Selection and retention of talent in it industry: a study in the state of West Bengal

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The purpose of this paper is to throw some light on HR strategies adopted by various IT companies in West Bengal that help them select and retain talent in this competitive market.

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Nội dung Text: Selection and retention of talent in it industry: a study in the state of West Bengal

International Journal of Management (IJM) Volume 8, Issue 4, July–August 2017, pp.98–108, Article ID: IJM_08_04_013 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=8&IType=4 Journal Impact Factor (2016): 8.1920 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication SELECTION AND RETENTION OF TALENT IN IT INDUSTRY: A STUDY IN THE STATE OF WEST BENGAL Dr. Pradyumna Kumar Tripathy Assistant Professor, Department of Business Administration The University of Burdwan, West Bengal, India Smt. AkanchaTrivedi Research Scholar, Department of Business Administration, The University of Burdwan, West Bengal, India ABSTRACT Employee commitment and retention has become an important strategic aspect for the organisation today.. It is not only important to have the best and the most talented employees, but also it is equally necessary to be able to retain them for long term benefits of both the organisation and its people. The purpose of this paper is to throw some light on HR strategies adopted by various IT companies in West Bengal that help them select and retain talent in this competitive market. The study examines the following factors: career development opportunities, effective talent management strategies, recruitment, investment in training and development, compensation and benefits, work life balance, culture of the organisation, leadership, communication, image of the company, autonomy and empowerment, personal causes, role of HR head and supervisors, work related policies and flexi time, performance appraisals and career growth and development opportunities. It has been found that there is no uniform strategy that shows the significant influence of all these above factors because different organisations lay varied emphasis on these triggers depending upon their suitability impacting retention. Based on responses of different companies, suggestions are drawn which give a holistic view on the various practices that organizations should adopt to keep the rate of employee retention and commitment high. Key words: Retention, Work-life balance, Commitment, Motivation, Talent management. Cite this Article: Dr. Pradyumna Kumar Tripathy and Smt. AkanchaTrivedi, Selection and Retention of Talent in it Industry: A Study in the State of West Bengal. International Journal of Management, 8 (4), 2017, pp. 98–108. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=8&IType=4 http://www.iaeme.com/IJM/index.asp 98 editor@iaeme.com
Selection and Retention of Talent in it Industry: A Study in the State of West Bengal 1. INTRODUCTION Nowadays, land, capital and fixed assets are no longer key resources for the organization to be highly competitive in the current economy (Gardner, 2002). Human capital is a key resource to be adapted by organizations to cater to worldwide competition. Therefore, organizations are competing against each other to acquire and retain talents in order to maintain their operations and continue to grow (Gardner, 2002). Several resources can be used to improve the effectiveness of a firm which includes money, men and machine, of these resources the most important is the people (Kehinde, 2012). Determinants of talent management includes; talent attraction, talent retention, learning and development andcareer management, each of these processes must be designed to fit the strategic requirements of the business as well as integrate with each other .To be successful the talent strategy must be aligned with the organization‟s business strategy. Aligning talent strategy with business strategy is usually the unmet need in many organizations. In this paper the authors study about the various HR practices adopted by IT companies, because IT sector has been the most attractive one to work which provides an admirable work environment, attractive compensation and rewards along with good career growth and opportunities. Recruitment and selection of right employees is critical challenge for employers. Motivation and retention of valuable employees lead to the success of business in turbulent environment. The present scenario is quite complex where employers are facing the difficulties of attracting and retaining talents due to availability of more job opportunities. High recruitment costs, loss of expertise, decrease in productivity and lower quality are the results of employee turnover. Some of the common reasons for attrition in IT industry are as follows:  Compensation  Issue related to „Role‟  Location preference  HR policies affecting the career (promotion, performance appraisal, organisational culture etc.)  Work related issues (shifts, overtime, project facilities)  Personal (health, family etc). Now a days employees have sound knowledge about organisations, employers and their talent retention practices through internet and various media. Varieties of career options are available for talented employees. So there is big necessity to endorse talent retention practices by talent managers. So the main objective of this paper is to find out reasons for employee turnover and the factors that influence employee retention. For this we have conducted a study on different IT companies of West Bengal with sample size of 25. The primary data for this paper is collected through questionnaires .The respondents include HR managers as well as other employees of IT companies. 2. REVIEW OF LITERATURE In 1997, Ganesh identified two types of factors that encourage an employee to leave the present job are push factors and pull factors. Push factors pertains to dissatisfaction and pull factors are higher compensation package and greater technical challenge. Various studies on selection and retention are conducted by different authors is provided below. http://www.iaeme.com/IJM/index.asp 99 editor@iaeme.com
Dr. Pradyumna Kumar Tripathy and Smt. AkanchaTrivedi Table 1 YEAR AUTHOR(S) THEMES FINDINGS 1997 Ganesh Two factors for He identified two types of factors that encourage an employees employee to leave the present job are push factors and pull factors. Push factors pertains to dissatisfaction causes are work environment, compensation, low employee benefits etc. and pull factors are higher compensation package and greater technical challenge 2001 Persis Mathias Retention of employees He states that it is hard work engaging Indian software is a major task before talent by the software industry, which is spawning ground HR professional for IT professionals. Retention of employees is a major managers task before HR professional managers.AMR (attract, motivate, retain) is a big concern IT industry. 2002 Gardener Human capital is the Nowadays, land, capital and fixed assets are no longer key resource key resources for the organizations to be highly competitive in the current economy .Human capital is a key resource to adapt the organizations tothe worldwide competition. Therefore, organizations are competing against each other to acquire and retain talents in order to maintain their operations and continue to grow. 2004 Heinen et al, Determinants of Talent Determinants of talent management includes; talent management attraction, talent retention, learning and development and career management, each of these processes must be designed to fit the strategic requirements of the business as well as integrate with each other .To be successful the talent strategy must be aligned with the organizations business strategy .Aligning talent strategy with business strategy is usually unmet need in many organizations. 2004 Hartley Talent management is Talent management is a term that extends over a wide set a term that extends of activities, such as succession planning, HR Planning, over a wide set of employee performance management etc. activities 2004 Creelam Talent management is Talent management as the process of attracting, recruiting a process and retaining talent employees. 2005 Lawler III Competing for talent He stated that in these days organisations are competing for talent rather than counting employees loyalty. They are focusing on attracting, hiring and retaining the required talented persons. For this purpose organisations must utilise those practices whih are in favour of both employees and employers leading them towards higher performance levels. It is important to recruit strategy driven and shrewd employees because it creates sense of alignment between employee and organisational values and goals. 2006 Armstrong Components of talent The components of talent attraction are recruitment and 2006 attractions selection, employer branding, employee value propositionand employer of choice. Recruitment and selection requires that organizations use various methods or techniques of selecting the right talent that reflects the culture and value of that particular organization 2007 David et al Talent pool is the The best way to create a talent pool is theinternal sources internal process since the employees have already the knowledge of how business processes work and can be http://www.iaeme.com/IJM/index.asp 100 editor@iaeme.com
Selection and Retention of Talent in it Industry: A Study in the State of West Bengal incorporated directly into the new position and the morale of workforce uplifted. 2007 Gentry et Employees feel He argued that employees feel connected with the connected to the organisation if they get support from their supervisors organisations which lead them to return the favour to the supervisors and organisation through retention. 2007 Society of Survey of top A survey of top executives by the society of HRM found Human executives that 75% of them cited succession planning as their most resource significant challenge for the future, while over two thirds management cited recruiting , selecting and retaining talented employees as among the next most important challenges. 2008 P.K.Punia and Key factors of They highlighted that in current economic scenario the Priyanka employee retention variables like induction programme, scientific job Sharma analysis and fair & skill based distribution of work assignment are the key factors in influencing the employee retention intentions in industrial organisations and the IT sector in particular study highlighted the influence of age on employees position as significant factors in employee retention. The corporate has to strengthen their induction programmes, during scientific job analysis before selecting the employees and resorting to fair and skill based work distribution practices. 2010 Ballesteros et al External Sources However, if the organization want to introduce radical changes or to renew the culture ,external sources are the best. 2011 Mendez et al Motivation factors for He further emphasizes that a company needs to invest in employee retention employee retention in order to besuccessful. For example, a good compensation package is important in retaining employees, offering an attractive, competitive benefits package with components such as life insurance, disability insurance and flexible hours motivates employees to commit themselves to an organization. 2012 Kehinde People are the best In order to increase the effectiveness of a firm several resources resources can be used to achieve this, which includes money, men and machines, of this resources the most important of them all is the people. 3. RESEARCH METHODOLOGY Objective of the study  To analyse the measures for effective retention and organisational performance.  To analyse the influence of job related and organisational factors towards retention  To study the challenges faced by IT companies for retaining talents. Area of the Study IT Companies from West Bengal. Sample size and its selection 25 employees from different IT companies dealing with software, hardware and HR http://www.iaeme.com/IJM/index.asp 101 editor@iaeme.com
Dr. Pradyumna Kumar Tripathy and Smt. AkanchaTrivedi 4. DATA ANALYSIS 4.1. Employee Retention Salary and Bonus 80.00% 66.70% 61.90% 60.00% 47.60% 42.90% 40.00% 20.00% Salary and Bonus 0.00% Figure 1 Factors affecting Employee Retention i.e. Salary & Bonus From the above table we can observe that the main factor which affect Employee retention is Bonus, because bonus is a payment or reward outside of an employee's regular salary that is offered as an incentive to keep a key employee on the job during a particularly crucial business cycle, or during a crucial production period. In recent years, retention bonus have become increasingly popular as corporate poaching has increased and the second one is Basic Salary, because employees typically consider their salary to be the primary motivation to come to work. Other factors that positively influence job retention include Increased Fixed Salary and Reward and Remuneration. However, if an employee feels that she works harder than another employee who receives a higher rate of compensation, she may leave for a higher pay opportunity. Highly paid employees tend to be more motivated to remain in their jobs. Employees Welfare 40% Childcare 60% Medical Facilities Figure 2 Factors affecting Employee Retention i.e. Employees Welfare http://www.iaeme.com/IJM/index.asp 102 editor@iaeme.com
Selection and Retention of Talent in it Industry: A Study in the State of West Bengal “Employee welfare is a comprehensive term including various services, benefits and facilities offered to employees by the employers. Through such generous fringe benefits the employer makes life worth living for employees.” Welfare includes anything that is done for the comfort and improvement of employees and is provided over and above the wages. Welfare helps in keeping the morale and motivation of the employees high so as to retain the employees for longer duration. The welfare measures need not be in monetary terms only but in any kind/forms. Employee welfare includes monitoring of working conditions, creation of industrial harmony through infrastructure for health, industrial relations and insurance against disease, accident and unemployment for the workers and their families. The very logic behind providing welfare schemes is to create efficient, healthy, loyal and satisfied labour force for the organization. The purpose of providing such facilities is to make their work- life better and also to raise their standard of living. Here medical facilities plays a vital role in employees‟ welfare as stated by 60% of the respondents. On the other hand, 40% employee‟s especially female employees give stress on childcare facilities so that they can take care of their children properly. Employees Satisfaction 80.00% 61.90% 60.00% 47.60% 47.60% 42.90% 42.90% 42.90%42.90% 38.10% 38.10%38.10% 37.10% 40.00% 20.00% Employees Satisfaction 0.00% Figure 3 Factors affecting Employee Retention i.e. Employees Satisfaction Job satisfaction can affect a person's level of commitment to the organization, absenteeism, and job turnover rate. It can also affect performance levels, employee willingness to participate in problem-solving activities, and the amount of effort employees put in to perform activities outside their job description. When people are satisfied with the work they are doing, then their job feels less like work and is a more enjoyable experience. Employee retention involves various steps taken to retain an employee who wishes to move on. An employee must find his job challenging and as per his interest to excel at work and stay with the organization for a longer period of time. The management plays an important role in retaining the talented employees who are familiar with the working conditions of the organization and thus perform better than the employees who just come and go. As high as 61.9% employees think that different type of challenging jobs act as a catalyst to an individual‟s success. The team leaders and the managers must constantly motivate the employees to extract the best out of them. If an employee has performed exceptionally well, she/he must be appreciated. Simple words like “Well done”, “Bravo”, “Good”, “Keep it up” actually go a long way in motivating the employees. The top performers must remain in the limelight. The employees must feel indispensable for the organization. It is essential for the http://www.iaeme.com/IJM/index.asp 103 editor@iaeme.com
Dr. Pradyumna Kumar Tripathy and Smt. AkanchaTrivedi employees to be loyal towards their organization to deliver their level best. 47.6% employees feel that their performance appraisal report and career development plays a vital role affecting their satisfaction, The salaries of the performers must be appraised at regular intervals- an effective way to retain the employees. Career growth is an important key to retain the talented employees which give them power to take some decisions on their own but the management must have a close watch on them so that they do not misuse their power. On the other hand, 42.9% employees think that potential promotional opportunities, working environment ,learning opportunities, induction programmes plays a vital role in job satisfaction, Because job satisfaction varies for each individual, management teams employ different strategies to help the majority of employees within an organization feel satisfied with their place in the company. 38.1% believes that promotion, assignment of different jobs and work practices and lastly team work improve their job satisfaction for performing their job in an effective way. Table 2 Distribution of main causes of employees retention in Companies (according to employees) Statements Strongly Agree Neither Somewhat Strongly Agree Agree Disagree Disagree Basic pay 13 (61.9%) 8(38.1%) 0 0 0 Bonus 14 (66.7%) 5(23.8%) 1(4.8%) 1(4.8%) 0 Increased fixed salary 9(42.9%) 6(28.6%) 5(23.8%) 1(4.8%) 0 Compensation 9(42.9%) 4(19%) 6(28.6%) 0 2(9.5%) Reward &Remuneration 10(47.6%) 6(28.6%) 2(9.5%) 1(4.8%) 2(9.5%) Childcare 6(28.6%) 6(28.6%) 6(28.6%) 1(4.8%) 2(9.5%) Medical Facilities 9(42.9%) 6(28.6%) 2(9.5%) 1(4.8%) 3(14.3%) Promotional 8(38.1%) 9(42.9%) 1(4.8%) 3(14.3%) 0 Opportunities Work practices 8(38.1%) 4(19%) 6(28.6%) 3(14.3%) 0 Working Environment 9(42.9%) 7(33.3%) 4(19%) 0 1(4.8%) Promotion 8(38.1%) 5(23.8%) 6(28.6%) 2(9.5%) 0 Assign different Jobs 5(23.8%) 8(38.1%) 7(33.3%) 1(4.8%) 0 Challenging Work 6(28.6%) 13(61.9%) 1(4.8%) 1(4.8%) 0 Learning Opportunities 9(42.9%) 10(47.6%) 1(4.8%) 1(4.8%) 0 Induction programme 2(9.5%) 9(42.9%) 4(19%) 5(23.8%) 1(4.8%) Performance Appraisal 10(47.6%) 7(33.3%) 2(9.5%) 1(4.8%) 1(4.8%) Team work 7(33.3%) 12(57.1%) 1(4.8%) 0 1(4.8%) Career Development 10(47.6%) 6(28.6%) 3(14.3%) 1(4.8%) 1(4.8%) 4.2. Employee Attrition Attrition in human resources refers to the gradual loss of employees over time. In general, relatively high attrition is problematic for companies. Among all the employee-related problems the organisations are experiencing today, employee/ labour turnover has achieved a critical significance particularly with the galloping demand for knowledge/professional employees since the last decade of the 20th Century. The Webster‟s Dictionary defines the term attrition as “the process or state of being gradually worn down”. In India during the 1990s an employee working with an employer today could be working with another employer day-after, and with a third employer day-after-tomorrow. There was a competition among the employers to find employees. The turnover was increasing at a higher speed. The basic reason why people leave their jobs, as DeNisi and Griffin (2009) have put it, is because they are unhappy with their jobs. In fact, the researchers on employee turnover have not only identified the predictors of turnover but have also investigated the process of deciding to quit a job. It is revealed through research that the decision to quit can be made in different ways and in response to different stimuli. http://www.iaeme.com/IJM/index.asp 104 editor@iaeme.com
Selection and Retention of Talent in it Industry: A Study in the State of West Bengal 45.00% 40.00% 38.10% 35.00% 30.00% 28.60% 25.00% 20.00% 14.30% 14.30% 15.00% 10.00% 4.80% 5.00% 0.00% Strongly agree agree Neither agree Disagree Strongly nor disagree disagree Figure 4 Employee attrition rates Employee turnover is expensive. While some turnover can be expected, poor management can cause the normal turnover to climb to an excessive level. There are many reasons of attrition including retirement and deaths but most attrition is due to employee turnover. Employees leave their organisations for number of reasons like wanting more money, improper working conditions, lack of job securities, desire for change etc. From the above data collected from responses of employees, it can be seen that 4.80% employees strongly agree and 14.30% agree that due to some factors like compensation , work related issues, traditional work process, job did not meet their expectations, especially child care facilities for females etc. are main causes of attrition that effect their companies,38.1% candidates neither agree nor disagree about their company attrition rates i.e.they are not sure about the reasons of attrition , 28.6 % of candidates disagree and 14.30% strongly disagree that their company faces attrition rates, i.e. they are fully satisfied about their HR strategies adopted by their organisations i.e. compensation, rewards, training, work life balance, promotions etc. Attrition Reasons 42.90% 45.00% 38.10% 38.10% 40.00% 33.30% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% Attrition Reasons 5.00% 0.00% Figure 5 Reasons of Attrition http://www.iaeme.com/IJM/index.asp 105 editor@iaeme.com
Dr. Pradyumna Kumar Tripathy and Smt. AkanchaTrivedi From the above table we can find the main reasons of attrition Calculating employee turnover is not a matter of simple mathematical method. It is necessary to take into account the root of the problem, by going back to the hiring stage Compensation: - 42.9% employees feel that compensation is the main cause of attrition because compensation plays a vital role in commitment among employees. When the employees are given fair wages, it will eventually passage a cordial relationship between the employer and employee (McCallum, 1998; and Parker and Wright, 2001). A number of recent studies have highlighted the rewards-retention link (Watson, 1999; Mercer, 2003; and Tower, 2003). The organization, which believes in giving loftier and extraordinary high package to the employees, gets upright commitment from them as indicated by Bassi and Van (1999), Williams (1999), Stein (2000), Boyd, and Salamin (2001). It helps the employer to enhance the commitment of employees, which results in superior performance of the employees (Siders et al., 2001). Role and Work related issues: - 38.1% employees feel that role and work related issues are another important issues in the attrition. Bergman (2006) argues that organizational cultures, which emphasize strong norms for obligation, are likely to create high normative commitment. Similarly, Bergman argues that organizational cultures, which have strong norms for internalization and identiﬁcation, are likely to generate high levels of affective commitment. Culture is theorized as having three dimensions as innovative, supportive and bureaucratic. It is emphasized that the supportive culture has been proved to show highest correlations with commitment Crawford (1999), Lokand Crawford (2001). Personal issues: - Rest 33.3% employees believe that personal issues are main causes of attrition like location preference, age, gender, employer branding etc are the causes that provokes employees to leave their present job and switch over to another job which fulfils their criteria 5. RESULTS  In this study the measures of effective retention and organisational performance are salary and bonus, employees welfare and employees satisfaction Most of the employees think that bonus, basic pay, reward and remuneration and career development are most important HR issues to be considered by their organisations which help them to retain their employees and motivate them to give their best to the company in this competitive market.  According to 11.1% employees, their organisations adapted some HRM strategy to counter employee retention like:- o Exit interviews conducted by organisations for the employees who resigns from organisations. o Organisation adapted different policy to retain the resigning employees. o An improved remuneration to efficient employee o A promotion or title advancement benefits. o Increased benefit  Apart from HRM Strategy many employees think that company‟s reputation, good corporate culture, sound financial status and development potential are the factors that influenced them to stay back in their current company.  The most important challenges faced by IT Companies is employee attrition and the important factors are :- o Work related issues o Personal issues o Compensation o „Role‟ related issues http://www.iaeme.com/IJM/index.asp 106 editor@iaeme.com
Selection and Retention of Talent in it Industry: A Study in the State of West Bengal 6. RECOMMENDATIONS  Companies have to provide lucrative financial offers to the employees.  Companies have to follow Chat/discussion session of personal growth of an employee.  Companies have to create good culture, give compensation at par with industry‟s best, provide enough role enhancement opportunities and create flexible work culture.  Companies must give better increments and growth.  Companies must adapt proper job rotation policy and explore something new in every 2 to 3 years.  Every employer needs to understand the need of talent management and talent retention.  Treating every employee equally and fairly is something employers must always keep in mind because for employees it is very important that their organization treats everyone the same way without any bias. 7. CONCLUSIONS Creativity and innovations are the pillars of IT Industry. Talent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. The data and analyses contained in this research suggest a number of valuable and insightful conclusions regarding the impact of talent management. Retaining key employees is vital to the health and profitability of organizations and companies overwhelmingly believe that effective talent management will pay off in the long run for their organizations. For any organization to survive in today‟s ever increasing competition where employee poaching is on the rise, it is very important to retain their best employees and keep them committed towards the organization. REFERENCES [1] Anil Kumar Hagargi, “Talent retention in Indian BPO Sector: “A Challenge”, Volume No.1, Issue No.6 .ISSN 2277-1166. [2] Angelo & Denisi, Ricky W Griffin : (2009) Human Resource Management – 3rd Edition [3] Bassi, L.J & Van Buren, M.E. (1999, January). Sharpening the leading edge. Training & Development, 53(1), 23-32. [4] Bergam, M.E. (2006), “The Relationship between Affective & Normative Commitment: Review & Research Agenda, Journal of Organisational Behaviour, 27, 5, 645 – 663. [5] Bhatnagar, J., " Talent management strategy of employee engagement in Indian ITES employees: Key to retention" Employee Relations Vol. 29 No. 6, 2007 pp. 640-663 . [6] Boyd, B.K, &Salamin, A. (2001). Strategic reward systems a contingency model of pay system design. Strategic Management Journal, 22(8), 777- 793. [7] Clayton Glen," Key skills retention and motivation: the war for talent still rages and retention is the High ground: Industrial and commercial training, VOL. 38 NO. 1 2006, pp. 37-45. [8] Dr.Mita et al., “Review paper – A study on Employee Retention and commitment” International Journal of Advance Research in Computer Science and Management Studies Volume 2, Issue 2, February 2014 pg. 154-164. [9] Gardener T.M. (2002). In the trenches at the talent wars, competitive interaction for scarce Human resources, Human Resource Management, Wiley Periodicals 41, 225-237. [10] Human Resource Management: Best Practices in Infosys Technologies, HROB090 (2006). http://www.iaeme.com/IJM/index.asp 107 editor@iaeme.com
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