal and political
o Social and cultural
o Global and technological.

Reference no: EM131241985

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