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Employee Retention of First Hawaiian Bank

Employee Retention of First Hawaiian Bank

Discuss Employee Retention of First Hawaiian Bank within the Human Resources Management (H.R) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; First Hawaiian Bank is a regional commercial bank headquartered in Honolulu, Hawaii at the First Hawaiian Center. It is a ...



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Employee Retention of First Hawaiian Bank
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Pratik Kukreja
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Employee Retention of First Hawaiian Bank - April 9th, 2011

First Hawaiian Bank is a regional commercial bank headquartered in Honolulu, Hawaii at the First Hawaiian Center. It is a subsidiary of BancWest Corporation, which itself is a subsidiary of the French banking company, BNP Paribas. Founded in 1858, First Hawaiian is the oldest and largest (by deposits) bank in the State of Hawaii, and claims to be the second oldest bank west of the Rockies.
The bank currently operates 58 branches in Hawaii, three in Guam, and two in Saipan. According to FDIC records, as of July 14, 2008, the bank's assets were $12,957,489,000. BancWest had more than 700 branches in Arizona, California, Colorado, Hawaii, Idaho, Iowa, Minnesota, Nebraska, Nevada, New Mexico, North Dakota, Oregon, South Dakota, Utah, Washington, Wisconsin, Wyoming, Guam and Saipan.

An Employee Benefits Plan plays an integral role in the "total compensation" paid to an employee. These added costs may equate to the total amount paid to or for the benefit of individuals for services rendered in the course of business.

Direct cash compensation is the single largest component of total compensation (e.g., regular salaries, wages and bonuses).
Employee benefits - non-cash component of total compensation - are a large and ever increasing percentage of total compensation.
To stay competitive, employers need to find a way to control the cost of labor. First Hawaiian Insurance can assist you to ensure that your employees are taken care of by:

Designing a comprehensive benefits program that will integrate your benefits with the company's business strategy, compensation philosophy and human resource needs while also meeting the needs of your employees.
Finding more effective ways to control health care costs - those currently in use and those at the leading edge.
Selecting the appropriate retirement plan.
Designing, implementing and monitoring a Section 401(k) cash or deferred plan; and
Communicating your employee benefits effectively and helps you to retain your competitive position in the labor market.

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We've all heard the phrase, “If you want something done right, you have to do it yourself.” From my point of view, nothing could be further from the truth!

As a corporate training provider, I often think about the things I've learned over the years, having worked with hundreds of companies. What I know for sure is that learning to delegate effectively will make you a more effective leader. Yes, planning and organization can help, but if you aren't delegating, chances are you will constantly battle the problem of keeping up with everything that has to be done, which leads to productivity issues.

These days, leaders are charged with many challenges, including the maximization of resources. Those who are in a position of responsibility must constantly look for ways to develop their talent. And, one of the best ways to do that is by delegating tasks.

Delegating accomplishes two things. One, it expresses your confidence in your employees. And two, delegation motivates team members to step outside of their box and go beyond the previously defined limits of their potential.

My experience in working with hundreds of organizations has proven that having the ability to successfully delegate work, has a direct impact on business results:

Increased productivity
Maximized resources
Developed talent
Motivated employees
If you will follow these five skills point when delegating, you will be more effective.

Explain the need for delegation to your employee (why you are asking him or her to do the job)
Use delegation of the task to motivate (tell why you selected this employee, based on his or her competency, motivation, etc.)
Explain what you need done, and ask the employee how he or she thinks it should be done.
Specify the employee's level of responsibility and authority
Confirm the employee's understanding of the task and set up a time for review (after the task has been accomplished.

Employee retention refers to policies and practices companies use to prevent valuable employees from leaving their jobs. How to retain valuable employees is one of the biggest problem that plague companies in the competitive marketplace. Not too long ago, companies accepted the “revolving door policy” as part of doing business and were quick to fill a vacant job with another eager candidate. Nowadays, businesses often find that they spend considerable time, effort, and money to train an employee only to have them develop into a valuable commodity and leave the company for greener pastures. In order to create a successful company, employers should consider as many options as possible when it comes to retaining employees, while at the same time securing their trust and loyalty so they have less of a desire to leave in the future.

Every company should understand that people are their best commodity. Without qualified people who are good at what they do, any company would be in serious trouble. In the long un, the retention of existing employees saves companies money. As Beverly Kaye and Sharon Jordan- Evan stated in Training and Development: “ Studies have found that the cost of replacing lost talent is 70 o 200 percent of that employee’s annual salary. There are advertising and recruiting expenses, orientation and training of the new employee, decreased productivity until the new employee is up to speed, and loss of customers who were loyal to the departing employee. Finding, recruiting, and training the best employees represents a major investment. Once a company has captured talented people, the return-on-investment requires closing the back door to prevent them from walking out.”
When an employee leaves a company for a direct competitor, there is always a chance that they will take important business strategies and secrets with them to be explained by the competition. This is yet another reason why the retention of employees is so crucial to some businesses. While this practice seems a bit unscrupulous, it skills happens quite frequently. As Bill Leonard stated in HR Magazine: “ Because employers know that the best-qualified applicants
will come directly from competitors, recruiting and hiring employees away from mother of inventive and sometimes controversial business practices. Recruiting and hiring from your competitors is probably as old as business itself. But what is new—and a hot topic among employers – is how to attract and retain qualified candidates in a highly competitive labor market while also preventing their own intellectual capital from winding up in the hands of competitors.
One way for a company to prevent employees from giving valuable information to competitors is to make it a policy to enforce strict noncompete and confidentiality agreements amongst its employees. The existence of such agreements could in fact deter a competitor from hiring a valuable employ because they might not want to risk possible legal entanglements with the other company. Of course, all this could possibly lead to animosity with the employee who could feel that his or her options are being limited. Many employees don’t always remember signing such a document, so a copy of it should always be kept on file for the employee to refer to. This area could prove to be a highly sensitive one between employer and employee, so extreme caution is suggested in all instances.
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