Role of Human Resource in Retaining Talent in Today's Competitive Business Era
Author: Mukulika Manna
Modern business organizations are facing a new breed of complex problem of employee turnover. Organizational recruitment and selection cost is going up day by day where as percent of retaining employees is becoming far less than the expected. It is very surprising that monetary benefits do not excite employees any more. Big information technology as well as information technology enabled organizations are offering fat packages for their employees till the turnover ratio is very high. All other fringe benefits do attract and retain employees to some extent but the question is how long? This article discusses few key points related with employee turnover and some probable ways to fight with it.
Human Resource Department and Talent
It is the primary function of the Human Resource department of any business organization to retain talented employees in the organization. But the point of view is that is it the only role of HR department? Where as employees only interact with the Human Resource personnel in the time of recruitment and selection (except for the HR department employees) and later in the time of salary and other benefits they are entitled for. Other departmental employees such as Marketing and Sales, Finance and Accounts, Systems and Information technology, Materials and Production, Logistics and Supply Chain Management etc. have regular cross sectional interaction within themselves. So why people blame only Human Resource department for high employee turnover rate? This age old blame game concept needs to change.
Talent can be of any kind. But the main aim of the organizations is to use this talent for the benefit of the organization purposefully.
Employee Turn Over
Employees do not leave the organization rather they do not want to work with their present boss or subordinates or the working environment available with the organization. A little appreciation to the employees can make a world of change. Lack of proper employee appraisal (non monetary) is a major underlying cause for leaving a particular organization. Lack of subordinate support system triggers the employee turn over ratio and when it started spreads like wild fire in any modern day business organization. Another reason for employee turn over is mental attachment with the previous boss. If the boss leaves an organization the entire subordinate group leaves that very same organization and joins where the same boss joins.
It is advisable that organizations should try to maintain a balanced score card for every individual employee as well as develop a mental bond but of course professional in nature. Organizations must focus on work life balance method and its implementation in the organization. Employees should get the opportunity to work from home if conditions permit. More flexibility and work decision making autonomy must be given to the employees. They must be treated in a humanitarian way. Organizations also need to 360 Degree performance appraisal, so that both superior and subordinate can assess their own performance.
It is not only the responsibility of the Human Resource department of any business organization to retain talent in today's turbulent competitive business environment. Other departments also have the same kind of liability to retain good and efficient employees in the organization. After all an business organization is made up of human beings and if the management is not able to do so then they will be cease to exist in distant future.
About Author / Additional Info:
Ms. Mukulika Manna is a MBA-HRM final year appeared student of NSHM Knowledge Campus, Kolkata.