why hrm 145
TRANSCRIPT
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WHY HRM??
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NO MATTER WHAT PROFESSION…
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PEOPLE NEED TO GET TRAINED AND MOTIVATED…
TO ACHIEVE……………….
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TARGET’S
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FOR ALL THESE TO HAPPEN WE NEED TO PROPERLY MANAGE PEOPLE AND TO ACHIEVE ALL THIS WE NEED…
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One of the biggest problems faced by today's companies is
High turnover……
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FACTS TO THINK ABOUT… • 90% COMPANIES HAVE RETENTION
PROBLEMS • 50% OF THESE ARE MANUFACTURING,
SERVICES AND MARKETING COMPANIES • THE SMALL-SIZED AND MEDIUM-SIZED
COMPANIES LOSE MORE PEOPLE • TURNOVER RATES ARE AS HIGH AS 7% IN
MANUFACTURING AND 13% IN THE HI-TECH INDUSTRY
• EMPLOYEES GO TO - SMALL COMPANIES-FOR EXCITING OPPORTUNITIES AND GREATER IDENTITY / LARGE COMPANIES-FOR DEFINED ROLES, CLEARER CAREER PATHS AND BETTER HR SYSTEMS
---- AIMA - BT Survey, July 1999.
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Monotony (repetitiveness) and lack of challenge Lack of responsibility
More money Lack of value-addition to career
Lack of good developmental projects Idle(inactive) time 'sitting on the bench'
Lack of transparency 'Promises not kept' and ill-treatment
Organization culture Lack of quality consciousness
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The old goal of HR Management - to minimize
overall
employee turnover -
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needs to be replaced by a new goal: to influence
who leaves and when he leaves
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•Ensure realistic expectations among applicants and avoid hype (i.e., do not promise a paradise) •Emphasize and test soft-skills in selection
•Build good work environment, good house-keeping, open and informal culture, concierge (caretaker)
services and so on •Share the wealth through profit-sharing etc. •Train in soft-skills regularly and intensively
•Train in business skills and team-working
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Get top management involved in training •Insist on sensible schedules, give breaks
•Move up the value chain - from body shopping to programming to business solutions to product
development to technology development
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Keep structures open, flexible, non-bureaucratic through small teams in large setups
Ensure first rate projects in joint ventures Encourage entrepreneurship in comparison with idea
generators, venture capital Certifications and encouraging mastery in
applications Inter-project, technical mobility and flexibility
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• Ideas for compensation structure : 1.Up to 50% as Base pay per region, skill-set
and experience2. 10% of Base pay as annual increment 3.Tax-free benefits like HRA, lunch etc 4.Skill up gradation reimbursements
5.Pay for performance - project-based profit sharing, early completion bonus etc.
6.Tenure-based rewards 7.Pay directly for facilities offered - insurance
premium and not cash and so on
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•In some cases, companies have found that high turnover isn't as big a problem as it appears. •If there's a large pool of talented employees available, it might want to focus on recruitment rather than retention. •since new hires have lower salaries than long-term employees, the company is able to keep a lid on compensation levels. •Cooperating with competitors is another way of dealing with retention.
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