A lot has been and continues to be written about the significance of retention of key talent and strategies that companies need to adopt to retain human capital. Having the right retention strategy always tops the wish list of any organization. Retaining key performers is extremely critical for all organizations, small or big, start-up or established !
I would like to recount below some key pointers that definitely need to be considered and implemented by an organization intending to do it right.
1.Any task done with passion is bound to meet with success.
Organizations are built on passion of a few individuals. As the organization grows, it is imperative that this passion becomes infectious and rubs off on each and every employee. When employees share a passion and are passionate about what they do within an organization, it will be highly unlikely they would want to consider other job options.
However, as the organizations grow in size, the passion gets lost somewhere in the growing phase and every one gets too caught up with the operational demands of the organization. Therefore, it is essential that every influential/key stakeholder within the organization ensures not to lose focus from keeping the passion alive in every single employee, old and new. Read more…
‘Outsourcing’ seems to be a hot topic nowadays what with even the US Senate having a heated debate on the outsourcig effects on the US economy.
Outsourcing is the process of contracting with a third party to do a particular function. Offshore outsourcing refers to the practice of contracting a business function to an external party located in a different country. The concept of offshore outsourcing began when Call Centre services were contracted to countries where labour was cheap. Initially, organizations employed outsourcing more as a cost saving strategy. Mundane, non-core tasks were outsourced to countries, specially from the developing world, say, India, China, Eastern Europian countries, with cheap labor cost and abundant resource availability.
Over the years, however, the concept has evolved dramatically with organizations realizing more advantages of outsourcing. In addition to saving on time, manpower,operating,costs and training costs, outsouring helps organizations to focus on core business processes, have increased control of business, save on capital expenditures, get a competitive advantage owing to increased productivity, and so on.
An effective HR system in an organization is one that is aligned with the type of business that organization is in, the industry it is part of and its employee demographics. Based on the above key factors, organizational needs differ and an effective HR system recognizes these needs.
The employee life cycle in an organization refers to three key stages of employment, viz., joining, working and exiting the organization. The HR system should be so developed that it aligns to the specific needs of each of these critical phases.
‘One size does not fit all’! Therefore in defining the HR system, the organization should consider the most appropriate strategy that is conducive to organizational growth.