Quitting will be tough and it will be good for your career
In 2016, Cos To Focus On
Retention, Counter-Offers To Lose Sheen
As people explore new
options on the career front --looking for an experience rather than money
-organizations expect employees to become even more discerning in 2016.
According to a survey of around 100 top executives comprising CEOs, CXOs and HR
heads across industries in India, this will change the manner in which
companies look at retaining people.
The survey by Executive
Access, conducted exclusively for TOI, says retention of employees will be
priority No. 1.This aspect was given the highest score of 32% by the survey .
Given the concerns around quality of talent, an equal weightage of 20% was
given to talent acquisition and learning and development in the survey by the
executive search firm.
Although a lot of emphasis
was put on performance management and rewards and recognition in the last
couple of years, these figured way down at No. 4 and No. 5 on the list.
Ronesh Puri, MD, Executive
Access, said: “People are not just looking for jobs for money , it's now more
about job satisfaction and self actualization. The study shows a huge
difference between retention and performance mana gement system as a priority for
organizations. The old school of retaining people by merely giving more money
is not working any more as employee needs are changing fast.“ Some HR heads
fear losing people to entrepreneurial activity more than ever this year, he
said. Puri said employees are in creasingly exploring the new and are not ready
to bargain that on money terms with existing organizations. So counter-offers
won't work any more. Alarmingly , some executi ves, said Puri, feel attrition
rates could even double in 2016.Organizations' ability to retain and curtail
attrition levels will be critical.
For talent acquisition,
according to Prabir Jha, global chief people officer, Cipla, companies may need
to look at wider and newer catchments. Organizational cultures and leadership
reputation, he said, will become stronger hooks for both attraction and
retention.
Chaitrali Singh, director,
HR (India), ZS, a global consulting firm, said talent retention will be a huge
differentiator in the long run. “2015 continued to see the war for talent.
Firms went all out to woo talent through compensation, but this may not be a
sustainable business strategy .“ Also, at a time when digital is growing at a
fast pace, Prashant Bhatnagar, VP (hiring and staffing), SapientNitro India,
said talent acquisition will be the top priority in addition to learning and
capability development programmes “as clients are coming to expect deeper
specialization and industry perspectives“. The firm is a division of Sapient,
which is a global services company focused around the digital world.
“Talent is spoilt for
choice and prefer to choose clients brands than the company they work for. This
will create dual challenge for the companies hold onto their high performers
who are being courted with greater intensity , while building new capabilities
to serve client demand,“ said Bhatnagar.
With regard to job creation
in 2016, the majority view, says the study, is that it would be about 10%. Most
HR heads (38%) feel that it will be 5-10% and nearly a third are more bullish
and predict a 10-15% growth. “The market will remain choppy with sectoral
variations,“ said Jha, who is hopeful the Union Budget will trigger business
growth and hence jobs. “If that were to happen, companies will be well advised
to focus on key talent retention and an acrossthe-board heightened employee
engagement,“ said Jha.
Another factor which could
undergo a change is the way companies look at learning and development
(L&D). “This will be the key , but with respect to inhouse training and
learning on the job rather than sending people for external L&D. It is
indicative of the fact that companies don't want to spend too much on external
L&D due to costcutting,“ said Puri.
Retaining key talent,
especially the millennials, would mean they need to learn new things faster as
knowledge and skills can become obsolete within months.
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NamrataSingh
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Mumbai:
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TOI31DEC15
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