General Dynamics Corporation (NYSE: GD) is a U.S. defense conglomerate formed by mergers and divestitures, and as of 2008 it is the fifth largest defense contractor in the world.[3] The company has changed markedly in the post-Cold War era of defense consolidation. The company has four main business segments: Marine Systems, Combat Systems, Information Systems and Technology, and Aerospace. The company's former Fort Worth Division manufactured the F-16 Fighting Falcon, the most-produced Western jet fighter, but that subsidiary was sold to Lockheed in 1993. GD reentered the airframe business in 1999 with their purchase of Gulfstream Aerospace.
Successful recruitment and, following that, effective retention of the right employees is one of the most difficult and at the same time, critical aspects for all Employers, regardless of the size of the business. Choosing the incorrect candidate for the position results in huge losses – time and money is wasted – and it negatively impacts team dynamics and company culture. The true impact on the bottom-line is most often than not, underestimated.
Successful recruitment and retention is even more important in small to medium-size companies since the ratio of the impact that such mistakes have on the bottom-line, is even bigger. A key differentiator in selecting job candidates in the current environment is the identification of talent, as people’s skills may often differ from their degree or diploma qualifications. It is so much easier to identify the right talent and attitude and develop them into the job than what it is to appoint someone in the position with the right skills but wrong talent and/or attitude. More dismissals in South Africa are based on attitude than on performance because of lack of skills.
A candidate may have the correct qualification requirements for the position but lack the talent. Most recruitment practices focus specifically on matching skills and experience with the job requirements, but disregard the talent-factor. The talent-factor is absolutely essential to determine the person best suited for a particular position. People with talent can be developed and taught the necessary skills, usually in far less time than what it takes to remove the wrong individual. Placing the wrong candidate can be very costly and the huge impact on the company as a whole is usually underestimated. Identifying the fit within the company culture is also a very important aspect. This ensures that the candidate fits the general personality picture for the particular industry, which is important for employee retention.
The recruitment process should not focus on the interview process only. It is important to include some case studies and panel interviews with some of the team members. It also pays to test the competency of employees in their specified skills and their ability in various software programs – whether they are beginners, have intermediate level skills or advanced skills. To conclude the process it is furthermore vital to conduct credit checks, criminal checks and reference checks.
The approach with which the candidates enter the interview situation has changed dramatically from the past. Nowadays job candidates are quite particular about what they require from the employment situation. They usually are very specific with regards to their own conditions, for example they want to be able to work within a radius of 10km from their home; or they want a temporary contract for the first two to three months so that they can be sure that it is an environment that suits them; and of course they are far more litigation conscious and au fait with their rights.
Loyalty is almost non-existent. Working for the same company for 25 years is not on the agenda and candidates want to advance quickly into specialist or senior positions. Most people don’t care anymore where they are on the corporate ladder but give preference to a balanced life. Offers of more challenging positions that offer growth opportunities and better pay and conditions (flexi-time; crèches, canteens, gymnasium facilities) elsewhere are usually taken up. That said, it is also true that employees are no longer totally motivated by remuneration. Against this background, the SME companies with up to 200 employees absolutely have to get it right first time. To be successful with employee retention, the company has to ensure that the candidates fit into the company culture, have the talent, passion and commitment and receive the right training and grooming; if not – time, effort and money are wasted and the bottom-line is negatively impacted. Orientation into the company is vital so that the new employee is settled in quickly.
As far as successful staff retention goes, it is clear that Employees nowadays look for transparency and want to feel that they are an integral part of the business by being kept informed and understanding exactly what their role is and where it fits into the bigger picture. They look for monthly staff briefings where they are given information on the company status – revenue per department, Profit Before Interest and Tax (PBIT), new industry trends, training courses available, opportunities for advancement and so on.
1. Purpose. The Finance and Benefit Plans Committee (the “Committee”) of the Board of Directors (the “Board”) oversees the management of the finance policies of General Dynamics Corporation (the “Corporation”) and the assets of all employee benefit plans (other than multi-employer plans) of the Corporation and its subsidiaries.
2. Status and Membership. The Committee will consist of at least three members of the Board who are qualified to discharge the Committee’s responsibilities, as determined by the Board. Members of the Committee will be appointed (and may be removed) by the Board and will serve in accordance with the Bylaws of the Corporation. The Board will designate the Chair of the Committee.
3. Meetings. The Committee will meet as often as it determines is appropriate to carry out its responsibilities. The Chair of the Committee, in consultation with the other Committee members, will determine the frequency and length of the meetings and will set agendas consistent with this charter.
4. Authority and Responsibilities. In furtherance of the Committee’s purpose, and in addition to any other responsibilities which may be properly assigned by the Board, the Committee will:
(a) Provide strategic oversight of management with respect to the finance policies of the Corporation and the management of the assets of the benefit plans (other than multi-employer plans) of the Corporation and its subsidiaries (“Trust Assets”);.
(b) review and approve investment policy recommendations made by management; and
(c) review and approve the retention of third parties for administration and management services related to the Trust Assets.
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5. Duty of Care. Except to the extent, if any, required by the Employee Retirement Income Security Act of 1974, as amended, the members of the Committee are not deemed to have accepted a duty of care greater than other members of the Board.
6. Committee Resources. The Committee may obtain advice and assistance from such internal and external advisors as it deems appropriate in connection with the discharge of its duties. The Committee will have sole authority to determine and approve related fees and retention terms for any such advisors, who will be compensated by the Corporation.
7. Delegation. To the extent not otherwise inconsistent with its obligations and responsibilities, the Committee may form subcommittees and delegate authority hereunder as it deems appropriate to such subcommittees or to trustees, investment managers or management, which delegation may in turn authorize the delegee to further delegate to other appropriate persons or entities consistent with applicable law.
8. Self-Evaluation. The Committee will conduct such annual and other self-evaluations as it deems appropriate.
9. Reporting to the Board. The Committee will report to the Board as it deems appropriate, and as the Board may request.
10. Other Activities. The Committee will perform such other activities consistent with this charter, the Corporation’s Bylaws, governing law and such other requirements applicable to the Corporation as the Committee or the Board deem necessary or appropriate.
10. Committee Charter.The Committee will periodically review and evaluate the adequacy of this charter and will recommend any changes to the Board as the Committee deems appropriate, including to satisfy any applicable legal or regulatory requirements.
Traditional Thinking: Human Resources-driven programs like pay and recognition are essential for retention.
Rethinking Retention: Ineffective supervisors trump programs and drive turnover.
Traditional Thinking: All aspects of company culture contribute equally to retention.
Rethinking Retention: Supervisor-employee relationships have a disproportionate impact on retention; the supervisor is the company.
Traditional Thinking: Centralized communication and career programs impact all employees equally.
Rethinking Retention: Supervisors drive what employees know and learn and help them prepare for careers.
Fifty-five percent of employees plan to change jobs, careers or industries “when the economy recovers,” according to the 2009 Employment Dynamics and Growth Expectations Report.
One in five workers are “highly disengaged,” reports the Corporate Leadership Council.
So, even though the writing may be on the wall come the economic recovery, there are steps a workplace leader can take to help retain employees.
According to Leigh Branham, founder and CEO of Keeping The People Inc. in Overland Park, KS, and as he discussed in “The Thinking Bigger Guide For KC Entrepreneurs” magazine, there are seven primary reasons employees leave:
The job or workplace was not as expected
Mismatch between job and person
Too little coaching and feedback
Too few growth and advancement opportunities
Feeling devalued and unrecognized
Stress from overwork and work-life imbalance
Loss of trust and confidence in senior leaders
Fortunately, even now when budgets are tight, workloads are hefty, and companies have depressed top and bottom lines, leaders can at a minimum address reasons #3, #5 and and #7 without spending money.
Branham’s firm helps organizations analyze the root causes of employee disengagement and turnover, and then helps them develop and implement employer-of-choice strategies.
Successful recruitment and, following that, effective retention of the right employees is one of the most difficult and at the same time, critical aspects for all Employers, regardless of the size of the business. Choosing the incorrect candidate for the position results in huge losses – time and money is wasted – and it negatively impacts team dynamics and company culture. The true impact on the bottom-line is most often than not, underestimated.
Successful recruitment and retention is even more important in small to medium-size companies since the ratio of the impact that such mistakes have on the bottom-line, is even bigger. A key differentiator in selecting job candidates in the current environment is the identification of talent, as people’s skills may often differ from their degree or diploma qualifications. It is so much easier to identify the right talent and attitude and develop them into the job than what it is to appoint someone in the position with the right skills but wrong talent and/or attitude. More dismissals in South Africa are based on attitude than on performance because of lack of skills.
A candidate may have the correct qualification requirements for the position but lack the talent. Most recruitment practices focus specifically on matching skills and experience with the job requirements, but disregard the talent-factor. The talent-factor is absolutely essential to determine the person best suited for a particular position. People with talent can be developed and taught the necessary skills, usually in far less time than what it takes to remove the wrong individual. Placing the wrong candidate can be very costly and the huge impact on the company as a whole is usually underestimated. Identifying the fit within the company culture is also a very important aspect. This ensures that the candidate fits the general personality picture for the particular industry, which is important for employee retention.
The recruitment process should not focus on the interview process only. It is important to include some case studies and panel interviews with some of the team members. It also pays to test the competency of employees in their specified skills and their ability in various software programs – whether they are beginners, have intermediate level skills or advanced skills. To conclude the process it is furthermore vital to conduct credit checks, criminal checks and reference checks.
The approach with which the candidates enter the interview situation has changed dramatically from the past. Nowadays job candidates are quite particular about what they require from the employment situation. They usually are very specific with regards to their own conditions, for example they want to be able to work within a radius of 10km from their home; or they want a temporary contract for the first two to three months so that they can be sure that it is an environment that suits them; and of course they are far more litigation conscious and au fait with their rights.
Loyalty is almost non-existent. Working for the same company for 25 years is not on the agenda and candidates want to advance quickly into specialist or senior positions. Most people don’t care anymore where they are on the corporate ladder but give preference to a balanced life. Offers of more challenging positions that offer growth opportunities and better pay and conditions (flexi-time; crèches, canteens, gymnasium facilities) elsewhere are usually taken up. That said, it is also true that employees are no longer totally motivated by remuneration. Against this background, the SME companies with up to 200 employees absolutely have to get it right first time. To be successful with employee retention, the company has to ensure that the candidates fit into the company culture, have the talent, passion and commitment and receive the right training and grooming; if not – time, effort and money are wasted and the bottom-line is negatively impacted. Orientation into the company is vital so that the new employee is settled in quickly.
As far as successful staff retention goes, it is clear that Employees nowadays look for transparency and want to feel that they are an integral part of the business by being kept informed and understanding exactly what their role is and where it fits into the bigger picture. They look for monthly staff briefings where they are given information on the company status – revenue per department, Profit Before Interest and Tax (PBIT), new industry trends, training courses available, opportunities for advancement and so on.
1. Purpose. The Finance and Benefit Plans Committee (the “Committee”) of the Board of Directors (the “Board”) oversees the management of the finance policies of General Dynamics Corporation (the “Corporation”) and the assets of all employee benefit plans (other than multi-employer plans) of the Corporation and its subsidiaries.
2. Status and Membership. The Committee will consist of at least three members of the Board who are qualified to discharge the Committee’s responsibilities, as determined by the Board. Members of the Committee will be appointed (and may be removed) by the Board and will serve in accordance with the Bylaws of the Corporation. The Board will designate the Chair of the Committee.
3. Meetings. The Committee will meet as often as it determines is appropriate to carry out its responsibilities. The Chair of the Committee, in consultation with the other Committee members, will determine the frequency and length of the meetings and will set agendas consistent with this charter.
4. Authority and Responsibilities. In furtherance of the Committee’s purpose, and in addition to any other responsibilities which may be properly assigned by the Board, the Committee will:
(a) Provide strategic oversight of management with respect to the finance policies of the Corporation and the management of the assets of the benefit plans (other than multi-employer plans) of the Corporation and its subsidiaries (“Trust Assets”);.
(b) review and approve investment policy recommendations made by management; and
(c) review and approve the retention of third parties for administration and management services related to the Trust Assets.
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5. Duty of Care. Except to the extent, if any, required by the Employee Retirement Income Security Act of 1974, as amended, the members of the Committee are not deemed to have accepted a duty of care greater than other members of the Board.
6. Committee Resources. The Committee may obtain advice and assistance from such internal and external advisors as it deems appropriate in connection with the discharge of its duties. The Committee will have sole authority to determine and approve related fees and retention terms for any such advisors, who will be compensated by the Corporation.
7. Delegation. To the extent not otherwise inconsistent with its obligations and responsibilities, the Committee may form subcommittees and delegate authority hereunder as it deems appropriate to such subcommittees or to trustees, investment managers or management, which delegation may in turn authorize the delegee to further delegate to other appropriate persons or entities consistent with applicable law.
8. Self-Evaluation. The Committee will conduct such annual and other self-evaluations as it deems appropriate.
9. Reporting to the Board. The Committee will report to the Board as it deems appropriate, and as the Board may request.
10. Other Activities. The Committee will perform such other activities consistent with this charter, the Corporation’s Bylaws, governing law and such other requirements applicable to the Corporation as the Committee or the Board deem necessary or appropriate.
10. Committee Charter.The Committee will periodically review and evaluate the adequacy of this charter and will recommend any changes to the Board as the Committee deems appropriate, including to satisfy any applicable legal or regulatory requirements.
Traditional Thinking: Human Resources-driven programs like pay and recognition are essential for retention.
Rethinking Retention: Ineffective supervisors trump programs and drive turnover.
Traditional Thinking: All aspects of company culture contribute equally to retention.
Rethinking Retention: Supervisor-employee relationships have a disproportionate impact on retention; the supervisor is the company.
Traditional Thinking: Centralized communication and career programs impact all employees equally.
Rethinking Retention: Supervisors drive what employees know and learn and help them prepare for careers.
Fifty-five percent of employees plan to change jobs, careers or industries “when the economy recovers,” according to the 2009 Employment Dynamics and Growth Expectations Report.
One in five workers are “highly disengaged,” reports the Corporate Leadership Council.
So, even though the writing may be on the wall come the economic recovery, there are steps a workplace leader can take to help retain employees.
According to Leigh Branham, founder and CEO of Keeping The People Inc. in Overland Park, KS, and as he discussed in “The Thinking Bigger Guide For KC Entrepreneurs” magazine, there are seven primary reasons employees leave:
The job or workplace was not as expected
Mismatch between job and person
Too little coaching and feedback
Too few growth and advancement opportunities
Feeling devalued and unrecognized
Stress from overwork and work-life imbalance
Loss of trust and confidence in senior leaders
Fortunately, even now when budgets are tight, workloads are hefty, and companies have depressed top and bottom lines, leaders can at a minimum address reasons #3, #5 and and #7 without spending money.
Branham’s firm helps organizations analyze the root causes of employee disengagement and turnover, and then helps them develop and implement employer-of-choice strategies.