Harvard Case - Bernard Watch Company: Unraveling the Cost of Voluntary Employee Turnover
"Bernard Watch Company: Unraveling the Cost of Voluntary Employee Turnover" Harvard business case study is written by Paul Hempel, Isabella Chan, Neale O'Connor. It deals with the challenges in the field of Human Resource Management. The case study is 13 page(s) long and it was first published on : Feb 1, 2008
At Fern Fort University, we recommend a comprehensive strategy for Bernard Watch Company to address its high voluntary employee turnover, focusing on talent management, employee engagement, and organizational culture. This strategy involves a multi-pronged approach encompassing employee retention, leadership development, compensation and benefits, career advancement, and diversity and inclusion.
2. Background
Bernard Watch Company, a successful manufacturer of high-quality watches, faces a significant challenge: high voluntary employee turnover, particularly among skilled workers. This turnover negatively impacts productivity, quality, and profitability. The case study highlights the company's efforts to understand the root causes of this turnover, including factors like low wages, limited career advancement opportunities, and a perceived lack of recognition.
The main protagonists are the company's management team, who are grappling with the consequences of this turnover and seeking solutions. The case study also introduces the perspective of employees, highlighting their concerns and motivations.
3. Analysis of the Case Study
To analyze the case, we utilize the Human Resource Management (HRM) framework, focusing on the following key areas:
- Talent Management: Bernard Watch Company needs to develop a robust talent management strategy to attract, retain, and develop its workforce. This includes implementing effective recruitment strategies, employee onboarding, and performance management systems.
- Employee Engagement: The company should prioritize initiatives to enhance employee engagement by fostering a positive organizational culture that values employee contributions and provides opportunities for growth. This involves implementing employee surveys, feedback mechanisms, and employee recognition programs.
- Leadership Development: Strong leadership is crucial to driving employee engagement and retention. Bernard Watch Company should invest in leadership development programs to equip managers with the skills to motivate, mentor, and support their teams.
- Compensation and Benefits: The company needs to review its compensation and benefits package to ensure it is competitive and attractive to skilled workers. This may involve adjusting salaries, offering performance-based bonuses, and providing comprehensive benefits packages.
- Career Advancement: Bernard Watch Company should create clear career paths for employees, providing opportunities for growth and development within the organization. This can be achieved through training programs, mentorship initiatives, and internal promotion opportunities.
- Diversity and Inclusion: Promoting a diverse and inclusive workplace can enhance employee engagement and retention. Bernard Watch Company should implement policies and practices that foster a welcoming environment for all employees, regardless of their background.
4. Recommendations
Bernard Watch Company should implement the following recommendations:
1. Conduct a Comprehensive Employee Survey:
- Objective: Identify the key drivers of employee turnover and understand employee perspectives on factors like compensation, benefits, career advancement, and organizational culture.
- Methodology: Conduct a confidential survey using validated questionnaires and ensure participation from all employees.
- Timeline: Complete the survey within the next 3 months.
2. Develop a Robust Talent Management Strategy:
- Objective: Attract and retain skilled workers by implementing effective recruitment strategies, employee onboarding, and performance management systems.
- Methodology:
- Recruitment: Utilize targeted recruitment channels, leverage employee referrals, and offer competitive compensation packages.
- Onboarding: Develop a structured onboarding program that integrates new employees into the company culture and provides necessary training.
- Performance Management: Implement a performance management system that provides regular feedback, recognizes achievements, and supports employee development.
- Timeline: Implement the talent management strategy within the next 6 months.
3. Enhance Employee Engagement:
- Objective: Foster a positive organizational culture that values employee contributions and provides opportunities for growth.
- Methodology:
- Employee Recognition Programs: Implement programs to recognize and reward employee contributions, both individual and team-based.
- Feedback Mechanisms: Establish regular feedback channels to gather employee input and address concerns.
- Team Building Activities: Organize team-building events to foster collaboration and camaraderie.
- Timeline: Implement employee engagement initiatives within the next 6 months.
4. Invest in Leadership Development:
- Objective: Equip managers with the skills to motivate, mentor, and support their teams.
- Methodology:
- Leadership Training Programs: Provide managers with training on leadership styles, communication skills, conflict resolution, and performance management.
- Mentorship Program: Pair experienced managers with junior managers to provide guidance and support.
- Timeline: Implement leadership development programs within the next 12 months.
5. Review Compensation and Benefits:
- Objective: Ensure that compensation and benefits packages are competitive and attractive to skilled workers.
- Methodology: Conduct a market analysis to benchmark compensation and benefits against industry standards.
- Timeline: Complete the compensation and benefits review within the next 6 months.
6. Create Clear Career Paths:
- Objective: Provide opportunities for employee growth and development within the organization.
- Methodology:
- Training Programs: Offer training programs that align with employee career aspirations and skill development needs.
- Mentorship Initiatives: Establish mentorship programs to support employee career development.
- Internal Promotion Opportunities: Create clear internal promotion pathways to incentivize employee retention.
- Timeline: Implement career advancement initiatives within the next 12 months.
7. Promote Diversity and Inclusion:
- Objective: Foster a welcoming environment for all employees, regardless of their background.
- Methodology:
- Diversity and Inclusion Training: Provide training to all employees on diversity and inclusion best practices.
- Recruitment Outreach: Expand recruitment efforts to reach diverse talent pools.
- Employee Resource Groups: Establish employee resource groups to support diverse employee communities.
- Timeline: Implement diversity and inclusion initiatives within the next 12 months.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Bernard Watch Company's mission to produce high-quality watches and its commitment to employee satisfaction.
- External customers and internal clients: The recommendations address the needs of both external customers (by ensuring product quality and timely delivery) and internal clients (by improving employee morale and productivity).
- Competitors: The recommendations consider the competitive landscape and aim to attract and retain skilled workers by offering competitive compensation and benefits packages.
- Attractiveness: The recommendations are expected to improve employee retention, reduce turnover costs, and enhance profitability.
- Assumptions: The recommendations assume that employees are motivated by factors such as fair compensation, career advancement opportunities, and a positive work environment.
6. Conclusion
By implementing these recommendations, Bernard Watch Company can effectively address its high voluntary employee turnover, improve employee engagement, and create a more sustainable and profitable business. The company's commitment to talent management, employee engagement, and organizational culture will be crucial to achieving long-term success.
7. Discussion
Other alternatives not selected include:
- Outsourcing manufacturing: This option could reduce labor costs but might compromise quality control and brand reputation.
- Automating production: While automation can improve efficiency, it may lead to job displacement and require significant investment.
Key risks and assumptions:
- Employee resistance to change: Employees may resist changes to compensation, benefits, or work processes.
- Cost of implementation: Implementing the recommendations will require significant investment in training, technology, and employee programs.
- Time to see results: It may take time to see the full benefits of these initiatives.
8. Next Steps
Bernard Watch Company should implement the following next steps:
- Form a task force: Assemble a cross-functional team to oversee the implementation of the recommendations.
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource requirements for each recommendation.
- Communicate with employees: Keep employees informed about the changes and their rationale.
- Monitor progress: Track key performance indicators (KPIs) to measure the effectiveness of the initiatives.
By taking these steps, Bernard Watch Company can effectively address its employee turnover challenge and create a more engaged, productive, and sustainable workforce.
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Case Description
Since 1963, Bernard Watch Company has been manufacturing watches for widely known brands, such as Dolce & Gabbana and Roamer. The company is headquartered in Denmark and has a branch office in Hong Kong and an assembly plant in Shenzhen, China. Anson Leung, chief financial officer, has conducted a series of audits on the various cost aspects of running the assembly plant. This is to ensure efficient management of the plant's human capital, which is a vital resource for the company due to the need for stable production quality with just-in-time delivery at competitive prices-a common goal for the watch-making industry. Leung is alarmed by findings that reveal a high voluntary turnover rate of 39.3% among assembly line workers during 2006, costing Bernard as much as Rmb 718,188.9. She is concerned that this may jeopardise the company's long-standing market position in watch-making. This case examines the different types of costs that may incur from voluntary turnover, including both direct and intangible costs such as those that are related to separation of leaving employees, recruitment of new staff and loss in productivity. It can be used to teach the concept of human resources accounting and to introduce how human resources management practices may help reduce voluntary turnover costs.
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