A Quarterly Newsletter from AVTAR - October 2007, Vol.5. No.5
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The Secret of Retention
Shubhayu Sengupta, Director - Communications & Human Resources
Swiss Re Shared Services India Pvt. Ltd.

I am sure at some point of our lives as HR professionals, we have hoped that we would have a magic potion concocted by Getafix (of the days of Asterix and Obelix) or Harry Potter (of recent fame), which would solve our retention issues, especially in this age of “War for Talent. While one does admit that the magic potion will remain Utopian, one can follow certain steps to proactively look at talent engagement and hence retention.

Step 1
Identify your talent – Often it is found to be 80% of your organisation with 5- 10% being your top talent, and the rest being the support talent, who are not the stars, but the quiet ones who will deliver quality work under supervision. You need them to be engaged as much as your top talent.

Step 2
Segregate your talent into bands as per experience, as needs would be different for people in different stages of their lives, professional and personal.

Step 3
Understand need of talent engagement at various experience and skill levels. Differentiate between hygiene factors and motivators across these different bands of talents. You fill find a clear distinction in needs which lead to employee engagement at various levels

Step 4
Have clearly communicated and articulated, transparent and fair processes/ initiatives to address talent engagement needs.

Example of a Talent Retention Framework
Some of the key retention practices that we have in our organisation are:

  1. Systematic process of talent evaluation, identification, and development
  2. Offering different career paths – managerial vs expert
  3. Differential compensation benchmarking for different talent
  4. Reward & Recognition programs
  5. Mentorship program for new joinees
  6. Mentorship program (w.i.p) for new managers

These do help in reinforcing the psychological contract an employee has with the organisation.

And above all, have enough touch points in the organisation and in the market to have an “ear on the ground” HR approach to proactively sense possible attrition causes. In our organisation, we have developed a Risk Management Landscape tool which enables us to look at potential attrition cases, and proactively plan in advance.

 

 
 
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