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Attracting and Retaining Top Talent

With abundant opportunities available, talented employees are presented with multiple opportunities. In this scenario, attracting and retaining the top talent remains a challenge for every organization.

Upon further inspection, two top questions that come to one’s mind are:

a) What are the factors that draw people to a concern?
b) What do people see in a concern that attracts them?
Some of the reasons can be concluded as follows:

1 Brand value has a great place in making a concern attractive. Companies spend a huge sum of money on advertisements to create a brand value. Many organizations through trade fairs, campus presentations, advertisement through mass media and various other techniques try to create a positive impression in the minds of the people. To be a part of an institution with a huge brand value is considered to be prestigious.

2 Another way to attract people is through informal channels of communication. No technique is as powerful as the first hand experiences quoted by the employees of an organization. A positive environment can attract people as easily as a negative environment can drive them away. Organisations providing a work-life balance have a highly motivated work force, who in turn can exude a positive air around them. Policies and facilities can make a company stand apart from its competitors. Many organizations today, provide bonuses on successful referrals. Thus the employees of an organization is its’ best brand ambassador.

3 Monetary benefits must be comparable with that of the industry for a company to attract top talents towards it. The salary and perquisites must be revised continuously in accordance with the monetary policies of the Government to make it attractive. As per a survey conducted by Hewitt Associates, a global HR consulting firm, India was the leader in the Asia Pacific region in salary hike for the previous year and the figures are expected to grow to ~14.5% this year.

People retention is a Herculean task as it is not easy to meet the changing demands of a huge mass of workforce. To retain talent, one needs to read the mind of one’s employees. One key way to getting to know ones employee better is by conducting an employee perception survey. This enables the organization to know what takes it to make a person refer to his organization with pride. Needless to say that feedback given should be treated in the most confidential and constructive way.

Merit-based progression system creates a feeling of belonging in the minds of the employees. A well drafted and well communicated appraisal system is a good motivator. It should be supported by career planning. Technical and managerial training lay the groundwork for individual growth. This, followed by job rotation, based on employee aspirations prevents the work from being mundane. Better employee friendly policies like providing commutation facilities at frequent intervals to suit the needs of the employees, flexible timings and working from home options make an institution attractive.

As per the survey by Hewitt Associates, a hike of 14.9% was provided by the Indian companies compared to the 14.3% hike by multinational companies last year. This step was taken to reduce employee attrition to multinationals which are a major threat to Indian companies. Another survey showed that many freshers from prestigious Indian technical and management schools prefer staying in India than moving abroad due to the better working culture backed by good monetary returns provided by the companies in India. Attracting and retaining key players is an ongoing process which requires perpetual study on the needs of the employees.

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