THE SHARP CHALLENGE FOR TRADERS-KNOWLEDGE RETENTION
Trade and the motive of traders is not the constant for all the types of market prevailing globally. The developing countries has different trade strategy where as the developed countries has also acquired superior strategy for their dynamic growth. The measuring scale i.e. economy of a nation clearly explains the growth of trade in a particular nation. Trade practices are no more similar for all the players prevailing in the market in the same way driving workforce for fulfilling their need is also not an constant one. Globalisation and the stiff competition have challenged every organisation to adapt unique business model for existence and growth in the future. The quality of workforce and the quantity is not very much constant now a days because of penetration of various companies in a single nation. The trade completion along with the knowledge retention has placed tough barriers for companied through out the world. The scenario of revolution in the various fields of business has already taken the speed in the micro as well as the macro environment, which serves an indication towards the utilization of skills. Organizational plan and the design to approach the job is important for every organizations to be in touch with their own ethics. The manpower requirement is a big deal for every organization and the planning phase to gain the desired manpower in the particular stipulated time.
From the technical aspect it is clear that the leading countries of the world create new innovations to fetch the market strategy for their growth. The investment of a particular company towards a product starting from its planning to sell in the market is associated with the human techniques. The cost of employee turnover is from 40% - 100% of an employee\'s annual salary, when we consider productivity, recruiting costs, reduced efficiency in transition and time.
1 The strategic management techniques are not only useful for the organisations to make present changes but also to invent new strategies for the future. The use of talents becomes the primary concern now days to get the remarkable identity. Outsourcing the talents and getting the best of it has a challenge for every business organization. The demand for talents in the IT, FMCG, SERVICE, MANUFACTURING SECTOR, RESEARCH ORGANISATIONS is growing due to the rational increase of consumers and awareness among the consumers to know about the products. Many multinational companies have comedown to India to share their innovations and to share their business.
The demographic profile is the key factor for the business organizations to catch the essence of the consumers and to lunch their products in an innovative way. Indian resources and the projects held by Indian companies for making dynamic changes will become a dream if there is adequate dearth of knowledge. Each and everyday good employees quit their employees for better jobs. The challenge is not only to attract the best employees but also to retain them for the future not only for the same task but also can be used for similar type of job without loosing them. Rising opportunities for monetary payback, carrier development, way of life decisions, job changing, unbalanced work life, pitiable mentoring, future growth, stress and other benefits are some factors which influence an individual's decision to carry on or give up.
The mounting economy of India has given a chance to explore the talents by feeding them the appropriate knowledge of business. India is currently the ninth largest retail market in the world and the Indian retail market is pegged at US$ 350 bn. In the developed countries, the retail industry has urbanized into a full-fledged industry where the organised sector accounts for almost 80% of the total retail trade. In contrast to this, in India organised retail trade accounts for nearly 3% of the total retail business.
2 The wider prospect based on retail industry is that there is expected growth rate at a CAGR40% in the coming years 2010. It is expected to grow to US$ 22 bn.3 High Competition in this sector is based upon many factors like assortment, products, advertising, price, quality, quantity, service, location, reputation, credit and availability etc. New entrants are expected to further intensify the competition. The other players also have taken the advantage to crack the Indian retail sector. The retail sector is booming and has given a specific way for retail business by considering the retail management practices. The upcoming retail sector WALL MART has kept the eyes wide open for other entrepreneurs who are in the same sector. Growth in Indian retail has been driven by the country's economic fundamentals over the past few years. Economic growth, accretion to income levels of the rising Indian middle class and the consequent rise in disposable incomes will fuel the growth of the retailing sector. Improved retail services, easy financing options and changing consumers’ mindset regarding credit will give further fillip to retail industry. The search has already started by many retail organizations to utilize the retail management talents for completion.
Inspite of retail sector there is also a huge demand of employees for various projects acquires by IT companies. The major it players of India like Infosys, Wipro, TCS, Cognizant, Microsoft, Adobe, Accenture etc. Ever-increasing opposition, pressure on billing rates and increasing commoditisation of lower-end function development and maintenance services are among the key reasons forcing the Indian software industry to make a fast move up the software value chain. The software services segment of the industry continues to grow by leaps and bounds. However, growth in the domestic market has been relatively staid. Given that India is among the fastest-growing economies in the world and the burgeoning IT budgets of India Inc., focusing on the domestic market will without doubt be a chance to take benefit of. Competition in the IT sector is global in nature and stretches across boundaries and geographies because of the global players’ participation. It is likely to build up due to the attempted replication of the Indian offshoring model by MNC IT majors for forward expansion. From the wider prospect the it industry is growing at a rate CAGR of 6%.4 The IT services and ITES-BPO is expected to grow faster as compared to the other segments of IT sector. The offshore outsourcing story is expected to continue to play out, as firms look for superiority work done at most favourable cost. IT being a resource-intensive industry, human resources will play a major role in times to come. Attrition rates will have to be managed by the companies In order to preserve margins, firms will have to maintain workforce at optimum level, improve utilization rates and control selling, general and administrative expenses.
Though the major challenge for every IT industry is not till now stable due to the employee movement from one IT industry to the other in their due course of time for fulfilling their own requirements. The monetary notion that has developed a huge gap among the employees if we compare the employees of IT industry with any other industry. Inspite of these sectors the attrition rate is less in public sector undertaking organisations and government organisations. The intangible benefits that is attracting the employees to retain themselves in that organisation.
HIGH ATTRITION-COMPARABLE STATES: High attrition is observed in middle and senior level positions, which is damaging the performance rate of software industry. It is a known fact among Indian IT professionals that only minority % of employee stick to a company for more than 2 years! Majority of them keeps altering job and aims to earn more salary.Most of the IT companies recruiting science graduates to overcome this problem by training them properly which is costly and time consuming. The problem has captured the Indian it giants-WIPRO, TCS, SATYAM and INFOSYS. These four companies are facing high attrition rates. These companies are facing problems in retaining their employees though there are various schemes available in their company which are in favor of the employees. Options for employee retention-competitive strategies There are many competitive strategies drawn by many analysts in this deep concern regarding the retention and benefit schemes. The strategic model is self explanatory and it is essential for understanding the basic strategic model by which nature of orientation of employees can be understood easily in a best possible way.
Through the growing business: showing the growing business and their. A future plan regarding growth is an important tool for the employees to retain their attention towards the organisation. The facts and figures of past and future that the organisation is going to achieve practically increase the orientation of employees towards the organisation to serve in a better way. Progress of organisation as compared to the other organisations competing in the same line.
Proper information of employees: Collecting proper information regarding the employee history may help the organisations to forecast for the future activities of the employee. Improvements in favour of employees: Comprehensive improvements must be taken by the organisation for the development of workers for getting the right performance by improving new policies and removing old policies which are not of use. Feed back system before leaving the organisation: It is obvious that no one can force an employee to serve for his organisation but the feed back is important for companies to record, why the employee is leaving the organisation?
Equal opportunity for all employees: The decision making capability boosts a person a lot by realizing him that he can take decisions along with his other higher level employees. Introduction of success stories of employees presently working over there: By sharing the success stories and work methodology of employees of their company working in different branches or in same. Dynamic HR strategies with the dynamic business environment: The demanding quality, time line and the service are the few things associated with every organization. The hr policies followed by the employees of the organization keeps them in a proper platform. Services industries employees have a tough work with their clients. Regular approach to the similar client and the timer line of their service improves the quality of work and positive response towards their organisation. the smooth line of of the qualitative service is a valuable supplement for them. The hr personnel’s keep the environment in such a way where the quality of work can be maintained by the workers itself upto their standard. The business policies are changing and that is forcing the employees to adapt new work systems. The business environment and the interpretation is a key for their success.
Conclusion: The
goal of the strategic management in an organization is to assess,
deploy and allocate resources providing the management with a
competitive advantage. Globalisation, scientific innovation, employee
perception and customer expectation have in the recent times created
the need for rather more competitive organisations. Under these
conditions employees have pushed themselves to the central part of the
competition to feel the major changes from time to time. Now many top
ITeS companies have devised an early warning system (EWS) to track
employee behaviour and predict their likelihood of leaving.
Identifying the employee is just the beginning; the HR has to then
work out solutions for every possible employee on the verge of
quitting. The IT industry is widening the talent pool continuously
through innovative resource exploration to meets its aggressive hiring
objectives. A prospect to grow and learn at work is emerging as a
primary determinant of attracting and retaining employees. The
administration must provide fine retention approach to improve human
assets. the creative employee retention techniques has to be
generated. Material benefits are not the right tools for the highly
motivated employees in the long term basis. Organizations and
companies succeed, or fail, based on the quality and effectiveness of
their employees. Today’s successful firms recognize that to compete in
global markets, they must have world class Human Resource managers who
are active participants in strategic and operational decision.
Strategic management process first analyzes a company’s competitive
situation, develops its strategic goals and mission, its external
opportunities and threats, and its internal strength and weaknesses to
generate alternatives.
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