Money is passe, loyalty for the birds
The game of opportunity has never been so infectious in the country as it is now. Backed by an economy growing at nine per cent, sunrise sectors are furiously providing employment opportunities in bulk. But, such a scenario comes ridden with the twin problems of recruitment and retention. In a bid to understand the same, Hindustan Times organised the HT HR Summit, where 13 panelists from a plethora of sectors shared their views on the challenges extended by such a situation.
Money is no longer the big issue, it seems. Reasons such as a declining relationship with superiors, an absence of growth opportunities and the inability to feel an emotional ownership with the company to the charts as reasons for employees to quit. As Sanjeev Bikhchandani, Chief Executive Officer, naukri.com elaborated, “It is either ‘give me meaning for my job’ or ‘give me my money’ that employees demand these days.”
Deepak Dhawan, Vice President and Global Head HR at EXL Services, says companies are committing some significant errors. Not looking at the business and the operating model and turning a blind eye to the blatant talent wars out there are among the major mistakes, he said. But, panelists such as Praneet Mehrish, Country HR Director, ST Microelectronics; Ashutosh Sinha, Director Recruitment at Convergys India; and Asim Handa, Country Manager, Futurestep asserted that there was a dire need to boost academic courses to bridge the urgent demand for skilled workers, especially in sectors such as retail.
P. Rajendran, Chief Operating Officer, NIIT summed it aptly, “Today, it is only about loyalty to the profession and not the company. Therefore companies must innovate to keep their talent treasure within their own trove.”
Speakers said different approaches were needed to encourage freshers, mid level managers and senior executives and multiple profiles should be available for employees to move within the same organisation, with a transparent reward and retention system.