A Research study on Talent Retention -Challenges ... A Research study on Talent Retention -Challenges

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  • Chronicle Of The Neville Wadia Institute Of Management Studies And ResearchISSN 2230-9667

    Feb., 2012

    183

    Human Resource Management

    A Research study on Talent Retention -Challenges & Opportunities for Construction Industry in India

    Prof. Jaimini Tipnis (Doctoral student)

    MPM, LLM, MLL&LW(Ph.D.Pursuing)

    Associate Professor

    Add:S.No.40/4A,4b1, near PMC Octori Post Kondhawa –Sasawad Road Kondhawa (BK), Pune48

    Prof.Vijay Dhole (Doctoral student)

    MPM, PGDBM (Mktg) PGTT, DLL(Ph.D.Pursuing)

    Associate Professor

    Add:S.No.40/4A,4b1, near PMC Octori Post Kondhawa –Sasawad Road Kondhawa (BK), Pune48

    Abstract:- In the present scenario, where technology has made spectacular progress and revolutionized the work in every field, particularly in the corporate world, it is not physical assets which are gaining importance but talent has emerged as the forerunner in determining the worth of the organizations. As such sourcing for best talent continues to hold prominence for the organizations. Worldwide organizations are subjected to heavy pressure due to the declining supply of talent. According to a report, over a decade, the demand for talented people exceeds the supply of skilled workers at all levels and in all industries. It has become a challenge for Human Resource (HR) professional to identify and address the key talent issues within the organizations.In the previous years, the market appeared to be a “Buyer’s Market” with excess talent & few employers. But the situation has reversed with the employee becoming a “Seller of his Talent” or precisely the market has turned out to be a “Seller’s Market”. In this situation wherein the best talent is absorbed by the reputed organizations and others who have not developed the reputation of “Employer of Choice” and are not capable enough to compete will struggle for acquiring and re- taining the scarce talent resources. Creative Human Asset Retention Strategies have to be emphasized. Opportunity to grow and learn at work is emerging as a primary determinant of attracting and retaining employees. Cash is not the main factor that keeps employee in their current job or attracts them a way to a new job. This research will explore the only "Intangible Asset" found to predict the future financial performance of a firm is the firm's retention rate for key employees. Key Words:- Talent, Retention process, Performance. 1.INTRODUCTION:- Talent is one of the most important assets of an organization. An efficient workforce determines the level of productivity of the organization and thus determines the effectiveness of organizational systems

  • Chronicle Of The Neville Wadia Institute Of Management Studies And Research ISSN 2230-9667

    Feb., 2012

    184

    Human Resource Management

    and processes. Any organization, whether small or large, which expects to grow and prosper, must take the talent retention issue as a top priority. Failure to do so lead to organizational slowdown and steady decline. Even during the times of economic slowdown, it is imperative for an organization to focus on talent retention strategies. This way, the organization can retain talent and make judicious use of the same. The expedition to find the best way to retain talents has taken HR professionals through concepts such as talent reviews, talent satisfaction and talent delights. The latest idea is "Talent Engagement", a con- cept that holds that it is the degree to which a talented talent is emotionally bonded to his organization and passionate about his work that really matters. Talent engagement is the level of commitment and in- volvement a person has towards his organization and its values. An engaged talent is aware of business context, and works with colleagues to improve performance within the job for the benefit of the organi- zation. Talent engagement is a critical ingredient of individual and organizational success. Engagement is strongly influenced by leadership quality, as well as by job and organization features. This conceptual research is designed to determine if the potential for talents to be engaged in work can be predicted at the time of their initial application for work. These studies also provide additional evidence about the impact of talent engagement on important business outcomes.

    2. AIMS & OBJECTIVES 2.1 To study and understand the concept of talent retention process construction Industry. 2.2To know how talent retention process is carried out in the construction Industry. 2.3 To find out whether the talent retention vary with the profession . 2.4 An overview of different ideas to retain talented employees . 3.SCOPE OF THE STUDY:- 3.1The study will comprise to retain talented employees 3.2The study in hand will make a very clear understanding about the linkage between Talent reten- tion and productivity, recruiting costs, reduced efficiency in transition and time. of employees from construction industries

    4.HYPOTHESES: The tentative assumptions before starting with the actual research work are as mention below:- H-1 Talent Rention in construction industry plays an important role in performance at work. H-2 Personal as well as professional factors are responsible for Rentaining Talent H-3 Talent Rention can be obtain by adopting effective strategies

    5.RESEARCH METHODOLOGY The sample was the employees of L & T posted at ECC Division. Simple random technique was used for collection of data through questionnaires.. Sample Size: The sample size consists of 70 respondents. Data collection: Primary Data – It is the first hand data collected generally through: Questionnaire, Observations, and Survey etc.

    6.DATA ANALYSIS AND INTERPRETATION The questionnaire included the independent and dependant variables. There were 15 questions. There were four options and one had to tick one out of four. Questionnaire was distributed to 70 construction

  • Chronicle Of The Neville Wadia Institute Of Management Studies And ResearchISSN 2230-9667

    Feb., 2012

    185

    Human Resource Management

    staff. Below is questionnaire. Against each option, no. of responses has been given in the right sides which were received.

    You would like to associate with which type of company:1. a) Multinational 24 b )Software 21

    c) Construction 09

    d) Any type of company 16 Data Interpretation: The above pie chart shows the employees’ preference towards the type of company. Most employees like to work in multinational company followed by Software Company. Few prefer Construction Com- pany while some don’t have any specific preference.

    You are Interested in performing in the company which is:2. a) Making townships 21

    b) Making conventional structures 15 c) Doing only infrastructural projects 17 d) All type of structures 17

    Data Interpretation: The above pie chart shows the employees’ interest towards the specification of company. Most em- ployees like to work in companies which are into township making followed by the companies making conventional structures. Equal preference is given to companies into infrastructure project and those into all type of structures. 3. In respect to medical facilities at site you would: a) Prefer to have 1st aid kit at site 30

    b) Prefer to have any kind of tie up with any hospital whichever is near. 19

    c) Prefer to have an ambulance at site 08 d) Prefer to have doctor & other necessary medicines at site 13

    Data Interpretation: The above pie chart shows what type of safety facilities they want in their organization. Majority of employees prefer to have 1st AID kit followed by the preference of organizations having tie-ups with hospitals whichever is near. Few employees prefer to have doctors and any other necessary medicines at sites. Preference to have an ambulance at site is least preferred.

    4.The criteria of promotion should be based on : a) Performance 37

    b) Experience 11 c) Potential for future 16

    d) Good behaviour and good team spirit 06 Data Interpretation: The above graph shows what employees consider should be the criteria of promotion. Majority of em- ployees consider Performance to be the basis of promotion followed by Potential for future basis. Few employees consider Experience to be the basis of promotion. Good behavior and Good team spirit is

  • Chronicle Of The Neville Wadia Institute Of Management Studies And Research ISSN 2230-9667

    Feb., 2012

    186

    Human Resource Management

    given least consideration. 5.You prefer to have: a) Bond with company 02

    b) No bond with company 13 C) Bond If Company takes care 17 d) Relationship only on professional basis 38

    Data Interpretation: The above pie chart shows the employees’ preference towards having bond with the organization Major- ity of the employees prefers to have Relationship only on professional basis, followed by the preference to enter bond if company takes care. Very few employees prefer to have No bond with the company, while least preference is given to have Bond with the company. 6. In a construction industry: a) Performance is given high importance 19 b) Personality is given high importance 09 c) Liasoning is given high importance 14 d)Experience is given high importance 28

    Data Interpretation: The above pie chart shows what employees feel important in an organization. Experience is given im- portance by majority of the employees followed by Performance. Liasoning is given importance by few employees while least importance is given to Personality by the employees.