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

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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