Importance of Career Planning for Importance of Career Planning for Employee Retention In Indian Employee Retention In Indian OrganizationsOrganizations

PREPARED & SUBMITTED BY:-SUMAN NATH2nd Year MBA(HR), UNIVERSITY OF KALYANI

RETENTION RETENTION

Attrition Attrition

Psychological Discontentment of the Employees

FACILITATES

ATTRITION

Essential Factors for Retention of Empoyees

Concept of CareerConcept of Career

Stages of CareerStages of Career Stage 1:- Exploration Stage 2:- Establishment Stage 3:- Mid career Stage 4:- Late career Stage 5:- Decline

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Career PlanningCareer Planning

Objectives of Career planningObjectives of Career planning

Fig. : Career Planning ProcessFig. : Career Planning Process

Advantages of Career PlanningAdvantages of Career Planning

Advantages of Career Advantages of Career Planning(Contd.)Planning(Contd.)

Advantages of Career Advantages of Career Planning(Contd.)Planning(Contd.)

Fig:- Fig:- Career path of an individualCareer path of an individual

EMPLOYEE RETENTION STRATEGIES AS PRACTISED BY SELECTED

INDIAN COMPANIES

Source: http://www.rcom.co.in/Rcom/aboutus/careers/careers_work_env.html

ITC: Zero attrition at Senior Management since 15 years; Remuneration & Reward strategy cited as main reasons

One major reason for such low attrition is a compensation structure that rewards retention handsomely.ITC believes there are business benefits with such a structure. HR chief Nayak says, “The lifer workforce has become its DNA.”

"The remuneration and reward strategy is uniquely designed to attract and retain talent. Remuneration is competitive and contemporary, with unique elements that encourage long-term careers," adds the HR head.

Any manager who completes six years in ITC becomes eligible for employee stock options.

As Hemant Malik, ITC's chief operating officer (trade marketing and distribution - FMCG), a lifer himself, says: "ITC instills a sense of ownership and encourages you to perform with independence and freedom. People move on and change jobs in the quest for new experiences; we get that here."

Source: http://articles.economictimes.indiatimes.com/2012-01-18/news/30639466_1_nakul-anand-speciality-papers-top-management

Fig: Scenario in ITES Organizations

Examples of Indian Organizations that follow well-defined Career Path

for its employees

Fig:- Corporate Organization Structure-Infosys Technologies Limited

Fig:- L & T Organizational Chart

Fig:- Organization Structure at Tractor India Limited

Fig: Organizational Chart Of Titan Engineering Company Ltd. (P)Source: http://www.titanengineering.co.in/