Employee Retention of Oracle Corporation : Oracle Corporation (NASDAQ: ORCL) is an American multinational computer technology corporation that specializes in developing and marketing hardware systems and enterprise software products — particularly database management systems. Headquartered in Redwood Shores, California, United States and employing 105,000 people worldwide as of 1 July 2010,[3] it has enlarged its share of the software market through organic growth and through a number of high-profile acquisitions. By 2007 Oracle had the third-largest software revenue, after Microsoft and IBM.[4]
The corporation has arguably become best-known for its flagship product, the Oracle Database. The company also builds tools for database development and systems of middle-tier software, enterprise resource planning software (ERP), customer relationship management software (CRM) and supply chain management (SCM) software.
As of 2010, Larry Ellison, a co-founder of Oracle Corporation, has served as Oracle's CEO throughout its history. He also served as the Chairman of the Board until his replacement by Jeffrey O. Henley in 2004. On August 22, 2008 the Associated Press ranked Ellison as the top-paid chief executive in the world.
It was interesting to note that the survey of 71 IT organisations found that those with stronger education and training programmes have lower than average turnover rates, and that staff prefer good training to increased pay.
"IT managers often worry that investments in training will be reaped by other organisations when IT workers shop their new skills around," said John Longwell, director of research for Computer Economics.
"But this study indicates that investing in training is actually the best way to retain employees."
The factors commonly perceived as influencing staff turnover are:
-Education and training opportunities
-Flexible schedules
-Work environment
-Social environment
-Pay
-Insurance benefits
-Employee recognition programmes
-Paid time off
-Retirement programmes
-Telecommuting opportunities
"While offering competitive salaries and benefit packages may be important for recruitment, providing quality-of-life incentives and enhancing working environments are more important for retention," Longwell concluded.
In my role where I am talking to candidates on a daily basis about why they are looking to change jobs, I often find that people change companies because they are looking for new challenges, or looking to develop their career, etc.... When I ask people why are they looking to move the answer is hardly ever "because of lack of pay or benefits".
I enjoy telling people about what it is like to work here at Oracle because I do believe we have some great people and a great culture that makes it enjoyable to be here. I may be a bit biased I know, but I do think we are one of the more progressive companies when it comes to looking after our employees.
It is that time of year where everyone writes a "my predictions for [insert niche area here] 2010" story. These articles and blog posts are great but rather than write up another list about the same things many of us have already heard or written about (eg. More about social media, mobile is coming, etc....) I wanted to reflect on something different (I sense a theme for my blog posts this year developing - updates next post). Whether you are in a company that employs 1 or 100 000 people, as professionals we all have certain tasks that we need to do to be successful in our jobs. The jobs we have have their ups and downs but they make up a large portion of our day, our time and our energy. Ideally we should enjoy what we do and if you are in a job to just "pay the bills" it does not have to necessarily be a bad thing.
If you are doing the same task day in and day out, it runs the risk of becoming monotonous. Yes you will become an "expert" in what you do because you do it day in and day out, but there is the inherent risk of losing your passion for what you do - I am not sure but if I had to do the same thing every day it would likely damper my creative thinking and spirit. But wait a second, in my role I do have similar tasks that I complete each day - work out our resourcing needs, search for and identify candidates, lots of search, lots of talking to people, the list goes on. Even though I do the same tasks I have not lost any passion or want to do my role.
I love what I do and I am successful at what I do. Since I started recruiting in 1999 I have seen many Recruiters just going through the motions, but that does not have to be the case, I think we can all add our own individuality to our jobs in some form. I think one of the reasons I enjoy my role as much as I do here at Oracle is because my management team has allowed me the flexibility to be creative in my role. I invest a large portion of my day doing the core things that I have to do to get my job done, but I also have outlets that let me not only be creative but also help the company by finding new answers and ways of doing things.
It does not matter what your outlet is - but if you can find one that helps both you and the company at the same time I think that creates a great energy. It could be tweeting a message or posting a blog article. For me writing is a great outlet. There have been times when I have been stuck on a problem with no answer in sight, looking at my laptop for ages - what I have done is put on my running shoes, turned up my iPod and in that run when I step away from the problem more often than not the solution has 'popped' into my head. When an idea hits you, go with it, if you can't attend to that thought straight away - write it down and come back to it. Your idea may not be the traditional way you do things, but look into it - you may have something.
High-tech employees increasingly stay with a company only a year or two before moving on to greener pastures. It's a trend that has cost the high-tech industry a lot in terms of training time, lost opportunity and actual dollars-generally 1.5 to 3 times the employee's annual salary, depending upon the position. Not surprisingly, enterprise software firm Oracle Corporation decided to minimize the chances that its own highly skilled employees would join the throngs of job-hopping individuals.
However, managers can't take preemptive actions to retain key employees unless they can determine who is most likely to leave and can identify the early warning signs. Clearly, Oracle needed a training program to help managers identify factors contributing to employee attrition, identify individuals' likelihood of leaving and develop an action plan to retain those individuals. Rather than develop a retention training program internally, in late 1998 Oracle implemented the program "Retaining Top Talent," developed by Integral Talent Systems, a Behavioral Technology Partner.
Customization is the keyword throughout the Integral Talent Systems program. "The course revolves around the action plan," Kraft says, that is tailored to Oracle's high-tech environment and to each individual who may be at risk of leaving. In a workshop, managers identify their top three employees and their risk of leaving, based on such things as job security, working conditions, benefits, salary and the extent to which they believe those factors motivate specific individuals. Later, managers talk with the employees themselves to ensure their own perceptions are accurate. "When they identify key employees' risks of leaving, a lot of managers are surprised," he adds. Next, managers examine themselves, based on 72 managerial behaviors that are related to retention, identified by Integral Talent Systems. The course also examines how attrition affects the team, the business, the stock price and other aspects of Oracle.
Oracle's measurement and reinforcement phase is just beginning, but anecdotal reports indicate the Integral Talent Systems program appears to be successful. In surveys immediately after the workshops, managers rated the course contents an outstanding 4.5 on a 1 to 5 scale, says Kraft. Attendees estimated they knew 47 percent more about retention strategies after the workshop than they knew before.
Competitive pressure and the difficulty of finding suitable candidates in Hong Kong's
employment market combined with high job transience is driving companies here to take a more
comprehensive approach to human capital management (HCM), according to a senior executive from
Oracle, the global software leader in HCM1. Sean Loiselle, Senior Director, Human Capital
Management, Oracle Asia Pacific, contends that a high-performance workforce is emerging as a
critical advantage for companies competing in Hong Kong's increasingly knowledge-based economy.
In its latest survey of manpower statistics2, the Hong Kong Institute of Human Resource
Management (HKIHRM) found that the overall job vacancy rate in Hong Kong climbed to a new high
of 3.1 % during the first quarter of 2007, reflecting strong growth in the economy. The HKIHRM
survey also found that, at 5.62%, the SAR's financial services sector had the highest vacancy rate
overall while middle management and non-managerial professionals were the positions in greatest
demand with a 4.09% vacancy rate.
“The Hong Kong economy has grown strongly in the last four years and the war for talent is
re-emerging,” said Loiselle. “Companies recognize that they are competing not only for product and
service superiority but, also for high-quality staff. Being able to manage their workforce as well as
attract and retain top talent are critical if companies want to gain competitive advantage. Talent
management – the identification and cultivation of key employees – is coming to the fore in Hong
Kong as companies find it increasingly challenging to find suitably qualified human resources.”
Talent management touches a wide range of HCM disciplines. To ensure it that talent management is
managed in a comprehensive way, organizations need to create a framework with six key elements:
�� Talent planning – the identification of talents essential for each role within the company,
forming the baseline for monitoring the success of all other components.
�� Recruitment – being able to accurately evaluate candidates to match their skills to the
requirements of current openings and future business goals.
�� Competency, skills and learning management – helps determine skills gaps in key positions
and provides a way to bring staff up to necessary levels.
�� Performance management – compares employee performance results to company objectives
for ongoing auditing and monitoring of talent development.
�� Compensation – proper rewards, including base and incentive pay and equities, help
managers recognize achievements and push for higher levels of effectiveness.
�� Career and succession planning – the new roles and responsibilities that represent growth
and advancement for staff who wish to expand their abilities and fill skills gaps.
“Oracle has worked hard to ensure that all these elements are seamlessly integrated within our flagship
HCM solution suites - Oracle PeopleSoft Enterprise HCM and Oracle E-Business Suite Human
Resources Management System,” said Loiselle. “Both product lines have had major upgrades in the
last six months to meet market requirements. They also feature automated performance management
that provides a 360-degree of the workforce. This reduces the chance that skill gaps are hidden by
information silos that exist in decentralized systems.”
The corporation has arguably become best-known for its flagship product, the Oracle Database. The company also builds tools for database development and systems of middle-tier software, enterprise resource planning software (ERP), customer relationship management software (CRM) and supply chain management (SCM) software.
As of 2010, Larry Ellison, a co-founder of Oracle Corporation, has served as Oracle's CEO throughout its history. He also served as the Chairman of the Board until his replacement by Jeffrey O. Henley in 2004. On August 22, 2008 the Associated Press ranked Ellison as the top-paid chief executive in the world.
It was interesting to note that the survey of 71 IT organisations found that those with stronger education and training programmes have lower than average turnover rates, and that staff prefer good training to increased pay.
"IT managers often worry that investments in training will be reaped by other organisations when IT workers shop their new skills around," said John Longwell, director of research for Computer Economics.
"But this study indicates that investing in training is actually the best way to retain employees."
The factors commonly perceived as influencing staff turnover are:
-Education and training opportunities
-Flexible schedules
-Work environment
-Social environment
-Pay
-Insurance benefits
-Employee recognition programmes
-Paid time off
-Retirement programmes
-Telecommuting opportunities
"While offering competitive salaries and benefit packages may be important for recruitment, providing quality-of-life incentives and enhancing working environments are more important for retention," Longwell concluded.
In my role where I am talking to candidates on a daily basis about why they are looking to change jobs, I often find that people change companies because they are looking for new challenges, or looking to develop their career, etc.... When I ask people why are they looking to move the answer is hardly ever "because of lack of pay or benefits".
I enjoy telling people about what it is like to work here at Oracle because I do believe we have some great people and a great culture that makes it enjoyable to be here. I may be a bit biased I know, but I do think we are one of the more progressive companies when it comes to looking after our employees.
It is that time of year where everyone writes a "my predictions for [insert niche area here] 2010" story. These articles and blog posts are great but rather than write up another list about the same things many of us have already heard or written about (eg. More about social media, mobile is coming, etc....) I wanted to reflect on something different (I sense a theme for my blog posts this year developing - updates next post). Whether you are in a company that employs 1 or 100 000 people, as professionals we all have certain tasks that we need to do to be successful in our jobs. The jobs we have have their ups and downs but they make up a large portion of our day, our time and our energy. Ideally we should enjoy what we do and if you are in a job to just "pay the bills" it does not have to necessarily be a bad thing.
If you are doing the same task day in and day out, it runs the risk of becoming monotonous. Yes you will become an "expert" in what you do because you do it day in and day out, but there is the inherent risk of losing your passion for what you do - I am not sure but if I had to do the same thing every day it would likely damper my creative thinking and spirit. But wait a second, in my role I do have similar tasks that I complete each day - work out our resourcing needs, search for and identify candidates, lots of search, lots of talking to people, the list goes on. Even though I do the same tasks I have not lost any passion or want to do my role.
I love what I do and I am successful at what I do. Since I started recruiting in 1999 I have seen many Recruiters just going through the motions, but that does not have to be the case, I think we can all add our own individuality to our jobs in some form. I think one of the reasons I enjoy my role as much as I do here at Oracle is because my management team has allowed me the flexibility to be creative in my role. I invest a large portion of my day doing the core things that I have to do to get my job done, but I also have outlets that let me not only be creative but also help the company by finding new answers and ways of doing things.
It does not matter what your outlet is - but if you can find one that helps both you and the company at the same time I think that creates a great energy. It could be tweeting a message or posting a blog article. For me writing is a great outlet. There have been times when I have been stuck on a problem with no answer in sight, looking at my laptop for ages - what I have done is put on my running shoes, turned up my iPod and in that run when I step away from the problem more often than not the solution has 'popped' into my head. When an idea hits you, go with it, if you can't attend to that thought straight away - write it down and come back to it. Your idea may not be the traditional way you do things, but look into it - you may have something.
High-tech employees increasingly stay with a company only a year or two before moving on to greener pastures. It's a trend that has cost the high-tech industry a lot in terms of training time, lost opportunity and actual dollars-generally 1.5 to 3 times the employee's annual salary, depending upon the position. Not surprisingly, enterprise software firm Oracle Corporation decided to minimize the chances that its own highly skilled employees would join the throngs of job-hopping individuals.
However, managers can't take preemptive actions to retain key employees unless they can determine who is most likely to leave and can identify the early warning signs. Clearly, Oracle needed a training program to help managers identify factors contributing to employee attrition, identify individuals' likelihood of leaving and develop an action plan to retain those individuals. Rather than develop a retention training program internally, in late 1998 Oracle implemented the program "Retaining Top Talent," developed by Integral Talent Systems, a Behavioral Technology Partner.
Customization is the keyword throughout the Integral Talent Systems program. "The course revolves around the action plan," Kraft says, that is tailored to Oracle's high-tech environment and to each individual who may be at risk of leaving. In a workshop, managers identify their top three employees and their risk of leaving, based on such things as job security, working conditions, benefits, salary and the extent to which they believe those factors motivate specific individuals. Later, managers talk with the employees themselves to ensure their own perceptions are accurate. "When they identify key employees' risks of leaving, a lot of managers are surprised," he adds. Next, managers examine themselves, based on 72 managerial behaviors that are related to retention, identified by Integral Talent Systems. The course also examines how attrition affects the team, the business, the stock price and other aspects of Oracle.
Oracle's measurement and reinforcement phase is just beginning, but anecdotal reports indicate the Integral Talent Systems program appears to be successful. In surveys immediately after the workshops, managers rated the course contents an outstanding 4.5 on a 1 to 5 scale, says Kraft. Attendees estimated they knew 47 percent more about retention strategies after the workshop than they knew before.
Competitive pressure and the difficulty of finding suitable candidates in Hong Kong's
employment market combined with high job transience is driving companies here to take a more
comprehensive approach to human capital management (HCM), according to a senior executive from
Oracle, the global software leader in HCM1. Sean Loiselle, Senior Director, Human Capital
Management, Oracle Asia Pacific, contends that a high-performance workforce is emerging as a
critical advantage for companies competing in Hong Kong's increasingly knowledge-based economy.
In its latest survey of manpower statistics2, the Hong Kong Institute of Human Resource
Management (HKIHRM) found that the overall job vacancy rate in Hong Kong climbed to a new high
of 3.1 % during the first quarter of 2007, reflecting strong growth in the economy. The HKIHRM
survey also found that, at 5.62%, the SAR's financial services sector had the highest vacancy rate
overall while middle management and non-managerial professionals were the positions in greatest
demand with a 4.09% vacancy rate.
“The Hong Kong economy has grown strongly in the last four years and the war for talent is
re-emerging,” said Loiselle. “Companies recognize that they are competing not only for product and
service superiority but, also for high-quality staff. Being able to manage their workforce as well as
attract and retain top talent are critical if companies want to gain competitive advantage. Talent
management – the identification and cultivation of key employees – is coming to the fore in Hong
Kong as companies find it increasingly challenging to find suitably qualified human resources.”
Talent management touches a wide range of HCM disciplines. To ensure it that talent management is
managed in a comprehensive way, organizations need to create a framework with six key elements:
�� Talent planning – the identification of talents essential for each role within the company,
forming the baseline for monitoring the success of all other components.
�� Recruitment – being able to accurately evaluate candidates to match their skills to the
requirements of current openings and future business goals.
�� Competency, skills and learning management – helps determine skills gaps in key positions
and provides a way to bring staff up to necessary levels.
�� Performance management – compares employee performance results to company objectives
for ongoing auditing and monitoring of talent development.
�� Compensation – proper rewards, including base and incentive pay and equities, help
managers recognize achievements and push for higher levels of effectiveness.
�� Career and succession planning – the new roles and responsibilities that represent growth
and advancement for staff who wish to expand their abilities and fill skills gaps.
“Oracle has worked hard to ensure that all these elements are seamlessly integrated within our flagship
HCM solution suites - Oracle PeopleSoft Enterprise HCM and Oracle E-Business Suite Human
Resources Management System,” said Loiselle. “Both product lines have had major upgrades in the
last six months to meet market requirements. They also feature automated performance management
that provides a 360-degree of the workforce. This reduces the chance that skill gaps are hidden by
information silos that exist in decentralized systems.”
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