Reference no: EM132219006
Scenario: You are the founder and CEO of a startup firm. You are developing a product that will only be sold in the United States. You only have five employees now, but expect to grow rapidly, adding 100 this year and another 100 the following year. These employees will range from customer service representatives providing phone and web-based support to highly skilled technical employees. As you think about the growth of the company, and the need for acquiring the right talent to make the company successful. You decide the best way to plan for the future is to put your thoughts on paper.
1. You wonder about the need to focus on diversity and multiculturalism in your staffing. Provide 3-5 well-developed, thoughtful paragraphs outlining your thoughts. Be sure to explain what diversity is, what multiculturalism is, and how they are different. Is it that important to your enterprise? Why or why not? That is, what benefits would accrue to your organization by having a diverse, multicultural workforce? Will you set specific targets/goals for diversity? How would/will you recruit and select to ensure you meet your goals or develop the diversity you desire? What laws do you need to be concerned with and how will you ensure compliance?
2. You also are concerned about developing a compensation and benefit plan that is relevant, attractive, and affordable (especially to a start-up). Provide 3-5 well-developed, thoughtful paragraphs expanding on your goals for a compensation plan that meets the three criteria you have outlined (relevant, attractive, and affordable). What will be your pay philosophy (market, above market, below market) and why? Will your plan include bonuses or commissions? If bonuses, are they individual or group? Why? Will you use pay grades based on job descriptions and tenure or will your pay be merit based? Or a combination? Why? What benefits will you offer and why? Will the company pay for the benefits, share the cost with the employee, or make the employee pay the full cost? Why? As can be seen, for each decision you make, you need to explain the rationale for the decision in terms of the three criteria (and other criteria that may be important to you).
3. Knowing that the success of your firm depends on hiring and retaining motivated employees and knowing that it is expensive to hire and replace employees, you want to make sure that the talent you do recruit stays with the firm and is motivated to do their best for the firm. Provide 3-5 well-developed, thoughtful paragraphs explaining why employees leave firms, why employees stay with firms, and what motivates employees to do their best for their employer. Explain your retention and motivation strategies and plan to ensure that your best employees stay with your firm as it grows.