Developing the appropriate rewarding strategy will advice you attract, posses and motivate the right people for your organization. And if you are a local business or a global variety, we can help you test what your people need with what you want to attain, as well as what you can manage.
Are Indian Organizations failing to keep employees happy?
An industry survey conducted recently has found that one in four employees in India is likely to switch jobs this year, making it a country with the maximum rate of attenuation in the world.
For blooming market looking to boost efficiency and quality, this comes as a rattling part of news that has enforced employers across the board to study the reasons for this disturbing trend.
The survey study conducted by international human resource and management consultancy main feed group in union with the Center for economics and Business Research (CEBR), found that India is probable to lead the region in income rates at 26.9 per cent (in the organized sector) in 2013 – the maximum attrition rate internationally; this form is predictable to go up additional in 2014 to 27.5 per cent.
It is a no brainer that in order to maintain employees, organizations must give a severe thought to what is driving employee disenchantment and what would drive employee commitment.
Challenge of employee engagement
Indian industry has, over the past decade, seen some volatile enlargement. This growth has given rise to new challenges in maintaining and handling talent. Today’s managers are dealing with a dynamic and ambitious new generation. The gap between the older recognized work-force and the ambitious upcoming is widening.
The open financial system and technological revolution have encouraged the formation of more active organizations with new management styles and with a new type of employees – younger, highly qualified and ambitious. This sometimes sits a little uneasily with the conventional businesses and career structures. This occurrence is further complicated by the information that India is naturally a hierarchical society.
Focus on rewards
Nowadays, companies not only attract talent but also manage to motivate and retain them. This has shifted the focus on human resources and rewarding strategy and recognition (R & R) management. As more and more organizations appreciate that it is critical to focus on developing, appealing and retaining employees, the previous hasty reactions are giving way to a more planned and sustainable approach to R & R.
There is a clear difference between how R & R is handled in the new economy companies. Companies in the new rising sectors like IT//Retail have been early adaptors to a more planned approach to R & R. While the companies in the more conventional sectors like manufacturing, public sector etc are yet to adjust themselves to a work flow ambitious structured development.
However, the best of companies today are flouting free from India’s employment and plunder legacy. They recognize that pushing up salaries is no longer a sustainable long-term achievement. The need of the hour is a more planned, creative solution.
The R & R method can truly be a key differentiator for a company. An imaginative, well planned sophisticated R & R programme can guarantee that the employees are offered an option from a menu of reward to attract and maintain interest. And these awards are familiar on a social platform through a rewarding strategy that brings in transparency and confidence in an entire system.
The good news all across – the new and the old economy companies, is that the need for a good R & R development is no longer debated. What is being debated and discussed more today are questions related to ‘how’ and ‘when’.
Numerous employers are now focusing on raising the happiness quotient of organizations and have services that are planned to ensure employee happiness.
The R & R method in India is still in its promising stage but is on growth path, with more companies fast realizing the need to implement a structured R & R programme for their employees.
Keeping employees happy is vital. The next decade of economic growth is certain to see the rise of a new more planned rewards and acknowledgment policy.
Developing a rewarding strategy that works at a cost that is affordable to you.
Reward is one of the biggest expenses you have. So it’s crucial to get it right. And this means more than just searching out what the market is paying. Sometime, your business strategy and work experience are different to your organization and you know what you’re trying to attain. So you want a rewarding strategy that follow and gets you results.