"Retaining Top Talent" was the topic of discussion last night on NDTV Profit's program called "One Life to Love". The program featured interviews with Grow Talent's CEO Anil Sachdev, HR of Sasken Comm. Technologies and Chief People Officer of Scandent.
There are times when you can't point a finger to one reason as to why you want to quit a job. It happened with me when I quit my first job. It could be as trivial as "I just don't feel like I belong here anymore" or "the culture". But whatever it is, you sometimes feel the management isn't taking the right steps to retain its top talent even after identifying you are their top talent. Why? It is no secret that the services firms in India do treat their employees as commodities. Can they afford to do that? Ironically, their balance sheets show they can. But I'm sure it comes at price. Though opportunities are galore, highly talented people generally are not primarily motivated just by money. So they don't jump like rabbits every quarter. Go ahead and read the rest of the entry if you feel you can make a difference by going that extra step to take are of your talent.
A few takeaways from the program:
Top 3 reasons why people quit their jobs:
- Performance Review.
- Rapport with the supervisor - according to me this is the most detrimental factor. People don't leave companies, they leave their managers.
- Personal Aspirations - lack of opportunities for cross border deputations, trainings and so on.
There was this interesting case where apparently the only budget the CEO of that company monitors is that spent on recognition and parties. I know you are dying to know which company that is...Frequent "Rewards and Recognition" is by far the most influential factor in keeping the morale of employees high.
How do you know when people leave?
No Sixth Sense. If people are absent from work citing reasons such as "uncle is unwell", "my car has broken down, gotta take it to the mechanic", then you know its time to leave and interviews are on! When a highly active employee who brings up issues all the time look withdrawn and wears that "doesn't really matter" and "don't care" attitude, you know its time for you to take care.
When do they leave?
Employees generally start looking out for options when they have been working for 2-4 years. Having started as freshers, expectations are low 0-2 years and the desire to learn is high. When aspirations increase, the urge to explore the market is high. If you've not taken the plunge then one tends to stick on. Again people with 40-45 years of age start looking out when they know they can't get into the big league in their own organizations. This also coincides with the time, most personal obligations have been met such as kids starting college.
What motivates people?
there is no straight answer to this. Ask people what motivates them. Talk to them. But here are a few pointers:
- Show career paths to people.
- Invest significantly in competency building.
- Monitor the levels of employee engagement.
- It is not just the HR manager's role to keep employees satisfied. It is primarily that of the Operating Manager's
Yet another person interviewed said, CEOs of today are social architects. The era of charismatic leaders is over. This is an era of leaders that pay attention, listen to you and thrive at making the workplace far more democratic, vibrant and participative.
This is the part I liked the best. How many of you remember your exit interviews? Were you already being treated as someone from their "yesterday"? Do not call people who walk out of your doors as ex-employees. They are your Brand ambassadors. The new mantra - "Forget Lifetime employment, it is lifetime affiliation" now.
On a closing note, an ex-employee of a company who joined a competitor said, "They could've kept me, but they never asked." So don't stop yourself. Ask them to stay only if you believe in that person and do it in a way that would appeal. Remember its not a bargain. Bargains are short lived!
Categories: work, talent, management, employee, morale