{{B}}A CONDENSED EMPLOYEE LIFE CYCLE{{/B}}
An employee life cycle is the steps the employees go through from the time they enter a company until they leave. Often Human Resources professionals focus their attention on the steps in this process in hopes of making an impact on the company's bottom line. That is a good thing for them to do. Their goal is to reduce the company's cost per employee hired. Employees are one of a company's largest expenses these days. Unlike other major capital costs (buildings, machinery, technology, etc.) human capital is highly volatile. You, as a manager, are in a key position to reduce that volatility using the condensed employee life cycle of HIAR ( pronounced hire)--Hire, Inspire, Admire, Retire.
Hire: This first step is probably the most important. It is important to hire the best people you can find. {{U}}(8) {{/U}} The cost of replacing a bad hire far exceeds the marginal additional cost of hiring the best person in the first place.
Inspire: Once you have recruited the best employees to come to work on your team, the hard part begins. You have to inspire them to perform to their capabilities. {{U}}(9) {{/U}} That is where you will get their best effort and their creativity that will help your organization excel.
Admire: Once you have hired the best employees and have challenged and motivated them, you can not relax. {{U}}(10) {{/U}} The same attention you paid to their work assignments, to their satisfaction levels, to their sense of being part of a great team, needs to continue for as long as they are in your group. As soon as you start to slack off, their satisfaction and motivation decrease. If you don't do something, they will become disenchanted and will leave. They will become part of the "employee turnover" statistic you were trying to avoid.
Retire: This is when you know you have been successful. When employees see your company as the employer of choice, they will join you. {{U}}(11) {{/U}} As long as you continue to inspire, motivate, and challenge them, they will continue to contribute at the high levels you need in order to beat your competition. They Will be long-term employees; even staying with you and your company until they retire. {{U}}(12) {{/U}} You will attract and retain the second and even third generation employees.
A This is not a time to be cheap.
B When they recognize you as a good boss and a real leader, they will stay around.
C To the extent that you can be a good boss, you can keep employees, keep them happy, and reduce the costs associated with employee turnover.
D Their goal is to reduce the company's cost per employee hired.
E The biggest mistake a manager can make is to ignore employees.
F You have to challenge and motivate them.
G They will refer other quality employees to your company, including their relatives.