Maximizing Company Profit through Employee Retention: A bi-level optimization approach
Inbal Singer, M.Sc. student at the department of Industrial Engineering
Advisors: Dr. Hila Chalutz Ben Gal & Prof. Yossi Bukchin
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Abstract:
The increasing trend of flexible work arrangements is expected to greatly affect how companies manage and handle their employees. To address the issue of employee turnover, we suggest two bi-level mathematical models to help companies retain their workforce. These models aim to achieve this by offering appealing benefit packages and flexible arrangements in their work plans. The models consist of two levels: the first level focuses on the company's objective of maximizing profits through attractive salaries and high-quality work plans, while the second level considers the employees' goal of minimizing the difference between their desired salary and the total benefits offered by the work plan. The two models differ in their approach to determine salaries. The first model assumes the company offers salaries for each work plan and job type (such as programmer or analyst) while in the second model, there is full flexibility in determining salaries for each suggested work plan and an employee. By using experimental analysis, we illustrate how the different parameters of the problem affect the optimal solution and the company's profit and suggest optimal policies for each scenario. The results highlight the relevance of the optimal solution to real-world challenges and the significant contribution to the field as it proposes a new bi-level model to tackle the challenge of proactive employee retention in flexible work arrangements.
Bio:
Inbal Singer is an M.Sc. student in the Department of Industrial Engineering at Tel Aviv University. She holds a BSc degree in Mathematics and Computer Science from Tel Aviv University, as well as an MBA from the Technion. Currently, she serves as the Head of Product at Kipp, a fintech startup. Prior to this role, she has held positions in software development, system analysis and product management. This work was conducted under the supervision of Dr. Hila Chalutz Ben Gal and Prof. Yossi .Bukchin.
E-Mail: inbal.singer@gmail.com
Linkedin: https://www.linkedin.com/in/inbal-singer-595511137/
