Hiring New Staff

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As compared to offering training and professional development, offering better benefits have more drawbacks. Firstly, the costs associated with offering better benefits, such as health care and retirement benefits can be extremely high (SBA, 2015). Health care costs have risen significantly over the years and they will not only drain valuable resources from Lancôme but they might cause financial planning to be very difficult (Miller, 2015). Furthermore, Lancôme may find itself in situations where it has to push some of the costs to its employees. Offering benefits to employees may sometimes require Lancôme and its employees to share costs. Although there are ways of controlling costs and returning certainty to the process, it is inevitable that some costs will be pushed to the employees. Besides, setting up and implementing better benefits for employees such as retirement plans can be time consuming, costly and complicated (Wagar & Rondeau, 2006). The process will most likely need the assistance of professionals, which can be expensive.

Both approaches, offering efficient training and better benefits for employees are effective in addressing the problem that Lancôme is facing. Both approaches however have benefits and drawbacks. For example, offering training to the new and existing employees will increase their skills, which can be beneficial to the organization (Wagar & Rondeau, 2006). The practice will also attract talented employees because of the promise of professional development. The practice however might be expensive and costly for the organization. Similarly, offering better employment benefits is beneficial because it will lead to satisfied employees who will perform their tasks better. The approach of providing better benefits also has drawbacks of money and time consumption and complicating the process of financial planning (Basler, 2015). It is, therefore, advisable for Lancôme to integrate the two approaches while considering some factors such as the resources they have and time.

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References

Basler, E., (2015). 4 Rules for Hiring & Retaining Your Best Employees. Accessed online on August 19, 2015 from: http://www.forefrontmag.com/2015/03/4-rules-for-hiring-retaining-your-best-employees/

Miller, J., (2015). How SMEs Can Hire and Retain Talented Staff. Accessed online on August 19, 2015 from: http://www.theguardian.com/small-business-network/2014/aug/18/smes-hire-retain-staff

SBA (2015). Required Employee Benefits. Accessed online on August 19, 2015 from: https://www.sba.gov/content/required-employee-benefits

Wagar, T. H., & Rondeau, K. V. (2006). Retaining employees in small and medium-sized firms: Examining the link with human resource management. Journal of Applied Management and Entrepreneurship, 11(2), 3-16.