Mitsubishi UFJ Trust International Limited has been chosen for this analysis and research, because of its popularity and the international outlook (Robbins & Judge, 2009). Moreover, the company was chosen, because its financial statements could be easily obtained. There is sufficient knowledge on the company’s business profile and framework. Finally, a primary research could be easily conducted to get the required information on the company. Moreover, the company has implemented better strategies as well as programs, which are aimed at attracting and retaining its employees. The strategies/programs incorporate a defined benefit pension plan that acts as a financial security to the company’s employees. The compensation program that is well designed and implemented would not only benefit pensionable employees, but could also increase the company’s profits. The plan is established under the social scheme arrangement, and it gives the employees recognition/sense of belonging, as part of the company’ structural program/arrangement.
This research has established that the company uses recruitment agencies and interview techniques in recruiting its employees for various positions. To some extent, this technique/method of selecting employees differs, depending on one’s position in the company. For example, managers are subjected to more rigorous process, because they have to pass three stages such as aptitude test, psychometric test and oral interview.
Indeed, the current method provides a diverse talent pool to select the best candidates since it acts as a way of respecting the employee’s diversity, cultural background and opinions by ensuring that the workers are assigned duties in departments, where they qualify. Such structuring is done without any form of prejudice so that it can promote the workers based on their qualification and experience (Pettigrew & Whipp, 2009). This enhances specialization and development of expertise in the workers’ area of interest and profession.
The current process at identifying, selecting and retaining highly talented candidates is more effective, because its supports better management practice methods. In order to effectively support good practice in managing employee relations, worker’s activities have to be coordinated so that efficiency could be achieved. In addition, the efficiency helps in goal accomplishment. In this situation, the company used the three work coordination mechanisms, including informal communication, standardization and formal hierarchy (Senior & Swailes, 2010). When these forms of coordination are applied effectively at work, the company might minimize cases of workers unruliness. The other management skill that the company used was the enhancement internal communication. In this regard, internal communication was seen as effective and a better management approach in making the information available to all the concerned parties; leave alone the benefits and the monetary rewards, which the company offered to their employees (Pettigrew & Whipp, 2009).
The current recruitment process supports the development of a motivated workforce since it embraces teamwork and employee involvement in decision making. The use of teamwork in most of its department on matters of technicality is another way of improving the employee relations. The input of different people is very important if meaningful success has to be achieved by the company. For technical cases affecting the industry, teams and team working forms the best strategy for making conclusive and reliable decisions on the best course of action the company might take to avert a looming problem. In addition, teamwork improves efficiency in articulating duties. The reason being that, once the team has been assigned a specific duty, it would be upon each and all member(s) to make sure that every person does the required work with minimal supervision, thus creating a sense of cooperation. Sometimes, complex duties necessitate the use of professionals who can also organise as a team and carry out the specific and technical activities among themselves. Supporting this good practice improves employee relations (Senior & Swailes, 2010). Teamwork in the company is very essential because sometimes, majority of the people in the team might be motivated by generation factors, such as the self-fulfillment of the duties. Such people should be allowed to fulfill their dreams and inculcate such skills in running their affairs. In the company, the technology related duties that some of the employees do, such as maintaining the company website are conducted in close consideration with other teams. Notably, the work characterizes the modern generation and it is a full-filling to the team of the general workforce mandated to perform such a task.
Senior leaders should encourage more dialogue and informal communication to improve the process, including any techniques to widen the diversity of the talent pool. Under informal communication, the company applied a number of means, in making sure that the workers are informed appropriately. For instance, sharing information, encouraging teamwork and media-richness enhance information sharing among the workers. It improves the employee relations in the company and increases its productivity. Moreover, under standardization, the company has used a number of ways in coordinating the workforce. For example, the use of formal instructions, training and outline clear goals, which would help in achieving uniformity. Moreover, standardization also leads to the manufacturing of quality goods acceptable globally. As a result, the employees learn to live and work with one another for the success of the firm.
The organization should monitor the effectiveness of its recruitment process by making sure that all the selection stages are followed. In this regard, factors such as candidate ratio, external and internal candidate ratio, average start time, recruitment/selection source breakdown, offer rate, rate of acceptance among the interviewed candidates and new recruits turnover rate should be taken into account (Robbins & Judge, 2009). Other factors to be considered for this assessment include vacancy recruitment cost, turnover contribution for each recruitment and retention rate of new recruits.