Role of Communication in Increasing Work Efficiency
Communication plays an essential role in increasing efficiency of employees. Employees need to interact with each other more often to break the ice and feel comfortable at the workplace. Problems arise when information does not flow in its desired form. Effective communication facilitates free flow of information among employees and reduces misunderstandings and confusions. Effective […]
Hiring Strategies followed by Organizations
People are the lifeblood of any organization. Whether the organization is in the traditional sectors like manufacturing or it is a “new economy” based one like IT and ITES, it needs to be staffed with people of caliber and mettle. Hence, the kind of people that an organization hires is critical to the success of […]
Importance of Employee Development
Employee development activities help in the growth and development of employees, who are the true assets of an organization. You need to respect your employees for them to feel motivated and develop a sense of loyalty and attachment towards the organization. Don’t forget your employees strive really hard for almost the entire day to accomplish […]
When Dismissal is the Best Course! How Corporates Decide to Fire Employees
The Different Types of Dismissals and the Conditions Which Precipitate Them How and when do corporates decide to fire employees? Are there any alternatives to dismissing employees? What are the circumstances in which dismissal is the only option and is the best course of action? The answers to these questions lie in the way in […]
Staffing Role of the HR Manager: Strategic Workforce Planning
Staffing and Recruiting during the Boom Years One of the key areas that the HRM unit works with is the staffing function. Hiring and on boarding of employees’ remains a critical activity that many HR managers are yet to master. This is mainly because of the unevenness of the demand and supply in the market […]
What could be the biggest source of competitive advantage to an organization in the current era of cut throat competition? If I asked this question a decade or two decade, the answer would have been something like - ‘it’s the technology’, ‘its global presence’, ‘its customer perception’ etc. All of them can be a potential source of competitive advantage to any organization even now. But the common answer today would be ‘the people’.
Yes, it’s the people that can be and that are the single biggest source of competitive advantage to organizations nowadays. Top executives globally are one in their view that the quality of people onboard decides your present and the future. Great mission and vision statements appear futile if the talent pool or skill inventory of an organization is not good and vice versa.
But since when have people become of strategic importance to organizations? They always were! But time demanded no reckoning of this fact. Organizations in the fast were progressing at standard rates and talent was developed at similar pace and consequentially there was no dearth.
But with the advent of globalization that has thrown open global market places, organizations and industries are growing at blistering pace. It is getting difficult to develop people at the same pace. The heat is being felt equally at the top as well as bottom level positions. There is shortage of skilled workers are the lower level and an equal dearth of people in leadership positions.
What’s more, organizations fail to understand how to retain the existent talent, compensation (financial and otherwise), rewards and recognition all have failed organizations in helping them retain people of skill and choice. An even more difficult aspect is to identify the right people for development for leadership positions.
Needless to mention here organizations want talent up and down the hierarchy and when they fail to retain the same, they poach. If I am an organization that believes in having talent onboard and I recognize talent in some organization, I have every right to poach the same, provided I can compensate him/her in terms of growth, learning and opportunity!
Poaching is not unethical on the part of any organization. In fact it showcases a flaw in the organizations retention strategy from where the person is being poached. It basically means that there is fundamentally something wrong in the way the organization compensates its employees. This is one of the biggest challenges to talent management. Consider the following facts:
This is the cost of poaching to both the organizations, the one that is getting people onboard and the one that is losing people.
While poaching is not a new concept, what should be of more concern to HR is why do people leave and how to retain them. It’s none other than the talent management that has to come out with a solution.
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