Post on 23-Oct-2014
transcript
TALENT ACQUISITION AND RETENTION
Dr. Radha.R M.Com.,M.Phil.,ACS.,Ph.d.Ramaiah Institute of Management Studies, Bangalore
Talent Acquisition
Talent Acquisition is the process of attracting, finding, and selecting
highly talented individuals who align with the business
strategy, possess required competencies, and fit in the organization’s culture
who will integrate smoothly and productively into the organization.
Talent Acquisition Vs. Recruitment
Recruitment is just the process of staffing
Talent acquisition is the process of hiring leaders
Talent Acquisition and Retention
Retention is all about keeping good people and how you manage them.
Need for the study
IT industry and hospitality industry suffer from high attrition and employee turnover
The employers often complain that the employees leave the organisation for a better salary even if the hike is very nominal
Is money alone the retention driver? Are there any other drivers to retain
the employees?
Objectives of the Study
To study the reasons for exit of
employees from the Organizations. To study retention strategies used by
the organizations to retain Employee Talent.
Research Methodology
Sampling Technique-Simple Random Sampling
Sample units -Private hospitality organisation in Bangalore
Sample Size -52 respondents comprising of both male and female respondents
Primary data -Through structured questionnaire and interview schedules
Analysis of data-Simple percentages, mean score, deviations, graphs, pie charts
Why people are leaving?
Almost all the respondents agreed that good boss subordinate relationship is vital. They would not hesitate to leave the job if the boss was a problem
No growth opportunity/lack of promotion (60%) For higher Salary (80%) For Higher education (26%) Misguidance by the company (30%) Policies and procedures are not conducive (43%) No personal life (35%) Physical strains (33%) Uneasy relationship with peers or managers (28%)
Bad Boss Virus
The respondents classified their bosses as boss from hell, functionally-incompetent boss , emotionally-incompetent boss and positional boss
39% of respondents said their boss failed to keep promises.
37% indicated their boss failed to give credit when due. 31% said their boss gave them the "silent treatment"
during the past year. 27% reported their boss made negative comments
about them to other employees or managers. 24% indicated their boss invaded their privacy. 23% said their boss blamed others to cover-up personal
mistakes or minimize embarrassment.
Retention Drivers-Employee’s Perspective
Challe
ngin
g an
d ex
citin
g wor
k
Caree
r gro
wth a
nd d
evel
opm
ent o
ppor
tuni
...
Great
colle
ague
s and
wor
king
rela
tions
hips
Fair
Compe
nsat
ion
Great
bos
s
Good
man
agem
ent
Other
ben
efits
at w
ork
Recog
nitio
n at
wor
k
Vision
and
Missio
n of
the
orga
nisa
tion
Wor
k en
viro
nmen
t and
wor
k cu
lture
Flexi
bilit
y an
d au
tono
my
at w
ork
Job
Secu
rity
Loca
tion
adva
ntag
e0
10
20
30
40
50
60
Retention Drivers-Employer’s Perspective
Work environment (location, variety, flexibility, culture)
Financial (base salary, incentive, bonuses, options, benefits, recognition)
Personal (quality of work, skills, training, self-leadership, opportunities)
Relationships(owners, managers, peers, mentors, customers)
Findings of the Research
The findings of the research indicate that
Challenging and exciting workCareer advancement and growthGreat working environment andFair compensation Are important from the employee’s
perspective
Findings of the Research
Work environment Financial base RelationshipsAre important from the employer’s
perspectiveThe employer’s of today have very
well understood the requirements of the employees
What should be done?
Hire the Right People Set Clear Expectations and clarify
the expectations to the employees Fight attrition with smart training Proper Rewarding by recognizing the
efforts of the Employees Imbibe Pride in ones work (Improving
the brand image of the organisation)
Recipe for Retention
R –EMUNERATE COMPETITIVELYE -NCOURAGEMENT AND
EXPECTATIONST – RAINING AND DEVELOPMENTA -NNUAL REVIEW CYCLESI - NFORM AND INVOLVEN -URTURE