1) Identifying organization’s Vision, Mission, and Values
While Yahoo! Has formed a distinct corporate culture, it lacks certain cementing elements of every organization – its vision, mission, and values. Lately, many Yahoo! employees have shown anxiety about the state of affairs and distrust to their organization. As a result, high turnover rate among senior management has amplified the need for a new HR strategy.
2) Job Analysis
Taking into account the rapid pace of organization’s development, this function of HR team has been overlooked. In the process of job analysis, it’s necessary to investigate the duties and skill requirements of each job in the company. It can benefit Yahoo! in two major ways: first of all, employee layoff can be done effectively and with minimum loses through reducing redundancy; secondly, the process of hiring new employees should correlate with job description.
3) Workforce Planning
As the case study informs, workforce planning wasn’t the primary focus of the HR team, and succession planning was absent altogether. The company lacked competency models or assessment and profiling tools.
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4) Professional Development Programs
During the years of its existence, Yahoo! paid virtually no attention to development and learning. As the case study informs, training and leadership skills were developed on the job. There is a clear and consistent need for the establishment of training and professional development programs as a part of the general strategy of internal branding.
5) Recruitment Strategy
As the case study informs, Yahoo! lacks a distinctive recruitment strategy. Far more important, the company doesn’t have a strategy for talent acquisition. A recruitment strategy is crucial to building up an effective workforce.
6) Compensations and benefits
It’s advisable that Yahoo! should raise salaries, since they are below average for the market. The strategy to offset low salaries by stock option can’t be viewed as efficient since stock prices are highly volatile.
As for benefits, it’s necessary to improve the payroll system in order to afford the introduction of employee cost-sharing schemes for medical benefits. Yahoo! should move towards more standard HR practices, since its organizational structure also becomes more traditional.
7) Performance Measurement
At Yahoo!, there were no clear performance standards. They were inconsistent across the company and didn’t correspond to achievement or performance needs. This was further amplified by the absence of job classification system.
8) Performance Appraisal
The most important aspect of introduction of incentives system at Yahoo! is solid communicational support. As the case study informs, employees were getting incentive pay without formal notification about the reasons for it.
In order to make a company competitive on the market, HR strategy should be flexible enough to adjust quickly to changes in market dynamics. First of all, it’s important to monitor and acknowledge changes in market performance. Large layoffs hurt the image of company both outside and inside. If it’s obvious that the market is down, there’s a need to start lay-off process gradually and without getting into the news.
Yahoo!, for example, vacillated for too long before taking the decision to cut its workforce. As a consequence, the figure of 12% shocked everyone.
It’s also very important to communicate clearly that the lay-off is caused by external factors, not by employee incompetence. It will alleviate the negative feelings involved in a lay-off.
As a usual HR practice, lay-off packages should be prepared and exit interviews should be conducted.
When the market is up, there are diverse strategies that can be applied to hiring new employees. First of all, it can be useful to hire candidates from internal sources. It can be especially useful at the initial stages of hiring process, if it’s attributed to a market change: it’s better to verify whether the trend persists and then recruit employees from outside sources.
In this way, the costs of hiring new employees are reduced. Training and orientation are not needed, and employees are familiar with the company, its products and policies. Less testing is performed since HR management already knows employee’s strengths and weaknesses. It’s also possible to use the employee more effectively, since his or her skills, talents, and productivity are already known.
Hiring from within doesn’t change the organizational culture dramatically. A new employee usually takes time to adjust to a new working environment and corporate culture. Cultural clashes are, in many cases, inevitable. Yet hiring from internal sources can help to avoid many problems of such nature.
It’s also possible to rehire former employees. If their exit interviews indicated that their attitude to a company is still positive, recruiting them may have the same benefits as hiring from within.
When it becomes clear that the trend towards growth persists and the need for new worker becomes more acute, it’s necessary to inquire about the long-term forecast of company’s performance. If it’s still vague, the most attractive option is hiring temporary employees. They tend to be more productive and provide a different perspective on company’s ways and practices. Furthermore, hiring temporary workers implies that recruitment, screening, and payroll administration costs are virtually non-existent.
If the trend for growth has proven to stable for a decent period of time, it’s high time to hire permanent employees. Here traditional HR practices come into play, such as college recruiting, walk-ins, or headhunting.
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