HR SKILLS
Right skilling
Right skilling, or matching jobs with a particular level of training rather than hiring overskilled workers, is gaining currency. Companies use this strategy to tide over a manpower supply crunch and to broaden their talent baseApart from IT and ITeS firms, organizations in the banking and financial services sector, too, have been increasingly hiring graduates and training them. The upside? Lower attrition rates and wage costs. Pai explains that when you have an over-qualified employee, it is very difficult to meet her aspiration levels and, therefore, the chances of the employee moving on to something more challenging are higher.
Managing ‘solid citizens
Organizations which neglect their solid citizens are doing this at their own peril, say experts. Unlike star performers who are potential leaders, and therefore more likely to move out of an organization faster, this group provides stability and bench strength to an organization. Experts say companies need to take a fresh look at solid citizens and invest time and resources in managing and developing this group.
Instant rewards
Recognizing and rewarding performers is one of the most effective tools to attract and retain the right talent. Companies in India are looking at rewards systems more seriously, and are adopting total rewards practices that include compensation in both cash and kind.
Apart from lifestyle perquisites such as a house, a car or a club membership, profit-linked incentives, deferred gratuity, and wealth-building programmes in the form of stock options and soft loans, companies are also including work-life balance programmes; competency pay packages where niche skills are compensated; and career opportunities, such as overseas assignments, new projects, etc., to reward staff. These rewards can be tailored to suit the top performers’ aspirations to achieve maximum effect.
Measuring human capital: Evaluation of performance plays a key role, not just in rewarding an individual employee, but also in setting performance benchmarks. And hence, the need for a fair and transparent performance management system. A strong performance analysis helps make human resources both efficient and effective.
Managing aspirations
As aspirations of organizations grow, so do those of employees. And, with the changing lifestyles and profiles of the workforce, personal and professional aspirations of employees are not just varied, but are increasingly on the rise. Experts say people as well as organizations have aspirations, and when the two get aligned, achieving business goals becomes easier. Companies should be clear about goals of individuals as well as of the organization, and the role each needs to play. The firm should also communicate the goals, and have robust and reliable processes to execute them.
Right skilling
Right skilling, or matching jobs with a particular level of training rather than hiring overskilled workers, is gaining currency. Companies use this strategy to tide over a manpower supply crunch and to broaden their talent baseApart from IT and ITeS firms, organizations in the banking and financial services sector, too, have been increasingly hiring graduates and training them. The upside? Lower attrition rates and wage costs. Pai explains that when you have an over-qualified employee, it is very difficult to meet her aspiration levels and, therefore, the chances of the employee moving on to something more challenging are higher.
Managing ‘solid citizens
Organizations which neglect their solid citizens are doing this at their own peril, say experts. Unlike star performers who are potential leaders, and therefore more likely to move out of an organization faster, this group provides stability and bench strength to an organization. Experts say companies need to take a fresh look at solid citizens and invest time and resources in managing and developing this group.
Instant rewards
Recognizing and rewarding performers is one of the most effective tools to attract and retain the right talent. Companies in India are looking at rewards systems more seriously, and are adopting total rewards practices that include compensation in both cash and kind.
Apart from lifestyle perquisites such as a house, a car or a club membership, profit-linked incentives, deferred gratuity, and wealth-building programmes in the form of stock options and soft loans, companies are also including work-life balance programmes; competency pay packages where niche skills are compensated; and career opportunities, such as overseas assignments, new projects, etc., to reward staff. These rewards can be tailored to suit the top performers’ aspirations to achieve maximum effect.
Measuring human capital: Evaluation of performance plays a key role, not just in rewarding an individual employee, but also in setting performance benchmarks. And hence, the need for a fair and transparent performance management system. A strong performance analysis helps make human resources both efficient and effective.
Managing aspirations
As aspirations of organizations grow, so do those of employees. And, with the changing lifestyles and profiles of the workforce, personal and professional aspirations of employees are not just varied, but are increasingly on the rise. Experts say people as well as organizations have aspirations, and when the two get aligned, achieving business goals becomes easier. Companies should be clear about goals of individuals as well as of the organization, and the role each needs to play. The firm should also communicate the goals, and have robust and reliable processes to execute them.
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