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TO ACHIEVE.
TARGETS
FOR ALL THESE TO HAPPEN WE NEED TO PROPERLY MANAGE PEOPLE AND TO ACHIEVE ALL THIS WE NEED
High turnover
Monotony (repetitiveness) and lack of challenge Lack of responsibility More money Lack of value-addition to career Lack of good developmental projects Idle(inactive) time 'sitting on the bench' Lack of transparency 'Promises not kept' and ill-treatment Organization culture Lack of quality consciousness
overall
employee turnover -
If managing employee retention in the past was like tending to a dam that keeps a reservoir in place, today it is more like managing a river.
The objective is not to prevent water from flowing out but to control its direction and speed.
Today, IT companies are facing a shortage of knowledge workers because the rate at which they lose employees is almost double the rate at which they hire.
The average stay of a software consultant of IT Company has dropped to one year.
(i.e., do not promise a paradise) Emphasize and test soft-skills in selection Build good work environment, good house-keeping, open and informal culture, concierge (caretaker) services and so on Share the wealth through profit-sharing etc. Train in soft-skills regularly and intensively Train in business skills and team-working
teams in large setups Ensure first rate projects in joint ventures Encourage entrepreneurship in comparison with idea generators, venture capital Certifications and encouraging mastery in applications Inter-project, technical mobility and flexibility
Ideas for compensation structure : 1. Up to 50% as Base pay per region, skill-set and
experience 2. 10% of Base pay as annual increment 3. Tax-free benefits like HRA, lunch etc 4.Skill up gradation reimbursements 5.Pay for performance - project-based profit sharing, early completion bonus etc. 6.Tenure-based rewards 7.Pay directly for facilities offered - insurance premium and not cash and so on
big a problem as it appears. If there's a large pool of talented employees available, it might want to focus on recruitment rather than retention. since new hires have lower salaries than long-term employees, the company is able to keep a lid on compensation levels. Cooperating with competitors is another way of dealing with retention.