Demystifying Correlation of Retention Vs Hiring

Date: Dec 19,2020

#Kweettalk @Kontemporeinc @KIITUniversity  #KIITThinks

Are organisations explicating the correlation between retention and hiring?

Hiring and inspiring the employees is imperative for a forward-looking organization, as there significantly exists the egg-hen syndrome about hiring and recruitment- hire employees and ensure that they stay.

Recruitment and retention are closely intertwined, and cumulatively improve the retention of staff and reduce the need and expense of recruitment.

Kontempore, in association with KIIT University, in its KweetTalk series, discussed and deliberated on how to take leadership skills to a new level. The Kweettalk firmly asserts:

Employee value proposition by	Ensuring Work life balance by
•        Focus on attitude and attributes of employees •        Following of STAR framework •        Cognitive aspects •        Treatment of employees as internal customers	•        Reducing stress, and increasing job satisfaction,thereby eventually increasing efficiency •        Boosting flexibility in working terms •        Regular feedback from employees •        Focus on productivity
Hiring Strategies strengthened by	Talent turnover rate and job fit strengthened by
•        Aligning technology with requirements •        Looking beyond the current situation •        Holistic development of employees •        Welcoming newer perspectives •        Establishing psychological connect	•        Cultural fit given equally importance as KRAs •        Focusing on needs to be on growth rather than on hikes •        Companies trying to creating a good working experience with employees •        Concern about employee satisfaction
Effective utilisation of Artificial Intelligence by
•        Algorithms being used to study behaviour •        Preliminary screening and choosing through AI •        Focus on niche hiring •        Eliminating biases

 SPEAKERS:

Mr. Manoj Sharma, HR Head AEML- Adani Electricity; Mr. Mukund Rane, Director HR- nVent; Mr. Tom Varghese, HRBA APAC EE & S/W- FCA Fiat Chrysler Automobiles; Mr. Mussarat Hussain, Head Leadership & HR Transformation- Maruti Suzuki India Ltd.

Here’s what industry leaders advocate on “Demystifying correlation of Retention vs Hiring:

 Q1) Work life balance and its role with respect to retention.

“Work-life balance is an important aspect across hierarchies. The more the company attempts to monitor its workers, the more frustrated employees become. So, the focus these days has shifted from working hours to versatility, competitiveness and job orientation. Employee connect has acquired a great deal of importance, having input from employees to understand their perceptions and pressure points, allows companies to improve employee satisfaction by identifying gaps.” – Mr. Mukund Rane, Director HR- nVent

 Q2) Hiring strategies to prevent attrition in the short and long term.

“The paradigm has evolved as leadership pipelines seek to make people ready not just for now, but also for tomorrow. Clear distinction between the hard core professionals and the generalists needs to be maintained, newer perspectives to be encouraged in corporate models.

Employers aim to develop a heart and soul touch when recruiting, in order to bind and encourage employees to work with the company, by establishing psychological cohesion and building value propositions.”- Mr. Manoj Sharma, HR Head AEML- Adani Electricity

 Q3) Correlation between the attrition rate of the talent and the fitness of the position during the recruiting

“Understanding of job fit differs from employer and employee perspectives but both are equally relevant.

Internally, these aspects need to be taken care of by the importance of convergence of personal and corporate interests, maintaining a sound experience beginning from the pre on-boarding interaction, the on-boarding process and the post boarding relationship.” – Mr. Tom Varghese, HRBA APAC EE & S/W- FCA Fiat Chrysler Automobiles

 Q4) The role of data in the policy of retention

“Dissemination of data is required and automation means that costs are also minimized. AI and data help to remove errors and to choose the best match for the role. Environment plays a critical role in shaping the newly recruited by studying his actions algorithmically.”- Mr. Mussarat Hussain, Head Leadership & HR Transformation- Maruti Suzuki India Ltd.

SPEAKERS:

Mr. Manoj Sharma, HR Head AEML- Adani Electricity; Mr. Mukund Rane, Director HR- nVent; Mr. Tom Varghese, HRBA APAC EE & S/W- FCA Fiat Chrysler Automobiles; Mr. Mussarat Hussain, Head Leadership & HR Transformation- Maruti Suzuki India Ltd.