A global enterprise is experiencing an economic downturn and is rapidly losing market share.
IT senior management is reassessing the core activities of the business, including IT, and the associated resource implications.
Management has decided to focus on its local market and to close international operations.
A critical issue from a resource management perspective is to retain the most capable staff.
This is BEST achieved by:
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A. B. C. D.C.
The BEST way to retain the most capable staff during an economic downturn is by implementing an effective talent management strategy. The goal of talent management is to identify, attract, develop, and retain key employees who are critical to an organization's success. The following options are available to retain the most capable staff:
A. Reviewing current goals-based performance appraisals across the enterprise: Performance appraisals are essential to identify the strengths and weaknesses of employees. They provide the opportunity for managers to evaluate and provide feedback to employees on their performance. However, performance appraisals alone may not be sufficient to retain the most capable staff during an economic downturn. Additionally, if there is a perception that performance appraisals are conducted unfairly or not used as a basis for promotions or rewards, it may result in demotivation among the employees.
B. Retaining capable staff exclusively from the local market: Focusing on the local market can be a good strategy to minimize the impact of the economic downturn. However, limiting the retention of capable staff to the local market may result in a lack of diversity and skill sets, which can be detrimental to the long-term success of the organization. Moreover, limiting the retention to a specific market can result in missing out on highly capable staff from other markets who may be able to contribute significantly to the organization's success.
C. Ranking employees across the enterprise based on length of service: Ranking employees based on length of service can be a poor strategy to retain the most capable staff. Length of service does not necessarily equate to the highest level of competence or the best fit for the organization's current needs. Moreover, this strategy can lead to demotivation among the high-performing employees who feel undervalued and overlooked.
D. Ranking employees across the enterprise based on their compensation: Ranking employees based on their compensation can be a poor strategy to retain the most capable staff. It may create resentment among employees who feel that their contributions are not being fairly compensated, leading to disengagement and demotivation. Additionally, ranking employees based on compensation may not be a reliable indicator of the most capable staff, as high compensation does not always equate to high performance.
Therefore, the best approach to retaining the most capable staff during an economic downturn is by implementing a comprehensive talent management strategy. This strategy should include identifying key employees, providing development opportunities, offering competitive compensation packages, providing a supportive work environment, and promoting a culture of learning and growth.