Talent Retention
Talent Retention is becoming very critical now a days. Most of the companies are facing problems with retaining their most important talents and it does impact the company in a one way or the other. This is across industries.
The question here is: why is such issue arising? Is it company's fault or is it the individual's fault? Well according to me, both are equally responsible for it. Between both, following are the reasons which are key responsible factors:
Cut-throat Competition: In today's world, where there is cut-throat competition going on, employees are trying to perform their best (whether in their capacity or not) and it is getting their energies drained out at so early stage of their career.
From the company's aspect; since each and every company wants to be the best in their field and is looking for rapid growth, commitments are being made to their clients / customers anything: manageable or not manageable - it doesn't matter to them!!! Once committed to the client, the pressure is built upon the employees to make sure that the commitment is full-filled which results in exhaustion & frustration within employees as they are not able to full-fill their social life and responsibilities.
I'm better: These is from the employees aspect. They are themselves to be blamed as they help in setting unrealistic expectations to the management by saying "YES" to everything just because they want to be seen better & more capable in front of management then others. PURE CHILDISH COMPETITION!!! In long-term, it will impact themselves and will get burnt-out.
Internal Comparison: It is human nature that two people will compare themselves with each other every now and then. However professional they are, at some point or the other, comparison will happen. Once it gets into mind, it is a dangerous and alarming situation for the organization. No two employees are same and hence their ratings will also not remain same over a period of time though they might have started at the same position. But because of this comparison, negativity copes up in the employee who would be rated less. This in turn will negatively motivate him to leave the company and join somewhere else. This generally happens during Performance Appraisals.
Companies with Pressure Cooker environment: Well, this is one of the major reasons in today's scenario where retaining talent is next to impossible. Employees have now started realizing that working in such a pressure situation is neither helping their social life nor their health. Blood Pressure, Stress, Family tensions... such problems are increasing at rocket speed. Hence employees are deciding to quit such jobs even though they pay well and looking for jobs which are less stressful and where work-life balance can be maintained.
Rigid Management: In certain scenarios, even if you have the best talent available, if you not able to manage them properly, you would be losing them. It is an organization's responsibility to identify such talents and give them space to show their true talents. Such talents, will get frustrated, if not given proper space and not managed properly.
Entrepreneurship & Entrepreneurship Kida: Those talents who are not managed properly or appreciated and start feeling frustrated will plan on becoming an entrepreneur where they can run the business their way and not on what others say: WITHOUT ANY RESTRICTIONS.
Entrepreneurship Kida is for those people who just become an entrepreneur because others have become and themselves do not have much sense to run the business. For whatever happens with their business is a different thing, but this becomes one of the reasons for not able to retain the talent.
These are some of the factors to be kept in mind and work upon it which will help in managing the talents.
Skill sets in HR and Payroll at Various
9 年Agree with Priti. Experience is something that is gained over a period of time and not a fast buck to get. Talent and experience should be retained
Senior Director of Engineering at Automation Anywhere
9 年Good one Suchit. I would like to add my point of view. If you just go by literal sense then "Talent Retention" is responsibility of organization (also means - company, management and HR). This always percolates top-down (or whoever takes the retain/let go call). Yes, there are challenges in employee retention (some of which Suchit has highlighted). But I believe that "retention" falls within scope of organization. This calls for pro-active HR policies which are genuine and honest. And it is not necessary to have dedicated HR team but a dedicated focus to HR. It certainly helps improve employee retention. Needless to say the HR policies or focus needs to be backed up top bosses. All issues related to employees can be best handled by such proactive and focused approach. At times the problem is that in many organization "HR team" exists not as leaders of human resources and development but more as admin (to recruit, makes salaries, manage leaves etc). Often this is most ignored area and considered as overhead. And such organization are usually faced with retention issues.
Senior Data Architect - Downstream (Aviation and Azure data platform for SAP) @ Shell - TOGAF, PMP
9 年Ranjan, it is never good to have attrition. You can get lower cost resources at the time of attrition but not the same level experience.
Senior Data Architect - Downstream (Aviation and Azure data platform for SAP) @ Shell - TOGAF, PMP
9 年This is bound to happen as companies are ready to pay 30%-40% higher salaries for unknown people looking at resume and 30-min discussion but not ready to pay even 2%-3% increment to their hard-working employees in a year.
27 years as IT professional from ERP to Cloud and more. Philately, Numismatics, History, Epics, Puranas and culture of India as a passion.
9 年Reality is culture. The culture of lack of vision, strategy, adaptability and professionalism is the reason. When organizations fail they fire indiscriminately and every big shot tries to cover up and survive by firing subordinates. Failure of vision and strategy leads to organization failure to grow. How many has the guts to own up and not fire subordinates? Inflexible policies, views, culture and outdated vision / strategy is product of leaders. Not the team. If you keep too much control that is another problem.