Employer Branding to Attract Gen ‘Z’
Well, each successive generation of employees differs from its predecessors as far as their needs, preferences, expectations from employers, thought process and working style are concerned. However, generation ‘z’ seems to have come from a different planet and differs from all its previous generations in more ways than we might think. And organizations have been […]
Role of Organization in Self Improvement of Employees
Self improvement refers to a process where an individual continuously tries to upgrade his/her knowledge and hone his/her existing skills not only to survive the fierce competition but also grow both professionally as well as personally. Individuals need to move with time and keep abreast of all the latest developments in their respective fields. Organization […]
Innovation According to Peter Drucker
Innovation according to Peter Drucker Innovation is the buzzword among many companies operating internationally as well as in the domestic economy. Increasingly, the ability of an organization to innovate is being seen as a source of competitive advantage. The well known management expert, Peter Drucker throws light on the “sources of innovation” as well as […]
EQ @ Work: Emotional Intelligence at Work – Why it is Important and How to Apply it
Emotional intelligence and emotional quotient Emotional intelligence is an indispensable skill for people. Emotions impact every aspect of people’s lives, including the workplace. Those with a high level of emotional intelligence can identify the impact of their emotions on themselves and others. One indicator of a high level of emotional intelligence in the workplace is […]
The Challenges of Recruiting and Onboarding Remote Employees in Virtual Workplaces
The Recruitment and Onboarding of New Employees in Virtual Workplaces With much of the corporate world operating virtually and where WFH or Work from Home is the New Normal, HR (Human Resources) personnel find it challenging to conduct regular HR work in such models. This is because unlike in physical offices, they cannot come face […]
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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