WAYS TO SUSTAIN RETENTION
Employers
are facing critical shortage of talent in the world’s second largest democratic
Country, India.The shortage of professionally qualified and competent employees
has consistently bothered corporate leaders Globally.To me India is no
exception to this situation.Along with the problems with irresponsible Legal
initiatives ,Abstract Bureaucracy at
times,talent shortage and been a major
problem for many HR leaders.
Rapid
growth of Indian Economy is partly to be blamed for this.The demand for talent
has outnumbered the supply. It therefore becomes critical for any organization
to retain talent from the market , as it would be more expensive that way.It
would be prudent to retain well groomed talent within the organization rather
than letting competition poach the talent.
The
genuine big Question is how to retain talented employees ? To my understanding
there are numerous Internal and external factors that ought to contribute for
the real gauge of Talent. I would like to streamline this through 4E
mechanism.The 4 aspects are(a) Encouraging (b)Enriching (c)Engaging and (d)
Enabling.
The
Encouraging domain has to take care of schemes and policies that makes to
look oneself inward and get exposed to
Goals of Organization. The space of Enrichment has to look into professional
Enrichment of the employees through Job clarity,Providing growth opportunities,
recognizing achievements and Empowering them. The third aspect of Engaging
means respecting them as individuals and keeping them well informed
through all hierarchies of Organization
as imperative to the situation that comes.
The
Enabling aspect has to take care of providing psychological safe work
environment,helping employees to balance work and Family responsibilities and
commitments.I prefer the process of talent management has to be looked under
four key indicators. They should be(a)
Commitment level(b) Key
result Areas(c) Intention to stay and (d)Attrition rate.
The
organization has to pith into serious
Interview mechanisms to analyze the reasons
why employees have quit the Organization in the past.In general the
employees may not be truthful during the exit interviews. I feel it would be
apt that if the employees are approached by a third party three months after they have quit. In such
cases, the employees might share the real reason of quitting the organization.
To
conclude Talent retention is more vital
than Talent sourcing, which provides any organization the competitive
advantage. No organization with leaking
talent pipeline would remain competitive.It is therefore
desirable that organizations should give
necessary attention to talent retention with necessary initiatives as appended
above for their sustained well-
being in this competitive
corporate world.