Navigating Talent Tides: Staff Retention and Recruitment Strategies in conversation with Chandra Shekhar Singh, Director, Posterity Consulting
New Delhi (India), March 19: In the dynamic realm of talent management, where the ebb and flow of skilled professionals shapes the trajectory of organizations, strategic prowess is key. Enter Posterity Consulting, renowned for its expertise in guiding organizations through the intricacies of talent management, promises invaluable insights into navigating the shifting currents of the modern workforce. Explore innovative approaches, find actionable strategies, and chart a course towards sustained organizational success amidst the ever-changing talent landscape.
In Post covid world, there has been slowly brewing a disruption and that disruption has taken the face of The Great Resignation. As per the survey cited on World Economic Forum, 60% of the Indian workforce is planning to change their jobs for better job role and compensation; the numbers cited are higher compared to other countries in the world. The reports stated that the major reasons for quitting are lack of career development and advancement followed by inadequate total compensation.
With the world seeing an upheaval of offers, then retention, then scarcity of talent in a post pandemic world, the talent market remains volatile with major layoffs still being anticipated for this year. At a time like this, Recruitment needs to be amped up, says Chandra Shekhar Singh. “A valuable talent might have been let go for multiple reasons, but to identify this right talent at a time like this is advantageous in a three-fold manner. One, employers get a wide pool to make choices from. Two, the talent available comes with quality experience. And three, the cost isn’t as competitive as it is when identifying an already employed Job Seeker.”
The war for talent is quickly transforming into a zero-sum game. The supply of skilled talent, especially in niche skills domain, is relatively rigid and cannot be retrained or reskilled overnight. Hence, it becomes imperative for organizations to retain their best talent to maintain a competitive edge over other players in the market.
The two prominent challenges that the world faces with regards to any workforce remain- Recruitment of apt talent, and their retention. Posterity Consulting, having served clients across sectors, have cracked the code on both these dilemmas.
As cited in various reports, career advancement seems to be cited as one of the key reasons why employees quit their current organization. The introduction of AI in professions is creating an active demand among employees for capacity development from the employers. A majority of Indian workforce feel that their job will become redundant once artificial intelligence will be introduced in their work. Posterity Consulting offers its clients customized solutions focused on upskilling the employees. At the organization level Posterity Consulting understands that having just training courses on LMS is not enough. Employees want their organizations to help them Upskill holistically. Hence, at Posterity, immersive boot camp training programs are regularly organized for its employees. The organization frequently hosts training programs with external and internal trainers focused on multifarious areas of skill development. The organization encourages its workforce to choose government initiative projects to gain extra skills.
Competitive compensation certainly after scope of role plays a huge role in successfully navigating zero sum nature of staff retention. An organization needs to create a compelling employee value proposition (EVP), that in addition to providing growth opportunities, offers competitive compensation and benefits to its valued employees. Posterity Consulting has certainly mastered the art of total rewards. The company offers valuable insights to its clients in the form of compensation mapping and benchmarking studies to help its client decide the best compensation numbers to retain their talent in the market. The organization internally too fosters a healthy relationship with its employees by having competitive appraisal, incentive and bonus structures to ensure that its employees are among the best paid in the industry.
Of course, organization culture plays a huge role in deciding if an organization can retain its top talent. Posterity understands that the inner dynamics of a company is as crucial as other aspects. Top players value their employers when they feel included. Posterity offers a dynamic work environment where employees get access to a rich alumni network to connect. Withing the realm of work culture, D&I (diversity and inclusion) is pivotal for ensuring that the employees feel connected to the organization at a personal level.
The Search Practices of Posterity make it a distinguished player in all the areas and kinds of recruitment it offers. It becomes imperative for a player in the Indian Talent Market, to be aware of the various opportunities of engagement with talent. Gone are the days of static- one-time hires, or volume hires. The workforce has evolved to accommodate Manpower Outsourcing, while the Employers now see the necessities of Recruitment Process Outsourcing. Talent Acquisition Services have grown with the modern world to accommodate the learning culture that Employers provide as an attraction point. Case in point, Diversity, Equity and Inclusion Hiring. DEI Hiring is not just a branding tool anymore, with the giants of Industry realizing the benefits of a diverse workforce. However, hiring this talent still seems elusive and mysterious to a lot of organizations. This is where firms like Posterity leverage their connections with various government bodies- such as the Directorate of Resettlement for Veteran Hiring or the Department of Social Justice and Equality for PwD (Persons with Disabilities) Hiring to gain access to talent that is not easily available on Job Boards and Public forums.
From leveraging its knowledge to support Leadership Search Financial Services Sector, to build strategies in a major player of the Power Sector, Posterity has understood how to acclimatize to a range of sectors and a host of complex and unique problem statements coming from diverse ecosystems.
One proven formula that works across Industries and Sectors for Recruitment Strategies, remains Gross Talent Attraction Power aka GTAP. Similar to a nation’s GDP, an Employer’s GTAP can make or break it’s Recruitment Strategies. What exactly is GTAP, you ask?
GTAP is a culmination of the Quality of Work, Total Rewards Program, People & Culture Practices and Brand Awareness and Positioning. An Employer Value Proposition must be mindful of all of these and make active efforts to be at par with their Industry Standards.
Not only do these impact Recruitment Strategies, but it also very obviously is the lynchpin in Staff Retention in any organization. In the words of Chandra Shekhar Singh, “For Talent Acquisition, if you feel the job is too easy, or it’s too difficult- You’re doing something wrong.”
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