Dr. Radha.R Dr. Radha.R M.Com.,M.Phil.,ACS.,P M.Com.,M.Phil.,ACS.,Ph.d. h.d. Ramaiah Institute of Management Studies, Studies, Bangalore
TALENT ACQUISITION AND RETENTION
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 60 50 40 30 20 10 0
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, selfleadership, opportunities) Relationships(owners, managers, peers, mentors, customers)
Findings of the Research The findings of the research indicate that Challenging and exciting work Career advancement and growth Great working environment and Fair compensation Are important from the employee’s perspective
Findings of the Research Work environment Financial base Relationships Are important from the employer’s perspective The 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 COMPETITIVELY E -NCOURAGEMENT AND EXPECTATIONS T – RAINING AND DEVELOPMENT A -NNUAL REVIEW CYCLES I - NFORM AND INVOLVE N -URTURE
