Savannah Engineering, Inspection and Insurance Company (SEIIC) is one of America's oldest insurance companies specializing in equipment inspection and insurance for companies in the manufacturing, transportation, and energy sectors. Founded in 1873 and named for the first steam-powered ship to cross the Atlantic, SEIIC has grown to become a global leader in the application of engineering principles to safety and risk management. With more than 4,500 employees in 14 principal offices and 55 field locations around the world, SEIIC stands ready to meet industry needs on any continent.
More than 50% of the SEIIC employees have an engineering or technical background. Accordingly, college recruiting and training are major features of the HR program. Although SEIIC has been known as a great place to work, turnover/retention issues need constant attention in the highly competitive labor market for technical personnel. In the past, the company was also known for outstanding customer service and for building long-term relationships with its many business partners. However, this image has slipped in recent years as the company and market have undergone significant change in the post-9/11 world and the company has struggled to respond in effective ways. As a result, SEIIC has decided to undertake a complete updating of its human resources management practices. To accomplish this effort, the company wants to investigate emerging trends in HR and to identify best practices for major HR processes.
(1) Identify major trends that are likely to affect a company such as SEIIC.
(2) Provide insight in the following areas by identifying at least two significant issues or trends for each area:
o Economic and financial
o Legal and political
o Social and cultural
(3) Discuss how these trends will affect SEIIC. Be specific in linking the trends that you identify with specific areas of HRM (e.g., employment, managing diversity, training and development, performance management, compensation and benefits, health and safety, and international HRM) implications to the trends that you have identified.
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The following guide will further your knowledge in this area and assist with your studies.
Identify major trends that are likely to affect a company such as SEIIC
Like all companies today, the economy is affecting the way companies do business and the way employees are treated. The Society for Human Resource Management states that today's trends are as follows. " Work intensification as employers increase productivity with fewer employees; More companies offering less health insurance benefits; Increase in work product demand due to modern technologies; Increase in outsourcing jobs overseas; Increase in employees with elder care issues; ." (2007) These trends paint a picture of a story that is heard quite often from today's workforce. Work harder, earn less; less free time for family and outsourcing.
SEIIC is no different for any other business today, as it is facing similar issues. The difference with SEIIC is the company wants to address the trends and try to improve corporate acumen to retain employees and keep the employees satisfied, as satisfied employees lead to satisfied customers.
Economic and Financial Insight
This section is bleak. Today's companies are closing daily and the country is heading for a depression. The New York Times has stated "Suddenly, the economic consensus seems to be that the implosion of the housing market will indeed push the U.S. economy into a recession, and that it's quite possible that we're already in one." (Krugman 2008) This significant issue has brought down ...
The solution addresses the major trends that are seen in an HR department in relation to SEIIC Corporation