Dear All,
I'm new to this discussion forum and posting the message for the first time.
I need your suggestions for retaining the talent in a competitive scenario in engineering services sector.
Would appreciate if you can please share with me the best practices followed by the different companies.
Thanks & Regards,
Simita.
From India, Bangalore
I'm new to this discussion forum and posting the message for the first time.
I need your suggestions for retaining the talent in a competitive scenario in engineering services sector.
Would appreciate if you can please share with me the best practices followed by the different companies.
Thanks & Regards,
Simita.
From India, Bangalore
Hi,
Before you start the excercise, I think you should look at "whom to retain". You need to have a process wherein you can identify the talent and retain them. We call it talent management. How to retain talent is again a big issue because talent will always look for space to groom. I believe following options can be looked into for retaining talent:
1. Good Career Path
2. Increased Roles & Responsibilities, respect
3. Timely Training for skill development
4. Increase participation in business development & decision making
5. Time bound gifts (higher value) or paid vacation with family
6. Appreciation in public
7. Value to family concerns
Apart from that there are many options which are being used by many companies e.g. flexi timings, in house games, recreational facilities, counselling services etc..
You may work upon it based upon the kind of business you are into.
Best Regards,
Anup
From India, Hyderabad
2Before you start the excercise, I think you should look at "whom to retain". You need to have a process wherein you can identify the talent and retain them. We call it talent management. How to retain talent is again a big issue because talent will always look for space to groom. I believe following options can be looked into for retaining talent:
1. Good Career Path
2. Increased Roles & Responsibilities, respect
3. Timely Training for skill development
4. Increase participation in business development & decision making
5. Time bound gifts (higher value) or paid vacation with family
6. Appreciation in public
7. Value to family concerns
Apart from that there are many options which are being used by many companies e.g. flexi timings, in house games, recreational facilities, counselling services etc..
You may work upon it based upon the kind of business you are into.
Best Regards,
Anup
From India, Hyderabad
Dear Anup,
Thanks for your inputs which are really helpful.
But where I'm stuck is how we can implement ....lets say the clear cut career path....what should be the starting point and what should be the process for the same....
Can you please help me out in the process flow in order to achieve the same.
Thanks & Regards,
Simita.
From India, Bangalore
Thanks for your inputs which are really helpful.
But where I'm stuck is how we can implement ....lets say the clear cut career path....what should be the starting point and what should be the process for the same....
Can you please help me out in the process flow in order to achieve the same.
Thanks & Regards,
Simita.
From India, Bangalore
Hi Simita,
To start with, you need to have skill matrix in place. It may be made in excel file wherein you coordinate with respective heads to give you the input on present competence level of employees. Figure out who are experts, intermediate and beginners in that matrix. Certainly experts are critical resources, hence you must retain them. You may plan to move them to higher band, increase their span of work (as explained earlier). Plan training for Intermediate and beginners so that they can move in next competence level.
It is not an easy practice because we have seen that people by virtue of work does not get chance to improve upon their skills and hence they start looking for change. Hence you need to put extra efforts to prepare correct skill matrix and keep updating it.
You may work upon present levels of your employees, put them in categories or bands, finalise the timelines e.g. by what time an employee can move in next category/band. Once decided, plan for training & development requirements and act accordingly. You must have a system to check the training effectiveness e.g. timely performance checks, quiz contests, customer feedback etc..
For your help, I am attaching a ppt on finalising career path across the organisation. You may also share the same during the induction session.
Just think what would you have expected from your management to retain you and in what way. Once you get the answer, you would be able to make any process.
Remember 5W and 1H to make any process. :)
Best of luck.
Anup
From India, Hyderabad
To start with, you need to have skill matrix in place. It may be made in excel file wherein you coordinate with respective heads to give you the input on present competence level of employees. Figure out who are experts, intermediate and beginners in that matrix. Certainly experts are critical resources, hence you must retain them. You may plan to move them to higher band, increase their span of work (as explained earlier). Plan training for Intermediate and beginners so that they can move in next competence level.
It is not an easy practice because we have seen that people by virtue of work does not get chance to improve upon their skills and hence they start looking for change. Hence you need to put extra efforts to prepare correct skill matrix and keep updating it.
You may work upon present levels of your employees, put them in categories or bands, finalise the timelines e.g. by what time an employee can move in next category/band. Once decided, plan for training & development requirements and act accordingly. You must have a system to check the training effectiveness e.g. timely performance checks, quiz contests, customer feedback etc..
For your help, I am attaching a ppt on finalising career path across the organisation. You may also share the same during the induction session.
Just think what would you have expected from your management to retain you and in what way. Once you get the answer, you would be able to make any process.
Remember 5W and 1H to make any process. :)
Best of luck.
Anup
From India, Hyderabad
Hello Simita,
First of all let me tell you the various causes for high attrition rate:
No growth opportunity/lack of promotion
For higher Salary
For Higher education
Misguidance by the company
Policies and procedures are not conducive
No personal life
Physical strains
Uneasy relationship with peers or managers
For couple of these reasons employees are moving.
The below mentioned Benefits have to be followed to retain the employees Apart from PF,gratuity
Benefits like:
Group Medi-claim Insurance Scheme
Personal Accident Insurance Scheme
Company Leased Accommodation
Personal Health Care (Regular medical check-ups
Loans
Subsidized food and transportation
Company Leased Accommodation
corporate credit cards
Recreation facilities
Educational benefits
performance based inventives
Flexi timings
Wedding/Birth day gifts
Employee referral schemes
Every individual is different, his needs are different, and his emotions, his problems are different. So…sit down and concentrate on how to tackle
Communicate clearly regarding all aspects
Set Clear Expectations
Plan out Proper Rewarding schemes
Build a high degree of recognition value into every reward you offer
Reduce entitlements and link as many rewards as possible to performance
Always remember
The Law of Rewards - "What you reward is what you get" - Is extremely powerful.it is the rewards your organization gives that communicate the real expectations
Reward promptly(monitory or non monitory).
Vijay
From India, Hyderabad
First of all let me tell you the various causes for high attrition rate:
No growth opportunity/lack of promotion
For higher Salary
For Higher education
Misguidance by the company
Policies and procedures are not conducive
No personal life
Physical strains
Uneasy relationship with peers or managers
For couple of these reasons employees are moving.
The below mentioned Benefits have to be followed to retain the employees Apart from PF,gratuity
Benefits like:
Group Medi-claim Insurance Scheme
Personal Accident Insurance Scheme
Company Leased Accommodation
Personal Health Care (Regular medical check-ups
Loans
Subsidized food and transportation
Company Leased Accommodation
corporate credit cards
Recreation facilities
Educational benefits
performance based inventives
Flexi timings
Wedding/Birth day gifts
Employee referral schemes
Every individual is different, his needs are different, and his emotions, his problems are different. So…sit down and concentrate on how to tackle
Communicate clearly regarding all aspects
Set Clear Expectations
Plan out Proper Rewarding schemes
Build a high degree of recognition value into every reward you offer
Reduce entitlements and link as many rewards as possible to performance
Always remember
The Law of Rewards - "What you reward is what you get" - Is extremely powerful.it is the rewards your organization gives that communicate the real expectations
Reward promptly(monitory or non monitory).
Vijay
From India, Hyderabad
hi ,
tht is really a nice question wht ur asking .
if u want to retain any employee. tell them if they are staying with u wht all benefit you are giving them . and how ur company will help them to make career path .
and tell them all the benifit ur company is providing . benifite depent upon company to company .
if they is some other problem . try to site with them and talk out all suff. if he is not comfortable to talk in the office then . take tht person out site the company and talk . may be this will help u out for keeping ur good employee.
may be this will help u out for solving ur problem
ankita
tht is really a nice question wht ur asking .
if u want to retain any employee. tell them if they are staying with u wht all benefit you are giving them . and how ur company will help them to make career path .
and tell them all the benifit ur company is providing . benifite depent upon company to company .
if they is some other problem . try to site with them and talk out all suff. if he is not comfortable to talk in the office then . take tht person out site the company and talk . may be this will help u out for keeping ur good employee.
may be this will help u out for solving ur problem
ankita
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A New Retention Strategy-Focusi ng on Individuals.pdf
Retention Strategy.doc