Dear All,
I'm new to this discussion forum and posting a message for the first time. I need your suggestions for retaining talent in a competitive scenario in the engineering services sector. I would appreciate it if you could please share with me the best practices followed by different companies.
Thanks & Regards,
Simita.
From India, Bangalore
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I'm new to this discussion forum and posting a message for the first time. I need your suggestions for retaining talent in a competitive scenario in the engineering services sector. I would appreciate it if you could please share with me the best practices followed by different companies.
Thanks & Regards,
Simita.
From India, Bangalore
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Hi,
Before you start the exercise, 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 grow. I believe the 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. Increased participation in business development & decision-making
5. Time-bound gifts (higher value) or paid vacation with family
6. Appreciation in public
7. Value family concerns
Apart from that, there are many options used by companies such as flexi timings, in-house games, recreational facilities, counseling services, etc.
You may work on it based on the kind of business you are in.
Best Regards,
Anup
From India, Hyderabad
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2Before you start the exercise, 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 grow. I believe the 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. Increased participation in business development & decision-making
5. Time-bound gifts (higher value) or paid vacation with family
6. Appreciation in public
7. Value family concerns
Apart from that, there are many options used by companies such as flexi timings, in-house games, recreational facilities, counseling services, etc.
You may work on it based on the kind of business you are in.
Best Regards,
Anup
From India, Hyderabad
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Dear Anup,
Thanks for your inputs, which are really helpful. However, I am currently stuck on how we can implement a clear-cut career path. What should be the starting point and what should be the process for the same? Can you please assist me in outlining the process flow necessary to achieve this?
Thanks & Regards,
Simita.
From India, Bangalore
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Thanks for your inputs, which are really helpful. However, I am currently stuck on how we can implement a clear-cut career path. What should be the starting point and what should be the process for the same? Can you please assist me in outlining the process flow necessary to achieve this?
Thanks & Regards,
Simita.
From India, Bangalore
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Hi Simita,
To start with, you need to have a skill matrix in place. It may be created in an Excel file where you coordinate with respective heads to provide input on the current competence level of employees. Identify who are experts, intermediates, and beginners in that matrix. Certainly, experts are critical resources, so you must retain them. Consider planning to move them to a higher band, increase their scope of work (as explained earlier), and plan training for intermediates and beginners so they can progress to the next competence level.
It is not an easy practice because we have observed that people, by the nature of their work, do not always get the chance to improve their skills, leading them to start looking for a change. Therefore, you need to put in extra effort to prepare the correct skill matrix and keep it updated.
Work on assessing the current levels of your employees, categorize them into bands, finalize timelines (e.g., by when an employee can move to the next category/band). Once decided, plan for training and development requirements and act accordingly. You must have a system in place to evaluate training effectiveness, such as timely performance evaluations, quiz contests, customer feedback, etc.
For your assistance, I am attaching a PowerPoint presentation on finalizing career paths across the organization. You may also share the same during the induction session.
Just think about what you would have expected from your management to retain you and in what way. Once you have the answer, you will be able to streamline any process.
Remember the 5 Ws and 1 H when establishing any process. :)
Best of luck.
Anup
From India, Hyderabad
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To start with, you need to have a skill matrix in place. It may be created in an Excel file where you coordinate with respective heads to provide input on the current competence level of employees. Identify who are experts, intermediates, and beginners in that matrix. Certainly, experts are critical resources, so you must retain them. Consider planning to move them to a higher band, increase their scope of work (as explained earlier), and plan training for intermediates and beginners so they can progress to the next competence level.
It is not an easy practice because we have observed that people, by the nature of their work, do not always get the chance to improve their skills, leading them to start looking for a change. Therefore, you need to put in extra effort to prepare the correct skill matrix and keep it updated.
Work on assessing the current levels of your employees, categorize them into bands, finalize timelines (e.g., by when an employee can move to the next category/band). Once decided, plan for training and development requirements and act accordingly. You must have a system in place to evaluate training effectiveness, such as timely performance evaluations, quiz contests, customer feedback, etc.
For your assistance, I am attaching a PowerPoint presentation on finalizing career paths across the organization. You may also share the same during the induction session.
Just think about what you would have expected from your management to retain you and in what way. Once you have the answer, you will be able to streamline any process.
Remember the 5 Ws and 1 H when establishing any process. :)
Best of luck.
Anup
From India, Hyderabad
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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
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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
Acknowledge(0)Amend(0)
Hi,
That is really a nice question that you are asking. If you want to retain any employee, tell them what benefits you are offering if they choose to stay with you and how your company will assist them in their career path. Also, make sure to inform them about all the benefits your company provides, as benefits vary from company to company.
If there are any other issues, try to sit down with the employee and discuss everything openly. If the person is not comfortable talking in the office, take them outside the company premises to talk. This approach may help you in retaining your good employees and resolving any problems.
I hope this will assist you in solving your problem.
Ankita
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That is really a nice question that you are asking. If you want to retain any employee, tell them what benefits you are offering if they choose to stay with you and how your company will assist them in their career path. Also, make sure to inform them about all the benefits your company provides, as benefits vary from company to company.
If there are any other issues, try to sit down with the employee and discuss everything openly. If the person is not comfortable talking in the office, take them outside the company premises to talk. This approach may help you in retaining your good employees and resolving any problems.
I hope this will assist you in solving your problem.
Ankita
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