Obtaining a sustainable competitive edge is a path every firm wants to pursue, but it becomes discreetly difficult where there is deep market competition. Telecom and IT sectors are highly versatile businesses and pose several challenges in attaining revenue maturity. Similarly, partnering with Human Resource Management to play a strategically effective and efficient role in this sector, is no easy task considering the firms opt to lead the market.
Some challenges an HR professional in this faces involve:
- Keeping pace with rapid technological advancements and skill requirements;
- Employee retention;
- Strategic performance management;
- Organizational development;
- Employees feel that the job or workplace is not what they expected;
- Mismatch between the job and person;
- Succession planning;
- Maintaining employee motivation;
- Employees feel stress from overwork and have a work/life imbalance;
- Training and employee development;
- Balancing the trust deficient between the employees and senior leaders.
Employee retention is a fine balancing act between company culture, remuneration and incentives. We need to provide each employee with the right combination of all three to satisfy their needs without compromising on company interests in the process.
Since the market is highly competitive, the majority of employees tend to be active job seekers (aged b/w 22 to 35). ‘Employees usually leave the managers and not the organization’ is a famous quote which stands true to some essence. A good way to retain good resources is to provide them with adherent policies and guidelines, defining SOPs and maintaining compliances. Firms should focus on providing market competitive packages to reduce employee turnover. The bubble fantasy created by the larger IT firms is rarely fulfilled by companies in the emerging markets – the unlimited, free food and entertainment perks – are not easily found in organizational culture outside the Valley.
Another way to retain employees is by providing them job satisfaction through job analysis at regular intervals. Through the job analysis, we can gather and analyze information about the content and the professional requirements of the job, as well as assess the context in which the jobs are performed. Contribution of employees in this process is very important; the feedback related to overall position and performance is received through the job analysis questionnaire from each employee. Through this exercise, the management can easily set targets and expectations from the employees, enabling the departmental heads to perform quarterly evaluations with more effectively.
Employee development is another concern which affects the retention of critical resources. Introduction of training programs that focus intensely on the JDs of the staff and their managers. This results in employee development, succession planning along with improving work efficiency of individuals.
Additional initiatives that can be taken by the company to make their employees feel relevant include arranging team building activities such as Outdoor Sports Activities, regular adventure trips like cycling and trekking, annual dinners (with employee’s families) and annual picnics. These initiatives have numerous benefits for the development of the company and its human resource.